Analysing Sentences Cluster

Published

September 3, 2025

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source(here::here("scripts", "paths_and_packages.R"))
p_load(see,
       backbone,
       kableExtra,
       DT)

# Loading Data
bert_df <- readRDS(file.path(data_path, "closest_sentences_0.01_rationality_score_filtered_with_embeddings.rds")) %>% 
  arrange(sentence_id) %>% 
  filter(between(publication_year, 1900, 2019))

metadata <- read_rds(file.path(data_path, "full_metadata_journals_cleaned.rds")) %>% 
  .[ refined_sub_type == "research-article" & language == "eng", .(id, is_part_of, title, creator, publication_year, jstor_url = url)] %>% 
  .[order(publication_year)] 

documents_cluster <- readRDS(file.path(data_path, "sentences_intertemporal_cluster.rds")) %>% 
  left_join(select(bert_df, id, sentence, sentence_id, similarity)) %>% 
  left_join(metadata) %>% 
  arrange(sentence_id)

rm(metadata)

list_clusters <- documents_cluster %>% 
  mutate(rank_cluster = str_extract(new_cluster, "\\d+$") %>% as.integer()) %>% 
  arrange(rank_cluster) %>% 
  pull(new_cluster) %>% 
  unique()

results <- readRDS(file.path(data_path, "clustering_rational_sentences.rds"))

match_jstor_wos <- readRDS(here::here(data_path, "final_match.RDS")) %>%
  filter(!is.na(id_match_final)) %>%
  distinct(url_jstor = id_jstor, ID_Art = id_match_final) %>%
  mutate(
    id_jstor = str_extract(url_jstor, "\\/[0-9]+$") %>% str_remove(., "/"),
    ID_Art = as.character(ID_Art)
  ) %>%
  distinct(ID_Art, .keep_all = TRUE)
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centroids <- map(1:length(results), ~pluck(results, ., "centroids")) %>% 
  bind_rows %>% 
  mutate(cluster_original_id = 1:n())

# Calculate cosine similarity between all centroids
centroid_matrix <- centroids %>%
  select(-.cluster, -window, -cluster_original_id) %>%
  as.matrix()
cosine_sim <- lsa::cosine(t(centroid_matrix))
cluster_similarity <- as.data.frame(cosine_sim) %>% 
  mutate(cluster_A = centroids$cluster_original_id) %>%
  pivot_longer(-cluster_A, names_to = "cluster_B", values_to = "similarity") %>%
  mutate(cluster_B = as.integer(str_remove(cluster_B, "V"))) %>% 
  filter(cluster_A != cluster_B) %>% 
  left_join(distinct(centroids, cluster_1 = .cluster, cluster_A = cluster_original_id, window_1 = window), by = "cluster_A") %>% 
  left_join(distinct(centroids, cluster_2 = .cluster, cluster_B = cluster_original_id, window_2 = window), by = "cluster_B") %>% 
  left_join(distinct(documents_cluster, new_cluster, window_1 = window, cluster_1 = cluster), by = c("cluster_1", "window_1")) %>%
  left_join(distinct(documents_cluster, new_cluster_2 = new_cluster, window_2 = window, cluster_2 = cluster), by = c("cluster_2", "window_2"))
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# Adding references
cli::cli_alert_info("Adding references...")
nodes <- map(graphs, ~ . %N>% as_tibble()) %>%
  bind_rows() %>%
  mutate(
    value_col = if_else(is.na(value_col), dynamic_cluster_leiden, value_col),
    ID_Art = as.integer(ID_Art),
    Titre = if_else(
      !is.na(url_jstor),
      glue("<a href='{url_jstor}' target='_blank'>{Titre}</a>"),
      Titre
    )
  )

sentences_art <- documents_cluster %>% 
  count(id, window, new_cluster) %>% 
  inner_join(distinct(match_jstor_wos, id = id_jstor, ID_Art), relationship = "many-to-many")

refs <- open_dataset(
  here::here(wos_data_path, "all_ref.parquet"),
  format = "parquet"
) %>%
  filter(ID_Art %in% unique(sentences_art$ID_Art)) %>%
  select(ID_Art, ItemID_Ref, Annee, Nom, Revue_Abbrege) %>%
  collect()

top_refs <- nodes %>%
  distinct(ID_Art, value_col, time_window) %>%
  left_join(refs, by = "ID_Art", relationship = "many-to-many") %>%
  filter(ItemID_Ref != 0) %>%
  group_by(value_col, time_window, ItemID_Ref) %>%
  summarise(n = n(), .groups = "drop") %>%
  arrange(time_window, value_col, desc(n)) %>%
  group_by(time_window, value_col) %>%
  slice_head(n = 20) %>%
  ungroup() %>%
  filter(n > 1) %>%
  left_join(
    refs %>% distinct(ItemID_Ref, Nom, Annee, Revue_Abbrege),
    by = "ItemID_Ref",
    relationship = "many-to-many"
  ) %>%
  distinct(value_col, time_window, ItemID_Ref, nb_cit = n, .keep_all = TRUE)

top_refs_without_id <- nodes %>%
  distinct(ID_Art, value_col, time_window) %>%
  left_join(refs, by = "ID_Art", relationship = "many-to-many") %>%
  filter(ItemID_Ref == 0 & Annee != 0 & Nom != "") %>%
  group_by(value_col, time_window, Nom, Annee) %>%
  add_count() %>%
  filter(n > 1) %>%
  distinct(ID_Art, value_col, time_window, .keep_all = TRUE) %>%
  arrange(time_window, value_col, desc(n)) %>%
  group_by(time_window, value_col) %>%
  slice_head(n = 10) %>%
  ungroup() %>%
  # left_join(refs %>% distinct(ItemID_Ref, Nom, Annee, Revue_Abbrege), by = "ItemID_Ref", relationship = "many-to-many") %>%
  select(value_col, time_window, Nom, Annee, Revue_Abbrege, nb_cit = n) %>%
  distinct(value_col, time_window, Nom, Annee, .keep_all = TRUE)

rm(refs)
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# Naming clusters and tf-idf---------------------
setDT(documents_cluster)
unigrams <- documents_cluster[, .(sentence_id, sentence, window, new_cluster)][, token := tokenizers::tokenize_words(sentence, lowercase = TRUE)][, -("sentence")]
bigrams <- documents_cluster[, .(sentence_id, sentence, window, new_cluster)][, token := tokenizers::tokenize_ngrams(sentence, n= 2, lowercase = TRUE)][, -("sentence")]
tokens <- rbind(unigrams,
                bigrams)
tokens <- tokens[, .(token = unlist(token)), by = .(new_cluster, window)]
tokens <- tokens[nchar(token) >= 2, ]
tokens <- tokens[, c("word_1", "word_2") := tstrsplit(token, " ")]

stop_words <- tidytext::stop_words$word %>% 
  unique()
tokens <- tokens[
  # Remove any digits in either word
  !grepl("[0-9]", word_1) & (is.na(word_2) | !grepl("[0-9]", word_2)) &
    # Remove stopwords in either word
    !(word_1 %in% stop_words) &
    (is.na(word_2) | !(word_2 %in% stop_words))
]
tokens <- tokens[, .(new_cluster, window, token)]
tokens[, token := str_replace(token, " ", "_")]

tokens_count_cluster <- compute_tf_idf(tokens[, -"window"], 
                                       token_col = "token", 
                                       document_col = "new_cluster")

# Top tf-idf terms
top_terms_cluster <- tokens_count_cluster[order(-tf_idf)][absolute_tf > 30, head(.SD, 20), by = new_cluster]

# Get top 4 tf-idf tokens per cluster
labels_cluster <- tokens_count_cluster[order(-tf_idf)][absolute_tf > 40, head(.SD, 5), by = new_cluster][, .(new_cluster, token)]
labels_cluster <- labels_cluster[, .(label = paste0(token, collapse = ", ")), by = new_cluster]
labels_cluster[, label := paste0(str_extract(new_cluster, "\\d+$"), ": ", label)]

documents_cluster <- merge(documents_cluster, labels_cluster, all.x = TRUE, by = "new_cluster")
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tokens[, new_variable := str_c(new_cluster, "--", window)]
tokens_count_window <- compute_tf_idf(tokens, 
                                      token_col = "token", 
                                      document_col = "new_variable")
# Top tf-idf terms
top_terms_window <- tokens_count_window[order(-tf_idf)][absolute_tf > 20, head(.SD, 15), by = new_variable]

# Labels per decade
labels_window<- tokens_count_window[order(-tf_idf)][absolute_tf > 20, head(.SD, 5), by = new_variable][, .(new_variable, token)]
labels_window <- labels_window[, .(label = paste0(token, collapse = ", ")), by = new_variable]
labels_window[, label := paste0(str_extract(new_variable, "\\d+(?=--)"), ": ", label)]
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bert_df <- merge(bert_df, 
                 select(documents_cluster, sentence_id, window, new_cluster), 
                 by = "sentence_id", 
                 all.x = TRUE)

top_sentences_rationality <- bert_df %>% 
  select(id, sentence_id, sentence, similarity, publication_year, window, new_cluster) %>% 
  group_by(new_cluster, window) %>% 
  slice_max(similarity, n = 20) %>% 
  ungroup() %>% 
  mutate(similarity = round(similarity, 3))
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# Top sentences----------------------------------
# Build embedding matrix

# Convert to data.table
bert_dt <- as.data.table(bert_df)

# Expand bert_embedding_concat list into separate columns
# Assume each embedding is length 3072
bert_dt <- bert_dt[, as.data.table(do.call(rbind, embedding))]
bert_dt$new_cluster <- bert_df$new_cluster

# Calculate mean of each dimension by new_cluster
cluster_centroids <- bert_dt[, lapply(.SD, mean), by = new_cluster]

# Ensure embedding columns are correctly selected
embedding_cols <- setdiff(names(bert_dt), "new_cluster")

# Build paragraph matrix with sentence_id as row names
sentences_mat <- as.matrix(bert_dt[, ..embedding_cols])
rownames(sentences_mat) <- bert_df$sentence_id

# Build centroid matrix with new_cluster as row names
centroid_mat <- as.matrix(cluster_centroids[, ..embedding_cols])
rownames(centroid_mat) <- cluster_centroids$new_cluster

# Calculate cosine similarity between sentences and centroids
#similarity_matrix <- text2vec::sim2(x = paragraph_mat, y = centroid_mat, method = "cosine", norm = "l2")

# Get the list of clusters
clusters <- unique(bert_dt$new_cluster)
bert_dt$window <- bert_df$window
bert_dt$sentence_id <- bert_df$sentence_id

# Set how many top sentences you want
top_n <- 50

# Run similarity search per cluster and per window
top_sentences_from_cluster_window <- map_dfr(clusters, function(cluster) {
  
  # Filter sentences for this cluster
  cluster_sentences <- bert_dt[new_cluster == cluster]
  
  # Get unique time windows in this cluster
  time_windows <- unique(bert_dt[new_cluster == cluster]$window)
  
  # Extract the centroid for this cluster
  centroid_vec <- centroid_mat[cluster, , drop = FALSE]
  
  # Run similarity search per time window
  map_dfr(time_windows, function(time_window) {
    
    # Select sentences in this window
    window_sentences <- cluster_sentences[window == time_window]
    if (nrow(window_sentences) == 0) return(NULL)  # Skip empty groups
    
    window_mat <- as.matrix(window_sentences[, ..embedding_cols])
    rownames(window_mat) <- window_sentences$sentence_id
    
    # Calculate cosine similarity for this window
    sim_vec <- text2vec::sim2(x = window_mat, y = centroid_vec, method = "cosine", norm = "l2")[, 1]
    
    # Get top N most similar sentences in this window
    top_idx <- order(sim_vec, decreasing = TRUE)[1:min(top_n, length(sim_vec))]
    
    data.table(
      new_cluster = cluster,
      window = time_window,
      sentence_id = names(sim_vec)[top_idx],
      similarity = sim_vec[top_idx],
      rank = 1:length(top_idx)
    )
  })
})

top_sentences_from_cluster_window <- top_sentences_from_cluster_window  %>% 
  mutate(sentence_id = as.integer(sentence_id)) %>%
  left_join(select(bert_df, sentence_id, sentence, publication_year)) %>% 
  mutate(mention_rationality = str_detect(sentence, regex("(^| )rational", ignore_case = TRUE)),
         similarity = round(similarity, 3))
rm(bert_df,
   bert_dt)
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set.seed(89)
palette_colors <- c(see::see_colors(), 
                    see::oi_colors()[1:7], 
                    scico::scico(n = 8, palette = "roma"), 
                    scico::scico(n = 8, palette = "tokyo"),
                    scico::scico(n = 8, palette = "hawaii"),
                    scico::scico(n = 8, palette = "batlowK"),
                    scico::scico(n = 7, palette = "bamako"),
                    scico::scico(n = 7, palette = "glasgow")) %>% 
  sample()

nb_clusters <- documents_cluster %>% 
  pull(new_cluster) %>% 
  unique() %>% 
  length
if(nb_clusters > length(palette_colors)) message("no sufficient colors")
cluster_colors <- palette_colors[1:nb_clusters]
names(cluster_colors) <- documents_cluster$label %>% 
  unique
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label_alluvial_position <- documents_cluster %>% 
  distinct(new_cluster, label, window) %>% 
  mutate(first_year = str_extract(window, "\\d{4}") %>% as.integer()) %>% 
  mutate(label_alluvial = first_year == min(first_year), .by = label) %>%
  filter(label_alluvial == TRUE) %>%
  mutate(label_alluvial = label) %>% 
  distinct(new_cluster, label_alluvial, window)

alluvial <- documents_cluster %>%
  mutate(rank = str_extract(new_cluster, "\\d+$") %>% as.integer) %>% 
  count(window, new_cluster, rank, label) %>% 
  left_join(label_alluvial_position) %>% 
  mutate(percent = n / sum(n), .by = window,
         label = fct_reorder(label, rank, max, .desc = TRUE)) %>%
  #  mutate(new_cluster = factor(new_cluster, levels= all_clusters)) %>% 
  ggplot(aes(x = window, y = percent, stratum = label, alluvium = label,
             fill = label)) +
  geom_flow(alpha = 0.9) +
  geom_stratum(alpha = 0.9) +
  geom_text(aes(label = str_wrap(label_alluvial, 30)), stat = "stratum", size = 4) +
  labs(title = "Cluster Persistence Across Time Windows",
       x = "Time Period",
       y = "Percentage of Documents",
       fill = "Intertemporal Cluster") +
  theme_bw(base_size = 20) +
  theme(legend.position = "none") +
  scale_y_continuous(expand = c(0.01, 0)) +
  scale_fill_manual(values = cluster_colors)  # HARD color lock

ggsave(here("pictures", "intertemporal_clusters_alluvial.png"),
       alluvial,
       units = "cm",
       width = 60,
       height = 45,
       dpi = 300)

knitr::include_graphics(here("pictures", "intertemporal_clusters_alluvial.png"))

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alluvial_absolute <- documents_cluster %>%
  filter(publication_year > 1949) %>% 
  mutate(rank = str_extract(new_cluster, "\\d+$") %>% as.integer) %>% 
  count(window, new_cluster, label, rank) %>% 
  left_join(label_alluvial_position) %>% 
  mutate(percent = n / sum(n), .by = window,
         label = fct_reorder(label, rank, max, .desc = TRUE)) %>%
  ggplot(aes(x = window, y = n, stratum = label, alluvium = label,
             fill = label)) +
  geom_flow(alpha = 0.9) +
  geom_stratum() +
  geom_text(aes(label = str_wrap(label_alluvial, 25)), stat = "stratum", size = 3.2) +
  labs(title = "Cluster Persistence Across Time Windows",
       x = "Time Period",
       y = "Percentage of Documents",
       fill = "Intertemporal Cluster") +
  theme_bw() +
  theme(legend.position = "none") +
  scale_fill_manual(values = cluster_colors)  # HARD color lock

ggsave(here("pictures", "intertemporal_clusters_alluvial_absolute.png"),
       alluvial_absolute,
       units = "cm",
       width = 50,
       height = 35,
       dpi = 300)

knitr::include_graphics(here("pictures", "intertemporal_clusters_alluvial_absolute.png"))
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top_terms_plot <- top_terms_cluster %>% 
  left_join(distinct(documents_cluster, new_cluster, label)) %>% 
  mutate(token = reorder_within(token, tf_idf, new_cluster),
         rank = str_extract(new_cluster, "\\d+$") %>% as.integer) %>% 
  ggplot(aes(x = token, y = tf_idf, fill = label)) +
  geom_col(show.legend = FALSE) +
  facet_wrap(~ fct_reorder(new_cluster, rank), scales = "free") +
  coord_flip() +
  scale_x_reordered() +
  labs(title = "Top 15 TF-IDF Tokens per Intertemporal Cluster",
       x = "Token", y = "TF-IDF") +
  theme_bw(base_size = 12) +
  scale_fill_manual(values = cluster_colors)

ggsave(here("pictures", "tf_idf_cluster_rationality.png"),
       top_terms_plot,
       width = 80,
       height = 60,
       units = "cm",
       dpi = 300) 

knitr::include_graphics(here("pictures", "tf_idf_cluster_rationality.png"))

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areas_cluster_1900 <- documents_cluster %>% 
  filter(publication_year < 1950) %>% 
  ggplot(aes(x = publication_year, y = after_stat(count), fill = label)) +
  geom_density(position = "fill", show.legend = TRUE, adjust = 9/10) +
  theme_minimal() +
  labs(title = "Proportion of Clusters Over Time",
       x = NULL,
       y = NULL,
       fill = "Cluster") +
  scale_y_continuous(labels = scales::percent_format()) +
  theme(legend.position = "bottom") +
  scale_fill_see() +
  scale_fill_manual(values = cluster_colors)
plotly::ggplotly(areas_cluster_1900,
                 width = 900, 
                 height = 900) %>%
  plotly::layout(legend=list(orientation='h'))
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areas_cluster_1950 <- documents_cluster %>% 
  filter(publication_year >= 1950) %>% 
  ggplot(aes(x = publication_year, y = after_stat(count), fill = label)) +
  geom_density(position = "fill", show.legend = TRUE, adjust = 9/10) +
  theme_minimal() +
  labs(title = "Proportion of Clusters Over Time",
       x = NULL,
       y = NULL,
       fill = "Cluster") +
  scale_y_continuous(labels = scales::percent_format()) +
  theme(legend.position = "bottom") +
  scale_fill_see() +
  scale_fill_manual(values = cluster_colors)
plotly::ggplotly(areas_cluster_1950,
                 width = 900, 
                 height = 900) %>%
  plotly::layout(legend=list(orientation='h'))
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areas_cluster_1970 <- documents_cluster %>% 
  filter(publication_year >= 1970) %>% 
  ggplot(aes(x = publication_year, y = after_stat(count), fill = label)) +
  geom_density(position = "fill", show.legend = TRUE, adjust = 9/10) +
  theme_minimal() +
  labs(title = "Proportion of Clusters Over Time",
       x = NULL,
       y = NULL,
       fill = "Cluster") +
  scale_y_continuous(labels = scales::percent_format()) +
  theme(legend.position = "bottom") +
  scale_fill_see() +
  scale_fill_manual(values = cluster_colors)
plotly::ggplotly(areas_cluster_1970,
                 width = 900, 
                 height = 900) %>%
  plotly::layout(legend=list(orientation='h'))
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# 1) Nodes: gather node attributes
nodes <- cluster_similarity %>%
  transmute(id = new_cluster) %>%
  bind_rows(cluster_similarity %>% transmute(id = new_cluster_2)) %>%
  distinct(id) %>%
  left_join(count(documents_cluster, new_cluster, label),
            by = c("id" = "new_cluster"))

# 2) Edges = average similarity across windows (undirected)
edges <- cluster_similarity %>%
  transmute(from = new_cluster, to = new_cluster_2, w = similarity) %>%
  mutate(a = pmin(from, to), b = pmax(from, to)) %>%
  group_by(a, b) %>%
  summarise(weight = mean(w, na.rm = TRUE), .groups = "drop") %>%
  rename(from = a, to = b) %>%
  filter(from != to, is.finite(weight)) %>%
  filter(weight > 0)        # keep positive similarity; adjust threshold if needed

# 3) Graph
g <- tidygraph::tbl_graph(nodes = nodes, edges = edges, directed = FALSE) %>% 
  disparity() %>% 
  as_tbl_graph() %>% 
  mutate(community = group_leiden(objective_function = "modularity") %>% as.factor())

# 4) Plotsparsify()# 4) Plot (Fruchterman–Reingold)
set.seed(42)
graph_plot <- ggraph(g, layout = "fr") +
  geom_edge_link(alpha = 0.2, show.legend = FALSE) +
  geom_node_point(aes(color = community, size = n), show.legend = FALSE) +
  geom_node_text(aes(label = label %>% str_wrap(25)), repel = TRUE, size = 3) +
  scale_edge_width(range = c(0.2, 3)) +
  scale_size_continuous(range = c(1, 25)) +
  labs(edge_width = "Avg similarity") +
  scale_color_see_d() +
  theme_void()

ggsave(here("pictures", "llm_cluster_graph.png"),
       graph_plot,
       width = 40,
       height = 30,
       units = "cm",
       dpi = 300) 

knitr::include_graphics(here("pictures", "llm_cluster_graph.png"))

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for(cluster in list_clusters){
  cluster_data <- documents_cluster %>% 
    filter(new_cluster == !!cluster) %>% 
    mutate(title = glue("<a href='{jstor_url}' target='_blank'>{title}</a>"))
  cluster_name <- cluster_data %>% 
    pull(label) %>% 
    unique
  
  # extracting the first year and last year of the community
  window <- c(first(unique(cluster_data$window)) %>% str_extract("^\\d{4}"), 
              last(unique(cluster_data$window)) %>% str_extract("\\d{4}$"))
  
  ################ Beginning of the template ######################
  cat(sprintf("  \n## Intertemporal cluster _%s_ \n\n", cluster_name))
  
  ############# General Info ##################
  cat(paste0("  \nThe cluster gathers ", length(unique(cluster_data$sentence_id))," sentences from our corpus. It represents ",round(length(unique(cluster_data$sentence_id))/length(unique(documents_cluster$sentence_id))*100,2),"% of all the sentences selected over the whole period.\n"))
  
  cat(paste0("\nThe community exists from ", window[1]," to ", window[2],". \n\n"))
  
  recurring_authors <- cluster_data %>% 
    select(creator) %>% 
    unnest(creator) %>% 
    count(creator, sort = TRUE) %>% 
    slice(1:10)
  cat(paste0("The most recurring authors are ", 
             paste0(recurring_authors$creator, 
                    " (", 
                    recurring_authors$n,
                    " sentences)",
                    collapse = ", "),
             ".\n\n"))
  
  recurring_journals <- cluster_data %>% 
    select(is_part_of) %>% 
    count(is_part_of, sort = TRUE) %>% 
    slice(1:5)
  cat(paste0("The most recurring journals are ", 
             paste0(recurring_journals$is_part_of, 
                    " (", 
                    recurring_journals$n,
                    " sentences)",
                    collapse = ", "),
             ".\n\n"))
  
  ############# TF-IDF ##################
  cat("\n### Top TF-IDF terms describing the community\n\n")
  # Extracting top terms in general and for window
  top_terms_cluster %>% 
    filter(new_cluster == !!cluster) %>% 
    select(token, tf_idf) %>% 
    kbl(col.names = c("Token","TF-IDF")) %>% 
    kable_styling(bootstrap_options = c("striped","condensed"),
                  font_size = 18) %>% 
    print()
  
  if(length(unique(cluster_data$window)) > 1){
    
    cat("\n### Top TF-IDF terms describing the community for each time window{.panel-tabset}\n\n")
    
    for(decade in unique(cluster_data$window)){
      cat(glue("#### Top terms {decade}\n\n"), sep = "")
      
      top_terms_window %>% 
        filter(new_cluster == !!cluster & window == !! decade) %>% 
        select(token, tf_idf) %>% 
        kbl(col.names = c("Token", "TF-IDF")) %>% 
        kable_styling(bootstrap_options = c("striped","condensed"),
                      font_size = 18) %>% 
        print()
    }
  }
  
  ############# Distribution sentences ##################
  cat("\n### Distribution of sentences over time \n\n")
  
  plot(cluster_data %>% 
         count(publication_year) %>% 
         ggplot(aes(x = publication_year, y = n)) +
         geom_bar(stat = "identity") + 
         scale_x_continuous(expand = c(0.01,0), n.breaks = 10) +
         scale_y_continuous(expand = c(0.01, 0)) +
         theme_light(base_size = 20) +
         labs(y = "Number of sentences",
              x = NULL,
              title = NULL)) 
  
  
  top_sentences_rationality_filtered <- top_sentences_rationality %>% 
    filter(new_cluster == !!cluster) %>% 
    left_join(select(cluster_data, title, is_part_of, creator, jstor_url, sentence_id)) %>%
    mutate(title = glue("<a href='{jstor_url}' target='_blank'>{title}</a>"))
  
  top_sentences_filtered <- top_sentences_from_cluster_window %>% 
    filter(new_cluster == !!cluster) %>% 
    left_join(select(cluster_data, title, publication_year, is_part_of, creator, sentence_id, jstor_url)) %>% 
    mutate(title = glue("<a href='{jstor_url}' target='_blank'>{title}</a>"))
  
  ############# Top sentences rationality ##################
  cat("\n\n")
  cat("\n### Top sentences with 'rational' or 'rationality' of the cluster\n\n")
  
  cat("\n### Top sentences (in general) of the cluster's centroid\n\n")
  
  top_sentences_rationality_filtered %>% 
    slice_max(similarity, n = 20, by = new_cluster) %>%
    select(sentence, title, publication_year, is_part_of, creator, similarity) %>% 
    kbl(escape = FALSE, col.names = c("Sentence", "Title", "Year", "Journal", "Authors", "Words Similarity")) %>% 
    kable_styling(bootstrap_options = c("striped","condensed"),
                  font_size = 13) %>% 
    column_spec(2, "3.5cm") %>% 
    print()
  
  if(length(unique(cluster_data$window)) > 1){
    
    cat("\n### Top sentence (in general) of the cluster's centroid for each time window{.panel-tabset}\n\n")
    
    for(decade in unique(cluster_data$window)){
      cat(glue("#### Top sentences {decade}\n\n"))
      
      top_sentences_rationality_filtered %>%
        filter(window == !! decade) %>%
        slice_max(similarity, n = 12) %>% 
        select(sentence, title, publication_year, is_part_of, creator, similarity) %>% 
        kbl(escape = FALSE, col.names = c("Sentence", "Title", "Year", "Journal", "Authors", "Centroid Similarity")) %>% 
        kable_styling(bootstrap_options = c("striped","condensed"),
                      font_size = 13) %>% 
        column_spec(2, "3.5cm") %>% 
        print()
    }
  }
  
  ############# Top sentences centroid ##################
  cat("\n### Closest sentences from the cluster's centroid\n\n")
  
  percentage_rationality <- round(nrow(filter(top_sentences_filtered, mention_rationality)) / nrow(top_sentences_filtered) * 100, 2)
  cat(glue("\nAmong the {nrow(top_sentences_filtered)} closest sentences to the cluster's centroid, {percentage_rationality}% mention the terms 'rational' or 'rationality'\n\n"))
  
  if(top_sentences_filtered %>% filter(mention_rationality) %>% nrow() > 0){
    top_sentences_filtered %>% 
      filter(mention_rationality == TRUE) %>% 
      slice_max(similarity, n = 15) %>% 
      select(sentence, title, publication_year, is_part_of, creator, similarity) %>% 
      kbl(escape = FALSE, col.names = c("Sentence", "Title", "Year", "Journal", "Authors", "Centroid Similarity")) %>% 
      kable_styling(bootstrap_options = c("striped","condensed"),
                    font_size = 13) %>% 
      column_spec(2, "3.5cm") %>% 
      print()
  }
  
  
  cat("\n### Top sentences (in general) of the cluster's centroid\n\n")
  
  top_sentences_filtered %>% 
    slice_max(similarity, n = 15) %>% 
    select(sentence, title, publication_year, is_part_of, creator, similarity) %>% 
    kbl(escape = FALSE, col.names = c("Sentence", "Title", "Year", "Journal", "Authors", "Centroid Similarity")) %>% 
    kable_styling(bootstrap_options = c("striped","condensed"),
                  font_size = 13) %>% 
    column_spec(2, "3.5cm") %>% 
    print()
  
  if(length(unique(cluster_data$window)) > 1){
    
    cat("\n### Top sentence (in general) of the cluster's centroid for each time window{.panel-tabset}\n\n")
    
    for(decade in unique(cluster_data$window)){
      cat(glue("#### Top sentences {decade}\n\n"))
      
      top_sentences_filtered %>%
        filter(window == !! decade) %>%
        slice_max(similarity, n = 10) %>% 
        select(sentence, title, publication_year, is_part_of, creator, similarity) %>% 
        kbl(escape = FALSE, col.names = c("Sentence", "Title", "Year", "Journal", "Authors", "Centroid Similarity")) %>% 
        kable_styling(bootstrap_options = c("striped","condensed"),
                      font_size = 13) %>% 
        column_spec(2, "3.5cm") %>% 
        print()
    }
  }
  
  ############# Top articles ##################
  cat("\n### Top articles (most sentences) of the cluster\n\n")
  # Extracting top terms in general and for window
  cluster_data %>% 
    mutate(mean_similarity = mean(similarity) %>% round(3),
           n = n(),
           .by = id) %>% 
    distinct(title, publication_year, is_part_of, creator, n, mean_similarity) %>% 
    slice_max(n, n = 10, with_ties = FALSE) %>% 
    kbl(escape = FALSE, col.names = c("Title", "Year", "Journal", "Authors", "Number sentences", "Similarity")) %>% 
    kable_styling(bootstrap_options = c("striped","condensed"),
                  font_size = 13) %>% 
    print()
  
  if(length(unique(cluster_data$window)) > 1){
    
    cat("\n### Top articles (most sentences) of the cluster for each time window{.panel-tabset}\n\n")
    
    for(decade in unique(cluster_data$window)){
      cat(glue("#### Top articles {decade}\n\n"))
      
      cluster_data %>% 
        filter(window == !! decade) %>% 
        mutate(mean_similarity = mean(similarity) %>% round(3),
               n = n(),
               .by = id) %>% 
        distinct(title, publication_year, is_part_of, creator, n, mean_similarity) %>% 
        slice_max(n, n = 15, with_ties = FALSE) %>%  
        kbl(escape = FALSE, col.names = c("Title", "Year", "Journal", "Authors", "Number sentences", "Similarity")) %>% 
        kable_styling(bootstrap_options = c("striped","condensed"),
                      font_size = 13) %>% 
        print()
    }
  }
  
  ############# Top articles ##################
  cat("\n### Closest clusters of the cluster per decade\n\n")
  
  for(decade in unique(cluster_data$window)){
    cat(glue("\n #### Closest clusters within the {decade} decade\n\n"))
    
    cluster_similarity %>% 
      filter(new_cluster == !!cluster,
             window_1 == decade,
             window_2 == decade) %>% 
      select(window = window_2, new_cluster = new_cluster_2, similarity) %>% 
      left_join(distinct(documents_cluster, new_cluster, label)) %>% 
      select(label, similarity) %>% 
      arrange(desc(similarity)) %>% 
      kbl(col.names = c("Cluster Name", "Similarity")) %>% 
      kable_styling(bootstrap_options = c("striped","condensed"),
                    font_size = 13) %>% 
      print()
  }
  
  for(decade in unique(cluster_data$window)){
    cat(glue("\n #### Closest clusters with all decade, for {decade}\n\n"))
    # Extracting top terms in general and for window
    cluster_similarity %>% 
      filter(new_cluster == !!cluster & window_1 == decade) %>% 
      slice_max(similarity, n = 15) %>%
      select(window = window_2, new_cluster = new_cluster_2, similarity) %>% 
      left_join(distinct(documents_cluster, new_cluster, label)) %>% 
      select(window, label, similarity) %>% 
      kbl(col.names = c("Time Window", "Cluster Name", "Similarity")) %>% 
      kable_styling(bootstrap_options = c("striped","condensed"),
                    font_size = 13) %>% 
      print()
  }
}

Intertemporal cluster 1: commission, tariff, mill’s, court, commerce

The cluster gathers 457 sentences from our corpus. It represents 0.28% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are Walton H. Hamilton (18 sentences), F. Y. Edgeworth (17 sentences), F. W. Taussig (13 sentences), H. J. Davenport (12 sentences), L. L. Price (12 sentences), H. Parker Willis (10 sentences), J. M. Clark (10 sentences), Lewis H. Haney (10 sentences), Frank A. Fetter (9 sentences), Jacob H. Hollander (9 sentences).

The most recurring journals are Journal of Political Economy (159 sentences), The Quarterly Journal of Economics (114 sentences), The Economic Journal (103 sentences), The American Economic Review (81 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
commission 0.0012187
tariff 0.0006481
mill’s 0.0006304
court 0.0005988
judicial 0.0005382
commerce 0.0005371
public_opinion 0.0004990
expediency 0.0004861
legislation 0.0004861
writer 0.0004779
legislators 0.0004689
sound_economic 0.0004459
speculator 0.0004242
taxation 0.0004237
dictum 0.0004036
evils 0.0003992
evil 0.0003880
liberty 0.0003836
free_trade 0.0003656
economic_motive 0.0003652

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
NOTES AND MEMORANDA 439 I need not add that, upon almost all the subjects treated in my article, I was glad to be able to appeal to the authority of such a work as the Principles of Economics. The Variation of Productive Forces: A Rejoinder 1904 The Quarterly Journal of Economics Charles J. Bullock 0.756
Yet owing to the fact that in the course of two decades numerous cases involving the same principles have come before the Commission for adjudication, and that conclusions reached on the basis of unsound reasoning have failed to give satisfaction and have had to be corrected, it is believed that a study of the cases will throw much light on economic tendencies at work to establish the truth of fundamental principles., Certainly experience is the only safe method for testing our theoretical conclusions, and Mill’s dictum that ” practice long precedes science ” should hold true in this field of inquiry, as in other departments of human affairs. Railway Rate Theories of the Interstate Commerce Commission. I. 1910 The Quarterly Journal of Economics M. B. Hammond 0.734
Our author does not make a wholly satisfactory reply to these pertinent interrogations by pointing to the vis inertiae, or to the active opposition, hindering such change, even when these can be correctly called, in his descriptive phrase, “non-economic.” English Rural Land Questions 1911 The Economic Journal L. L. Price 0.704
So far have economics and law parted company, under the persuasive influence of attorneys, accountants, and engineers.99 A critical analysis of these statements and indeed of the paper considered as a whole will ireveal, in my judgment, two weak links in the chain of reasoning. Regulation of Public Service Corporations–Discussion 1914 The American Economic Review Edward W. Bemis , John E. Brindley, James E. Boyle , James E. Allison, W. F. Gephart , C. J. Buell , Ralph E. Heilman, Howard C Hopson , J. G. Ohsol 0.695
sound business judgment based upon rational calculation are ren? The Economic Function of the Common Law 1918 Journal of Political Economy Homer Hoyt 0.693
From the standpoint of practical politics, perhaps, logic and precedent are at the present time of no great significance; but the situation furnishes a forcible text for insisting upon careful and accurate thinking in legislating upon the complex financial and industrial problems of the present day.’ Political Consistency and the Cost of Living 1910 Journal of Political Economy W. Jett Lauck 0.692
The arguments advanced by the author are vigorous, pertinent, and keen. Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 0.687
If the individual is not the best judge of his interests, it may still be held that his mistakes have nothing to do with the industri system, but arise out of a wholly separate compartment of life, the domain of the student of ethics, the inner shrine of the inde? Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.687
I am thus driven to justify my conclusions by reference to economic principle. The Australian Democracy and Its Economic Problems 1915 The Economic Journal F. W. Eggleston 0.685
This part of the paper is critical and destructive, because it is necessary to get rid of unsound or insufficient or unimportant arguments before we can “see the wood for the trees. The Principle of Land Value Taxation 1912 The Economic Journal C. F. Bickerdike 0.679
Since activities set up in this way through appeal to higher and lower motives are no longer conceived to represent simply a mechanically adequate effect of the stimuli, working under the control of natural laws that tend to one beneficent consummation, therefore the outcome of activity set up even by the normal pecuniary stimuli miay take a form that may or may not be serviceable to the community. The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 0.676
Now, it happens that the relation of sufficient reason enters very substantially into human conduct. The Limitations of Marginal Utility 1909 Journal of Political Economy Thorstein Veblen 0.676
It seems to the writer that here, as elsewhere, confusion is likely to arise from failure to consider utility in relation to cost. Joint Costs With Especial Regard to Railways 1916 The Quarterly Journal of Economics Lewis H. Haney 0.676
IL It behoves us now to consider the chief reasons for which the view opposed to that advanced in this paper is held. The Utility of Income and Progressive Taxation 1913 The Economic Journal S. J. Chapman 0.673
The economic appeal may be stated thus. Fox Farming in Prince Edward Island: A Chapter in the History of Speculation 1916 The Quarterly Journal of Economics A. B. Balcom 0.673
The reply to the objection involved in the first instance is that actions to become economic must be not merely affected by economic considerations, but controlled by them. A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 0.673
This latter consideration, which has special importance in this discussion, is developed in the text. Prices and Index Numbers 1900 Journal of Political Economy R. S. Padan 0.672
Let any policy be imposed at the present day the consequences of which are recognized by the general public as resulting in serious cu tailment of present enjoyments in the interest of a most distant future; and one would not have to be a cynic to predict an uprising of the individual against the organs of social control. The Economic Possibilities of Conservation 1913 The Quarterly Journal of Economics L. C. Gray 0.670
It is easy for a critic to point out difficulties of practicability, of equity, or of economic propriety, in almost any scheme; but we are faced with a dangerous situation, and we have to make a choice whether we like it or not. The Special Taxation of Business Profits in Relation to the Present Position of National Finance 1919 The Economic Journal J. C. Stamp 0.669
Even as rational economic judgment depends upon the tagging of every commodity with a definite price, so it also depends upon the tagging of every act with a definite legal value. The Economic Function of the Common Law 1918 Journal of Political Economy Homer Hoyt 0.669

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
NOTES AND MEMORANDA 439 I need not add that, upon almost all the subjects treated in my article, I was glad to be able to appeal to the authority of such a work as the Principles of Economics. The Variation of Productive Forces: A Rejoinder 1904 The Quarterly Journal of Economics Charles J. Bullock 0.806
Yet owing to the fact that in the course of two decades numerous cases involving the same principles have come before the Commission for adjudication, and that conclusions reached on the basis of unsound reasoning have failed to give satisfaction and have had to be corrected, it is believed that a study of the cases will throw much light on economic tendencies at work to establish the truth of fundamental principles., Certainly experience is the only safe method for testing our theoretical conclusions, and Mill’s dictum that ” practice long precedes science ” should hold true in this field of inquiry, as in other departments of human affairs. Railway Rate Theories of the Interstate Commerce Commission. I. 1910 The Quarterly Journal of Economics M. B. Hammond 0.784
So far have economics and law parted company, under the persuasive influence of attorneys, accountants, and engineers.99 A critical analysis of these statements and indeed of the paper considered as a whole will ireveal, in my judgment, two weak links in the chain of reasoning. Regulation of Public Service Corporations–Discussion 1914 The American Economic Review Edward W. Bemis , John E. Brindley, James E. Boyle , James E. Allison, W. F. Gephart , C. J. Buell , Ralph E. Heilman, Howard C Hopson , J. G. Ohsol 0.780
The arguments advanced by the author are vigorous, pertinent, and keen. Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 0.777
Betterments and Public Necessity One point raised in the foregoing discussion seems to deserve separate treatment. Some Neglected Phases of Rate Regulation 1914 The American Economic Review J. Maurice Clark 0.771
In point of economic theory the law appears on examination to be of slight consequence, but it merits further attention for the gravity of its purport. Professor Clark’s Economics 1908 The Quarterly Journal of Economics Thornstein Veblen 0.768
IL It behoves us now to consider the chief reasons for which the view opposed to that advanced in this paper is held. The Utility of Income and Progressive Taxation 1913 The Economic Journal S. J. Chapman 0.765
Our author does not make a wholly satisfactory reply to these pertinent interrogations by pointing to the vis inertiae, or to the active opposition, hindering such change, even when these can be correctly called, in his descriptive phrase, “non-economic.” English Rural Land Questions 1911 The Economic Journal L. L. Price 0.763
This case has been frequently quoted as authority for the proposition that mere power over the market does not condemn a combination, but the decision, as a matter of fact, was based upon peculiar facts in the case which caused the combination to promote rather than to hinder competi? The Legality of the Combination of Competitors Under the Sherman Act 1917 Journal of Political Economy Sumner H. Slichter 0.761
In the present paper the first three of these points of view will be considered, discussion of the fourth being reserved for a subsequent article. Commercial Banking and Capital Formation: I 1918 Journal of Political Economy H. G. Moulton 0.760
Although this idea has certainly been in use for more than two centuries, it has grown in importance in recent years; and the fullblown theory is elaborated at length in several texts, both legal and economic. Theories and Tests of Monopoly Control 1919 The American Economic Review C. J. Foreman 0.760
It is easy for a critic to point out difficulties of practicability, of equity, or of economic propriety, in almost any scheme; but we are faced with a dangerous situation, and we have to make a choice whether we like it or not. The Special Taxation of Business Profits in Relation to the Present Position of National Finance 1919 The Economic Journal J. C. Stamp 0.755
The practical conclusions which I would derive from the preceding discussion may be formulated in the following state? Separation of the Sources of State and Local Revenues 1908 Journal of Political Economy T. S. Adams 0.753
This latter consideration, which has special importance in this discussion, is developed in the text. Prices and Index Numbers 1900 Journal of Political Economy R. S. Padan 0.753
The case for the policy of ” the three F’s” is stated with his usual persuasive power by Cairnes in an essay already referred to, and his arguments are substantially repeated in the Report of the Bessborough Commission.? Some Features of the Economic Movement in Ireland, 1880-1900 1901 The Economic Journal C. F. Bastable 0.753

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 11 0.616
The Limitations of Marginal Utility 1909 Journal of Political Economy Thorstein Veblen 7 0.635
The Legality of the Combination of Competitors Under the Sherman Act 1917 Journal of Political Economy Sumner H. Slichter 7 0.605
The Incidence of Urban Rates III 1900 The Economic Journal F. Y. Edgeworth 5 0.615
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 5 0.631
The Economic Function of the Common Law 1918 Journal of Political Economy Homer Hoyt 5 0.639
The Place of the Service Tax in Modern Finance 1900 Journal of Political Economy J. H. Hamilton 4 0.644
The Earlier Commercial Policy of the United States 1902 Journal of Political Economy Thomas Walker Page 4 0.631
Is an Ideal Money Attainable? 1903 Journal of Political Economy Charles A. Conant 4 0.630
The Conservation of Business Opportunity 1912 Journal of Political Economy Gilbert H. Montague 4 0.614

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0934860
13: laborers, employer, employers, wages, pain -0.0180587
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.0473607
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0570677
7: economy_vol, cairnes, jevons, economic_method, senior -0.0913650
6: civilization, evils, enjoyment, free_competition, religion -0.0956302
9: teaching, training, student, students, induction -0.0980341
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0993636
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1143053
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.1668200
11: capitalistic, capitalism, capitalist, capital, marxian -0.2177684
10: valuations, economic_values, reconsideration, judgments, valuation -0.2214767

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.5897640
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.5684930
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.4004070
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3311900
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.3139511
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.3035954
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2306380
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1935600
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1655609
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1585473
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1519800
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1419583
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1404401
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1358327
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1021983

Intertemporal cluster 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic

The cluster gathers 1561 sentences from our corpus. It represents 0.96% of all the sentences selected over the whole period.

The community exists from 1900 to 1949.

The most recurring authors are Frank H. Knight (92 sentences), Wesley C. Mitchell (75 sentences), Talcott Parsons (68 sentences), Z. Clark Dickinson (62 sentences), A. B. Wolfe (31 sentences), Frank A. Fetter (27 sentences), J. M. Clark (23 sentences), Rexford G. Tugwell (20 sentences), Theo Surányi-Unger (17 sentences), Jacob Viner (15 sentences).

The most recurring journals are The Quarterly Journal of Economics (364 sentences), Journal of Political Economy (337 sentences), The American Economic Review (295 sentences), The Economic Journal (136 sentences), Economica (101 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_motive 0.0011559
satisfaction 0.0010535
hedonism 0.0009697
economic_motives 0.0008307
hedonistic 0.0007489
pleasure 0.0007086
satisfactions 0.0007005
instincts 0.0006582
economic_motivation 0.0006074
human_nature 0.0005493
instinct 0.0005254
motive 0.0005182
psychology 0.0005130
psychologist 0.0005026
pain 0.0004969
motives 0.0004690
desires 0.0004396
men’s 0.0004391
psycho 0.0004067
economic_welfare 0.0003798

Top TF-IDF terms describing the community for each time window

Top terms 1900-1919

Token TF-IDF
instincts 0.0036938
hedonistic 0.0033904
economic_motive 0.0032515
psychology 0.0027526
hedonism 0.0024203
instinct 0.0022135
human_nature 0.0021461
psychologist 0.0018287
pleasure 0.0016023
men’s 0.0015672
economic_motives 0.0015331
modern_psychology 0.0014914
human_conduct 0.0013734
pain 0.0013129
exigencies 0.0012530

Top terms 1920-1939

Token TF-IDF
satisfaction 0.0027546
hedonism 0.0016598
satisfactions 0.0015026
human_nature 0.0013438
human_motives 0.0012274
pleasure 0.0011302
desires 0.0011179
hedonistic 0.0011160
economic_motives 0.0010814
modern_psychology 0.0010739
economic_motive 0.0010406
psychology 0.0010143
pain 0.0009724
psycho 0.0008919
enjoyment 0.0008644

Top terms 1940-1949

Token TF-IDF
economic_motivation 0.0018966
economic_motive 0.0018088
economic_motives 0.0015077
economic_welfare 0.0013279
satisfaction 0.0011902
peace 0.0010254
scarce_means 0.0008518
human_motivation 0.0008415
moral_sentiments 0.0008278
nations 0.0008235
economic_progress 0.0008217
desires 0.0007729
motive 0.0007635
masses 0.0007630
sentiments 0.0007542

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
To be sure the development of character and activities forms the non-rational basis of economic rationality in the narrower sense; it forms the source of the ” higher ” wants which cannot themselves be criticized merely in rational terms. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.847
It may be suspected that those who credit “modern psychology” with having undermined “general economic theory” do not always trouble to distinguish the various possible meanings of the term “rational.” Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 0.794
It should be emphasized that the concept of economic rationality as efficiency in the use of given means to achieve given individual or group ends excludes a large part of the purposive life of men as social beings-the ideal as well as the actual. Economics, Political Science, and Education 1944 The American Economic Review Frank H. Knight 0.772
The beginning of any rational approach to the problems must be recognition that there are universal principles of “economy”–as indeed our author recognizes in his next sentence, which contrasts “the general principle of maximizing satisfaction which is valid” and “everywhere works in practice” with “more particular and less general propositions,” the validity of which in cultures other than our own remains in question. Anthropology and Economics 1941 Journal of Political Economy Frank H. Knight 0.765
In separating rational from irrational preference it is necessary to go behind the motivation of the consumer as expressed merely by his distribution of resources between different wants and into the nature of the motivation itself. Rational and Irrational Consumer Preference 1938 The Economic Journal J. K. Galbraith 0.761
I The criterion of “rationality” applied to the economic process refers to the optimum satisfaction of given wants with scarce means. The Planning Approach in Public Economy: A Reply 1941 The Quarterly Journal of Economics Richard Abel Musgrave 0.755
The study of rational self-interest has long been the method of economic theorizing, and we shall follow it here. Speculation and the Carryover 1936 The Quarterly Journal of Economics John Burr Williams 0.753
For example, to find the basis of economic rationality in the development of a social institution directs our attention away fromi that dark subjective realm, where so many economists have groped, to an objective realm, where behavior can be studied in the light of common day. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.750
There are countless acts and motives, entering into price formation, which have a bearing on the economic welfare of men, but which are quite lost sight of or are glossed over in merely pecuniary calculations. Price Economics Versus Welfare Economics: Contemporary Opinion 1920 The American Economic Review Frank A. Fetter 0.750
Finally, economics makes a definite assumption about the type of human behavior involved in the whole process- namely that it is, in limiting type, rational in the limited sense that, given the “end,” maximization of utility through acquisition of the largest possible quantity of means to wantsatisfaction compatible with the limitations of “cost,” the adaptation of means to this end tends to be the best possible under the circumstances.3 The end may thus, in the given circumstances, be held to determine the course of action. Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.746
It must find the roots of activity in instinct, impulse, and other qualities of human nature; it must recognize that economy forbids the satisfaction of all instincts and yields a dignified place to reason; it must discern in the variety of institutional situations impinging upon individuals the chief source of differences in the content of their behavior; and it must take account of the limitations imposed by past activity upon the flexibility with which one can act in future. The Institutional Approach to Economic Theory 1919 The American Economic Review Walton H. Hamilton 0.745
The processes of their expression or attainment, on the other hand, he thinks of as rational, resting on a knowledge of the conditions under which action takes place.1 Secondly, Veblen criticizes the orthodox economics as logically dependent on hedonistic psychology. Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.745
Moreover, it is clear that the current tendency to abandon the crude hedonistic conception of economic motive, and to recognize that man’s economic action is, in part, habitual if not instinctive, altruistic and constrained, admirable as it may be, does not essentially alter this conception of problem or method; nor is this alteration achieved by the tendency to a more ultimate analysis of the conditions that underlie utility and cost in social, institutional, or even in historical terms. The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 0.744
The first need here is to distinguish between the conditions under which the economic motive, in its cruder and simpler expression, is, so to speak, taken for granted, and those conditions under which its operations are subject to conscious reflection. The Economic Motive in Politics 1946 The Economic History Review F. M. Powicke 0.744
Economic action does not begin before the moment when the decisions are made, first, which of the conflicting desires is to be satisfied; secondly, which thing of value, apt to satisfy this preferred desire, is to be secured; and, thirdly, to what extent it is to be secured. A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.742
So far, psychological criticism indicates that the assumption of economic rationality is not so much mistaken as inadequate. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.738
If then individual judgments are not rational and instincts are non-dependable, Hobson can seek to accomplish a definite social purpose only upon the assumption of the possibility of rationality in collective judg? Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 0.737
As to rationality, we know that people usually are capable of following cause and effect in business far enough to see where they can get the most pay for what they have to sell. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.735
Incidentally, the author makes an astonishingly naive statement about people agreeing on ends but disagreeing on means, implying that an end could be rationally favored apart from the condition that it is both possible and attainable at a cost which does not outweigh the gain-both gain and cost being usually complex in kind and degree. Freedom Under Planning 1946 Journal of Political Economy Frank H. Knight 0.734
The search for the real stimulus reveals the acquisitive tendency in man, standing as large as life in the place where the economists have assumed stood the rational quality which so directed conduct as to assure all-round beneficient results. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.731

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
For example, to find the basis of economic rationality in the development of a social institution directs our attention away fromi that dark subjective realm, where so many economists have groped, to an objective realm, where behavior can be studied in the light of common day. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.750
It must find the roots of activity in instinct, impulse, and other qualities of human nature; it must recognize that economy forbids the satisfaction of all instincts and yields a dignified place to reason; it must discern in the variety of institutional situations impinging upon individuals the chief source of differences in the content of their behavior; and it must take account of the limitations imposed by past activity upon the flexibility with which one can act in future. The Institutional Approach to Economic Theory 1919 The American Economic Review Walton H. Hamilton 0.745
Moreover, it is clear that the current tendency to abandon the crude hedonistic conception of economic motive, and to recognize that man’s economic action is, in part, habitual if not instinctive, altruistic and constrained, admirable as it may be, does not essentially alter this conception of problem or method; nor is this alteration achieved by the tendency to a more ultimate analysis of the conditions that underlie utility and cost in social, institutional, or even in historical terms. The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 0.744
So far, psychological criticism indicates that the assumption of economic rationality is not so much mistaken as inadequate. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.738
If then individual judgments are not rational and instincts are non-dependable, Hobson can seek to accomplish a definite social purpose only upon the assumption of the possibility of rationality in collective judg? Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 0.737
As to rationality, we know that people usually are capable of following cause and effect in business far enough to see where they can get the most pay for what they have to sell. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.735
“33 To know what economic actions men normally will take, then, the theorist must know the relative strength of these opposing sets of motives. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.729
The present writer believes that grounds will be shown for a further inquiry into the psychology of motives in the interests of economics, and perhaps some irrelevant points of the criticism can be eliminated from further discussion. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.725
In order to derive any benefit from our knowledge of how the “economic motive” operates in a hand-picked selection of more or less hypothetical situations, we must compare that knowledge with what additional knowledge we can obtain from an examination of the actual situations in their multiform variety. Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 0.724
And if aesthetic, religious, and intellectual wants, and their attendant satisfactions, are not a part of the subject-matter of economic science, there should, perhaps, arise a reasonable expectation that pains and disutilities of westhetic, religious, or intellectual quality will be found to be excluded from the category of economic costs.” A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.723
Perfect pecuniary rationality should be his chief psychological character? The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.716
In this type of economic theory, human nature is conceived, not as a ready-made something taken over at the outset, not as a postulate whose consequences must be developed, but as itself the chief subject of investigation. The Rationality of Economic Activity: I 1910 Journal of Political Economy Wesley C. Mitchell 0.716

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
To be sure the development of character and activities forms the non-rational basis of economic rationality in the narrower sense; it forms the source of the ” higher ” wants which cannot themselves be criticized merely in rational terms. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.847
It may be suspected that those who credit “modern psychology” with having undermined “general economic theory” do not always trouble to distinguish the various possible meanings of the term “rational.” Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 0.794
In separating rational from irrational preference it is necessary to go behind the motivation of the consumer as expressed merely by his distribution of resources between different wants and into the nature of the motivation itself. Rational and Irrational Consumer Preference 1938 The Economic Journal J. K. Galbraith 0.761
The study of rational self-interest has long been the method of economic theorizing, and we shall follow it here. Speculation and the Carryover 1936 The Quarterly Journal of Economics John Burr Williams 0.753
There are countless acts and motives, entering into price formation, which have a bearing on the economic welfare of men, but which are quite lost sight of or are glossed over in merely pecuniary calculations. Price Economics Versus Welfare Economics: Contemporary Opinion 1920 The American Economic Review Frank A. Fetter 0.750
Finally, economics makes a definite assumption about the type of human behavior involved in the whole process- namely that it is, in limiting type, rational in the limited sense that, given the “end,” maximization of utility through acquisition of the largest possible quantity of means to wantsatisfaction compatible with the limitations of “cost,” the adaptation of means to this end tends to be the best possible under the circumstances.3 The end may thus, in the given circumstances, be held to determine the course of action. Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.746
The processes of their expression or attainment, on the other hand, he thinks of as rational, resting on a knowledge of the conditions under which action takes place.1 Secondly, Veblen criticizes the orthodox economics as logically dependent on hedonistic psychology. Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.745
The search for the real stimulus reveals the acquisitive tendency in man, standing as large as life in the place where the economists have assumed stood the rational quality which so directed conduct as to assure all-round beneficient results. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.731
Economic purposiveness - the teleological impulse to construe all phenomena in In conformity with Sombart’s notion of the decisive role of objectives in the concept of rationalization, but otherwise at considerable variance with the usual definitions, H. S. Persons submits that it should be understood as, “. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.730
It has long been recognised that when economists assume that people behave “rationally” no assumption is made as to the nature of the goods, - bread, opium, bibles, or instruments of self-torture, - which it is “rational” to choose, - no such distinction being feasible. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.730
In a rational economics, the area within which purely individualist motivation is allowed to prevail will be circumscribed by considerations of public welfare and economic stability. The Problem of Prices and Valuation in the Soviet System: Discussion 1936 The American Economic Review Calvin B. Hoover , William Orton , Michael T. Florinsky 0.728
is peculiarly dependent on two of the above assumptions, the fixity of wants and rationality. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.727

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
It should be emphasized that the concept of economic rationality as efficiency in the use of given means to achieve given individual or group ends excludes a large part of the purposive life of men as social beings-the ideal as well as the actual. Economics, Political Science, and Education 1944 The American Economic Review Frank H. Knight 0.772
The beginning of any rational approach to the problems must be recognition that there are universal principles of “economy”–as indeed our author recognizes in his next sentence, which contrasts “the general principle of maximizing satisfaction which is valid” and “everywhere works in practice” with “more particular and less general propositions,” the validity of which in cultures other than our own remains in question. Anthropology and Economics 1941 Journal of Political Economy Frank H. Knight 0.765
I The criterion of “rationality” applied to the economic process refers to the optimum satisfaction of given wants with scarce means. The Planning Approach in Public Economy: A Reply 1941 The Quarterly Journal of Economics Richard Abel Musgrave 0.755
The first need here is to distinguish between the conditions under which the economic motive, in its cruder and simpler expression, is, so to speak, taken for granted, and those conditions under which its operations are subject to conscious reflection. The Economic Motive in Politics 1946 The Economic History Review F. M. Powicke 0.744
Economic action does not begin before the moment when the decisions are made, first, which of the conflicting desires is to be satisfied; secondly, which thing of value, apt to satisfy this preferred desire, is to be secured; and, thirdly, to what extent it is to be secured. A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.742
Incidentally, the author makes an astonishingly naive statement about people agreeing on ends but disagreeing on means, implying that an end could be rationally favored apart from the condition that it is both possible and attainable at a cost which does not outweigh the gain-both gain and cost being usually complex in kind and degree. Freedom Under Planning 1946 Journal of Political Economy Frank H. Knight 0.734
This criterion of rationality is herein indicated in the principle of euphoria which, by dominating the economic process in so far as it is the product of a conscious will, which selects the best means for obtaining its own ends, explains the reason of the economic action. The Transformation of Value in the Productive Process 1940 Econometrica L. Amoroso 0.730
Briefly, modern economics seems to be bent to the view that “reason becomes a shame, beneficence a worry.” The Present Position of Economics 1944 The American Economic Review Arthur Salz 0.724
Ii Conflict of Economic Motives THIS CONFUSION REGARDING the scope and the task of economics rests entirely on the erroneous assumption that the science is concerned with the conflict of the motives of economic action: The measurement of motive thus obtained is not indeed perfectly accurate; for, if it were, economics would rank with the most advanced physical science, and not, as it actually does, with the least advanced.9 Marshall has a very adequate knowledge of this conflict or this “crossing of motives” and of the decisions to which it leads: First, decisions as to the relative urgency of various ends; secondly decisions as to the relative advantages of various means of attaining each end; thirdly decisions based on these two sets of decisions as to the margin up to which the person could most profitably carry the application of each means to each end.10 This is perfectly true. A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.720
Rationality consists in the economical use of a limited number of means to obtain ends of primary significance only to the individual realizing them. The Third Century of Mercantilism 1944 Southern Economic Journal William D. Grampp 0.720
But even here the firm objective basis of a rational satisfaction is supposed: . The Welfare Economics of Heinrich Pesch 1949 The Quarterly Journal of Economics Richard E. Mulcahy, S.J. 0.719
He is assuming that ‘rational,’ i.e., economical choice is something worth striving for, and that this end is something with which the economist is directly concerned, and towards which he cannot be indifferent.3 Robbins’ position that there are no economic ends seems to be the more common opinion today; it is always assumed at the textbook level, and many theorists, omitting all discussion, take it for granted. The Welfare Economics of Heinrich Pesch 1949 The Quarterly Journal of Economics Richard E. Mulcahy, S.J. 0.718

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 3.33% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The beginning of any rational approach to the problems must be recognition that there are universal principles of “economy”–as indeed our author recognizes in his next sentence, which contrasts “the general principle of maximizing satisfaction which is valid” and “everywhere works in practice” with “more particular and less general propositions,” the validity of which in cultures other than our own remains in question. Anthropology and Economics 1941 Journal of Political Economy Frank H. Knight 0.801
To be sure the development of character and activities forms the non-rational basis of economic rationality in the narrower sense; it forms the source of the ” higher ” wants which cannot themselves be criticized merely in rational terms. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.800
The study of rational self-interest has long been the method of economic theorizing, and we shall follow it here. Speculation and the Carryover 1936 The Quarterly Journal of Economics John Burr Williams 0.790
C, 257-258. wealth.2 Consequently, the economic motive becomes subjective, and usually operates in such wise that the individual is only vaguely conscious of the forces actuating him ;3 for few men resolve their problems rationally, the vast majority being content to accept the solutions furnished by custom. Pareto on Population, I 1944 The Quarterly Journal of Economics J. J. Spengler 0.779
It should be emphasized that the concept of economic rationality as efficiency in the use of given means to achieve given individual or group ends excludes a large part of the purposive life of men as social beings-the ideal as well as the actual. Economics, Political Science, and Education 1944 The American Economic Review Frank H. Knight 0.765

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Moreover, it is clear that the current tendency to abandon the crude hedonistic conception of economic motive, and to recognize that man’s economic action is, in part, habitual if not instinctive, altruistic and constrained, admirable as it may be, does not essentially alter this conception of problem or method; nor is this alteration achieved by the tendency to a more ultimate analysis of the conditions that underlie utility and cost in social, institutional, or even in historical terms. The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 0.864
The present writer believes that grounds will be shown for a further inquiry into the psychology of motives in the interests of economics, and perhaps some irrelevant points of the criticism can be eliminated from further discussion. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.851
In economics, again, there are profound psychological problems relating to human motives in production which are of the greatest moment to our social and industrial system, but their intricacies must be explored mainly by scholars. The Psychology Course in Business Education 1922 Journal of Political Economy Z. Clark Dickinson 0.851
Man’s nature and the doctrine of economic wants. The Fundamental Economic Principle 1901 The Quarterly Journal of Economics Charles A. Tuttle 0.850
There are countless acts and motives, entering into price formation, which have a bearing on the economic welfare of men, but which are quite lost sight of or are glossed over in merely pecuniary calculations. Price Economics Versus Welfare Economics: Contemporary Opinion 1920 The American Economic Review Frank A. Fetter 0.850
The first need here is to distinguish between the conditions under which the economic motive, in its cruder and simpler expression, is, so to speak, taken for granted, and those conditions under which its operations are subject to conscious reflection. The Economic Motive in Politics 1946 The Economic History Review F. M. Powicke 0.844
Hitherto economists for the most part have been vaguely conscious that the ultimate laws of economic conduct must be psychological, and, feeling the necessity of determining some defining boundaries of their study, have sought to make a selection of the motives and aims that are to be recognised by it. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.843
When economic psychology is given the above interpretation, and the instrumental, non-ontological character of desires and motives as used m economics is sufficiently emphasized, there can be no objection to stating the principles of utility and disutility in the conventional form. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.842
It has been shown that if we look at human action from the “subjective” point of view of the means-end relationship, economic theory occupies an intermediate position in the chain from ultimate means to ultimate ends. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.842
We have noted that this basic concept identifies the subject-matter of economics, not with an objectively verifiable physical object or the behavior of physical individuals, but with a relation between such an object and the individual, which exhibits itself in an introspectively given interest in, want of, and desire for the object. The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 0.837
Ii Conflict of Economic Motives THIS CONFUSION REGARDING the scope and the task of economics rests entirely on the erroneous assumption that the science is concerned with the conflict of the motives of economic action: The measurement of motive thus obtained is not indeed perfectly accurate; for, if it were, economics would rank with the most advanced physical science, and not, as it actually does, with the least advanced.9 Marshall has a very adequate knowledge of this conflict or this “crossing of motives” and of the decisions to which it leads: First, decisions as to the relative urgency of various ends; secondly decisions as to the relative advantages of various means of attaining each end; thirdly decisions based on these two sets of decisions as to the margin up to which the person could most profitably carry the application of each means to each end.10 This is perfectly true. A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.837
He now not only concedes the legitimacy of economic investigation in terms of desire or of satisfaction, but he characterizes this as an intermediate or tentative stage preparing the way for an inquiry into the origin of the judgments upon which man builds a hierarchy of good-and-bad, higher-and-lower values, by which he subjects desires to an evaluation more fundamental than the merely quantitative standard of more-or-less satisfaction, or pleasure. The Utility Concept in Value Theory and Its Critics 1925 Journal of Political Economy Jacob Viner 0.836
We may find the source of the notion, indeed the underlying principle, in earlier writers; we may qualify or amplify; we may think we have progressed beyond; indeed we may quite reject; but here is something with which all of us must reckon, something which has potently stimulated our thinking, enlarged our conception of the meaning of economic activity for human happiness. Alfred Marshall 1924 The Quarterly Journal of Economics F. W. Taussig 0.834
In this type of economic theory, human nature is conceived, not as a ready-made something taken over at the outset, not as a postulate whose consequences must be developed, but as itself the chief subject of investigation. The Rationality of Economic Activity: I 1910 Journal of Political Economy Wesley C. Mitchell 0.833
The theme of the second paper, the importance of a broader biological and psychological basis in our economic theory, deserves our respectful hearing, and in most respects our cordial acceptance. Control of Wealth and Economic Life–Discussion 1918 The American Economic Review Frank A. Fetter , Wesley C. Mitchell, E. C. Hayes 0.830
In this article the writer proposes to examine, first, the nature of economic theory and the characteristics of its implications as it bears upon wants, and production for their satisfaction. Modern Advertising and Economic Theory 1931 The American Economic Review Collis A. Stocking 0.830

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
Moreover, it is clear that the current tendency to abandon the crude hedonistic conception of economic motive, and to recognize that man’s economic action is, in part, habitual if not instinctive, altruistic and constrained, admirable as it may be, does not essentially alter this conception of problem or method; nor is this alteration achieved by the tendency to a more ultimate analysis of the conditions that underlie utility and cost in social, institutional, or even in historical terms. The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 0.864
The present writer believes that grounds will be shown for a further inquiry into the psychology of motives in the interests of economics, and perhaps some irrelevant points of the criticism can be eliminated from further discussion. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.851
Man’s nature and the doctrine of economic wants. The Fundamental Economic Principle 1901 The Quarterly Journal of Economics Charles A. Tuttle 0.850
Hitherto economists for the most part have been vaguely conscious that the ultimate laws of economic conduct must be psychological, and, feeling the necessity of determining some defining boundaries of their study, have sought to make a selection of the motives and aims that are to be recognised by it. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.843
In this type of economic theory, human nature is conceived, not as a ready-made something taken over at the outset, not as a postulate whose consequences must be developed, but as itself the chief subject of investigation. The Rationality of Economic Activity: I 1910 Journal of Political Economy Wesley C. Mitchell 0.833
The theme of the second paper, the importance of a broader biological and psychological basis in our economic theory, deserves our respectful hearing, and in most respects our cordial acceptance. Control of Wealth and Economic Life–Discussion 1918 The American Economic Review Frank A. Fetter , Wesley C. Mitchell, E. C. Hayes 0.830
The concepts of utility, of “an economic man,” and of “an economic judgment” involve just enough of a trespass upon the vested interests of others to bring upon theorists protests from the psychologists, be they physiological, introspective, social, or what not. The Place of Value Theory in Economics: II 1918 Journal of Political Economy Walton H. Hamilton 0.828
And if aesthetic, religious, and intellectual wants, and their attendant satisfactions, are not a part of the subject-matter of economic science, there should, perhaps, arise a reasonable expectation that pains and disutilities of westhetic, religious, or intellectual quality will be found to be excluded from the category of economic costs.” A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.821
The determining desires are mixed as regards, on the one hand, egoism 1 The analogy worked out in this paper was roughly suggested in my note A Parallel between Economical and Political Theory in the ECONOMIC JOURNAL for June, 1902. The Unity of Political and Economic Science 1906 The Economic Journal A. C. Pigou 0.820
acter of the results demanded, are themselves dependent on those limiting assumptions from which a fulfilled economics must make itself free.1 One thing to be thankful for is the evidence that there is more economic theory in the world than many theorists have realized, since many inquiries that seem foreign to formal theory are really just the sort of thing that must inevitably result from following theory’s fundamental undertakings to the point of realism.2 For instance, the present series of papers starts with the attempt to square economic theory with modern psychology. Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.811

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
In economics, again, there are profound psychological problems relating to human motives in production which are of the greatest moment to our social and industrial system, but their intricacies must be explored mainly by scholars. The Psychology Course in Business Education 1922 Journal of Political Economy Z. Clark Dickinson 0.851
There are countless acts and motives, entering into price formation, which have a bearing on the economic welfare of men, but which are quite lost sight of or are glossed over in merely pecuniary calculations. Price Economics Versus Welfare Economics: Contemporary Opinion 1920 The American Economic Review Frank A. Fetter 0.850
When economic psychology is given the above interpretation, and the instrumental, non-ontological character of desires and motives as used m economics is sufficiently emphasized, there can be no objection to stating the principles of utility and disutility in the conventional form. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.842
It has been shown that if we look at human action from the “subjective” point of view of the means-end relationship, economic theory occupies an intermediate position in the chain from ultimate means to ultimate ends. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.842
He now not only concedes the legitimacy of economic investigation in terms of desire or of satisfaction, but he characterizes this as an intermediate or tentative stage preparing the way for an inquiry into the origin of the judgments upon which man builds a hierarchy of good-and-bad, higher-and-lower values, by which he subjects desires to an evaluation more fundamental than the merely quantitative standard of more-or-less satisfaction, or pleasure. The Utility Concept in Value Theory and Its Critics 1925 Journal of Political Economy Jacob Viner 0.836
We may find the source of the notion, indeed the underlying principle, in earlier writers; we may qualify or amplify; we may think we have progressed beyond; indeed we may quite reject; but here is something with which all of us must reckon, something which has potently stimulated our thinking, enlarged our conception of the meaning of economic activity for human happiness. Alfred Marshall 1924 The Quarterly Journal of Economics F. W. Taussig 0.834
In this article the writer proposes to examine, first, the nature of economic theory and the characteristics of its implications as it bears upon wants, and production for their satisfaction. Modern Advertising and Economic Theory 1931 The American Economic Review Collis A. Stocking 0.830
“Economic wants may be serious, frivolous, or even positively pernicious, but the objects of these wants all alike possess utility in the economic sense.”’ Modern Advertising and Economic Theory 1931 The American Economic Review Collis A. Stocking 0.828
Any conception of human nature that he may adopt is a matter of psychology, and any conception of human behavior that he may adopt involves psychological assumptions, whether these be explicit or n REXFORD G. TUGWELL IV The motives of men as they go about their economic affairs are important for economists to understand whenever there arises a question of why it is human conduct follows a given line. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.823
When this characteristic of the psychological issue is comprehended with sufficient clarity, economic theorists, of whatever sort, may be induced to reexamine their psychological positions, with probably desirable results. Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 0.823

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
The first need here is to distinguish between the conditions under which the economic motive, in its cruder and simpler expression, is, so to speak, taken for granted, and those conditions under which its operations are subject to conscious reflection. The Economic Motive in Politics 1946 The Economic History Review F. M. Powicke 0.844
We have noted that this basic concept identifies the subject-matter of economics, not with an objectively verifiable physical object or the behavior of physical individuals, but with a relation between such an object and the individual, which exhibits itself in an introspectively given interest in, want of, and desire for the object. The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 0.837
Ii Conflict of Economic Motives THIS CONFUSION REGARDING the scope and the task of economics rests entirely on the erroneous assumption that the science is concerned with the conflict of the motives of economic action: The measurement of motive thus obtained is not indeed perfectly accurate; for, if it were, economics would rank with the most advanced physical science, and not, as it actually does, with the least advanced.9 Marshall has a very adequate knowledge of this conflict or this “crossing of motives” and of the decisions to which it leads: First, decisions as to the relative urgency of various ends; secondly decisions as to the relative advantages of various means of attaining each end; thirdly decisions based on these two sets of decisions as to the margin up to which the person could most profitably carry the application of each means to each end.10 This is perfectly true. A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.837
Some relation seems to exist between the nature of the motivations and their favourable or unfavourable influence upon the development of economics and other social sciences. ” The Scope and Method of Economics 1945 The Review of Economic Studies O. Lange 0.827
We realize that our designation of the individual as the only subject of wants, in the strict sense of the word, may be questioned from some of the more subtle viewpoints of psychology; even the individual subjectivization of wants is not beyond the range of meticulously skeptical criticism, which, nevertheless, does not pertain to our subsequent economic reasoning. Individual and Collective Wants 1948 Journal of Political Economy Theo Surányi-Unger 0.826
Indeed, the economic man may turn his efforts away from acquiring wealth to satisfying any inclination that may strike him, but in the entire register of his desires there is no yearning to be just and benevolentan omission which can hardly pass unnoticed in view of the emphasis which these cardinal virtues obtain in the Theory of Moral Sentiments. Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 0.819
While strongly emphasizing the role of the state and the community, and the immensely strong social disposition of man that originates and maintains those institutions, Knies especially inveighed against the defective psychology of those economists who based their entire deductive system upon the operation of one compelling motive, that of “desire for wealth,” “hope of gain,” or self-interest. The Tasks of Economic History 1941 The Journal of Economic History Edwin F. Gay 0.815
II Idealistic opponents of hedonism have attacked the “economic man” assumption on the grounds of its apparent crude materialism, which, in their view, gives only a distorted and unreal picture of human motivation.1’ The crux of the matter is, however, whether economic analysis would gain in realism if it gave more consideration to altruistic motives and disinterested action. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.813
Indeed, it will be the principal thesis of the subsequent analysis that “economic motivation” is not a category of motivation on the deeper level at all, but is rather a point at which many different motives may be brought to bear on a certain type of situation. The Motivation of Economic Activities 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Talcott Parsons 0.813
Briefly, modern economics seems to be bent to the view that “reason becomes a shame, beneficence a worry.” The Present Position of Economics 1944 The American Economic Review Arthur Salz 0.811

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 53 0.638
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 20 0.658
Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 19 0.644
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 18 0.633
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 17 0.644
Thoughts on Perusal of Wesley Mitchell’s Collected Essays 1939 Journal of Political Economy A. B. Wolfe 16 0.628
Individual and Collective Wants 1948 Journal of Political Economy Theo Surányi-Unger 16 0.610
Ethics and the Economic Interpretation 1922 The Quarterly Journal of Economics Frank H. Knight 15 0.611
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 15 0.632
The Motivation of Economic Activities 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Talcott Parsons 15 0.640

Top articles (most sentences) of the cluster for each time window

Top articles 1900-1919

Title Year Journal Authors Number sentences Similarity
The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 53 0.638
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 20 0.658
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 17 0.644
The Rationality of Economic Activity: I 1910 Journal of Political Economy Wesley C. Mitchell 14 0.646
Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 11 0.645
Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 10 0.648
The Limitations of Marginal Utility 1909 Journal of Political Economy Thorstein Veblen 9 0.651
Human Behavior and Economics: A Survey of Recent Literature 1914 The Quarterly Journal of Economics Wesley C. Mitchell 9 0.612
The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 8 0.644
Control of Wealth and Economic Life–Discussion 1918 The American Economic Review Frank A. Fetter , Wesley C. Mitchell, E. C. Hayes 7 0.649
Motives in Economic Life 1918 The American Economic Review Carleton H. Parker 6 0.670
The Behavioristic Man 1918 The Quarterly Journal of Economics T. N. Carver 6 0.626
The Psychological Basis for the Economic Interpretation of History 1919 The American Economic Review William F. Ogburn 6 0.623
The Psychological Basis for the Economic Interpretation of History– Discussion 1919 The American Economic Review F. A. Fetter 6 0.621
The Futility of Marginal Utility 1910 Journal of Political Economy E. H. Downey 4 0.622

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 19 0.644
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 18 0.633
Thoughts on Perusal of Wesley Mitchell’s Collected Essays 1939 Journal of Political Economy A. B. Wolfe 16 0.628
Ethics and the Economic Interpretation 1922 The Quarterly Journal of Economics Frank H. Knight 15 0.611
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 15 0.632
The Ethics of Competition 1923 The Quarterly Journal of Economics Frank H. Knight 11 0.625
On the Subject-Matter and Method of Economic Science 1933 Economica Felix Kaufmann 11 0.609
Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 10 0.621
Demand Functions and Utility Functions: A Critical Examination of their Meaning 1934 Econometrica E. H. Phelps Brown 10 0.615
Consumers’ Demand 1925 The Quarterly Journal of Economics James W. Angell 9 0.608
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 9 0.633
The Interpretation of Subjective Value Theory in the Writings of the Austrian Economists 1934 The Review of Economic Studies Alan R. Sweezy 9 0.624
“The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 8 0.646
Nassau Senior’s Contribution to the Methodology of Economics 1936 Economica Marian Bowley 8 0.634
The Relation between Economic Theory and Economic Policy 1937 The Economic Journal C. Sutton 8 0.613

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
Individual and Collective Wants 1948 Journal of Political Economy Theo Surányi-Unger 16 0.610
The Motivation of Economic Activities 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Talcott Parsons 15 0.640
The Welfare Economics of Heinrich Pesch 1949 The Quarterly Journal of Economics Richard E. Mulcahy, S.J. 11 0.647
Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 10 0.620
Professor Parsons on Economic Motivation 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Frank H. Knight 9 0.627
Adam Smith’s Empiricism and the Law of Nature: I 1940 Journal of Political Economy Henry J. Bittermann 7 0.606
Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 7 0.611
The Economic Motive in Politics 1946 The Economic History Review F. M. Powicke 7 0.651
Psychological Production and Conservation 1949 The Quarterly Journal of Economics Arthur Peter Becker 7 0.616
The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 6 0.633
Optimum Income Distribution as a Goal of Public Policy 1944 The American Journal of Economics and Sociology Rainer Schickele 6 0.610
The Theory of Optimum Population for a Closed Economy 1945 Journal of Political Economy Manuel Gottlieb 6 0.620
The Scholastic Revival: The Economics of Heinrich Pesch 1946 Journal of Political Economy Abram L. Harris 6 0.623
A Neglected Point in the Economics of Soil Conservation 1941 Journal of Farm Economics Gunnar Lange 5 0.619
Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 5 0.633

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.0422885
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0114618
6: civilization, evils, enjoyment, free_competition, religion -0.0492066
7: economy_vol, cairnes, jevons, economic_method, senior -0.0569274
1: commission, tariff, mill’s, court, commerce -0.0570677
9: teaching, training, student, students, induction -0.0738869
10: valuations, economic_values, reconsideration, judgments, valuation -0.1012670
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.1311707
13: laborers, employer, employers, wages, pain -0.1388891
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1584866
11: capitalistic, capitalism, capitalist, capital, marxian -0.1671241
8: farm, agriculture, agricultural, land, farmers -0.2573852

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
14: rationalisation, rationalization, men’s, und, rational_action 0.0353723
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0170024
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.0263906
10: valuations, economic_values, reconsideration, judgments, valuation -0.0313255
18: economic_laws, economic_law, liberty, court, ethical -0.0358425
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0635130
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1153812
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.1233587
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1306124
8: farm, agriculture, agricultural, land, farmers -0.1308287
11: capitalistic, capitalism, capitalist, capital, marxian -0.1367095
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.2047011

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.0229189
10: valuations, economic_values, reconsideration, judgments, valuation -0.0108501
14: rationalisation, rationalization, men’s, und, rational_action -0.0177612
8: farm, agriculture, agricultural, land, farmers -0.0205007
36: capitalism, marx, socialist, capitalistic, soviet -0.0631183
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0826877
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0879199
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0926268
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1141117
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1159558
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1207442
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1808246

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.7177124
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.4773131
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.4661660
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.4363538
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2580244
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2293432
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1766179
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1520350
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1440935
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.1418798
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1380549
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1207786
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0773057
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0739662
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0727223

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.7177124
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.7158368
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.3616967
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.3188286
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.3111459
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.2521153
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.2240131
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1865816
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1615260
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.1172857
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1167358
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1134588
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1128766
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.1127887
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0959726

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.7158368
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.4661660
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.2990486
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.2116834
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1966937
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1821975
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1771795
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1766788
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1542787
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0847763
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.0838083
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0808560
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.0766849
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0733083
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.0716092

Intertemporal cluster 3: schumpeter, capitalism, feels, civilization, dynamic_economics

The cluster gathers 1504 sentences from our corpus. It represents 0.93% of all the sentences selected over the whole period.

The community exists from 1900 to 1959.

The most recurring authors are Talcott Parsons (56 sentences), Paul T. Homan (31 sentences), A. B. Wolfe (24 sentences), Wesley C. Mitchell (21 sentences), Frank A. Fetter (20 sentences), Abram L. Harris (18 sentences), Jacob Viner (16 sentences), Walton H. Hamilton (16 sentences), Fritz Machlup (14 sentences), O. H. Taylor (14 sentences).

The most recurring journals are The Quarterly Journal of Economics (308 sentences), Journal of Political Economy (263 sentences), The American Economic Review (235 sentences), The Economic Journal (147 sentences), Economica (123 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
schumpeter 0.0004319
capitalism 0.0003203
feels 0.0002881
civilization 0.0002783
dynamic_economics 0.0002434
man’s 0.0002320
economic_science 0.0002302
tho 0.0002261
satisfaction 0.0002184
malthus 0.0002161
economic_evolution 0.0002083
moral_sentiments 0.0002055
professor_hayek 0.0002055
ricardo’s 0.0002023
economic_considerations 0.0002010
pareto’s 0.0001981
schumpeter’s 0.0001949
labour 0.0001896
impressed 0.0001885
reasonings 0.0001885

Top TF-IDF terms describing the community for each time window

Top terms 1900-1919

Token TF-IDF
carver 0.0023696
raw_material 0.0014390
contact 0.0012504
ages 0.0011514
price_fixing 0.0011514
chains 0.0010898
unconsciously 0.0010718
davenport 0.0010613
feels 0.0010490
economic_freedom 0.0010341
factory 0.0009364
sheer 0.0009364
brilliant 0.0009143
distinctly 0.0008854
disposed 0.0008489

Top terms 1920-1939

Token TF-IDF
tho 0.0010290
wieser 0.0010062
refuses 0.0009303
deduces 0.0007658
economic_evolution 0.0006355
labour 0.0006183
economic_planning 0.0005970
ideal_types 0.0005916
human_nature 0.0005775
economic_science 0.0005442
doctrines 0.0005320
free_enterprise 0.0005189
dynamic_economics 0.0005145
intimate 0.0005013
art 0.0004975

Top terms 1940-1949

Token TF-IDF
professor_hayek 0.0013020
passion 0.0012544
capitalism 0.0009538
civilization 0.0008857
creature 0.0008624
moral_sentiments 0.0008381
riches 0.0008381
diminution 0.0008151
narrower 0.0006865
reasonings 0.0006816
les 0.0006787
car 0.0006351
preface 0.0006351
real_income 0.0006233
capitalistic 0.0006207

Top terms 1950-1959

Token TF-IDF
schumpeter 0.0019700
schumpeter’s 0.0010684
main_concern 0.0006698
augment 0.0006519
revenue 0.0006264
wieser 0.0006207
colleague 0.0006185
mathematical_expectation 0.0006185
ricardo’s 0.0005762
man’s 0.0005568
scientific_economic 0.0005350
pains 0.0005219
persuade 0.0005219
professor_mises 0.0005177
mathematical_economics 0.0005101

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
He argues that to speak of man as “rational” in his economic decisions ’C. The Nature of Economic Man-A Rejoinder 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique B. S. Keirstead 0.807
This rationality, by which he means neither “reasonableness” nor a high degree of theoretical scientific development, but a thoroughgoing systematization and adaptation of practical life to a particular set of ideals, indicates what features of modern society are of importance for his theory of capitalism. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.761
Each individual behaves “freely,” and in the ideal order rationally, in the economic situation which confronts him at a given time; but that situation is partly determined for him by the previous actions of other men, and he in turn helps to create situations which affect the rational choices of others. Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 0.751
He then concludes: The economic proposition expresses rational necessity, not madness, which is irrational … Those propositions, lhke all the others of economic science, are therefore not descriptions but theorems…. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.748
have to be made,” with the “process of weighing wants, of passing consistent judgments upon them” which he calls “rational.” The Nature of Economic Man-A Reply 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. Reinold Noyes 0.746
The validity 1 If I interpret him aright, this account is in accordance with the view expressed by Professor Robbins in his section on’” rationality ” in the concluding section on The Nature and Significance of Economic Science. Scope and Method of Economics 1938 The Economic Journal R. F. Harrod 0.745
In terms of it he wishes to explain its peculiar type of rationality. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.742
Since it molds his objective behavior, it becomes part of his subjective life, giving him a method and an instrument for the difficult task of assessing the relative importance of dissimilar goods in varying quantities, and affecting the interests in terms of which he makes ” This statement does not mean that the exercise of intelligence is a prominent feature in all habitual action, any more than it means that all institutions are rational. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.737
He can examine the economic consequences of deviation from rationality relative to the degree of disorganization of the society and to the psychiatric inadequacy or disturbance of the individual. The Potential Contribution of Sociological Theory and Research to Economics 1952 The American Journal of Economics and Sociology Arnold M. Rose 0.733
We have to assume that man is rational and that his rationalism leads him to act as industrial civilization requires him to act if we want to be able to live under the present economic system. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.733
It is a leading theme of his i9io article on “The Rationality of Economic Activity,”“7 the basis of his interpretation of current developments in economic theory in his i9i6 article”The Role of Money in Economic Theory,“’8 and an important part of his interpretation of earlier classical writers in his”Lecture Notes.” Wesley C. Mitchell as an Economic Theorist 1950 Journal of Political Economy Milton Friedman 0.729
The former’s reference to the deductive structure of theoretical economics as an “organon of thoughts and to the corresponding propositions as”theorems” implies an obvious emphasis on the rational, as distinguished from empirical, character which they are deemed by him to possess. Werner Sombart and the “Natural Science Method” in Economics 1933 Journal of Political Economy Leo Rogin 0.726
“Had not rational calculation formed the basis of economic activity,” he asserts, “had there not been certain very particular conditions in its economic background, rational technology could never have come into existence. Institutions and Ideas in Social Change 1959 The American Journal of Economics and Sociology Leon Lee 0.726
In addition, it should be recalled that in another context Schumpeter has expressed serious doubts as to whether differences in „systems of thought”159, or patterns of reasoning, are apt to affect significantly the results of economic analysis. The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 0.722
Still this should not render us purblind to the fact that what he presented as a “matter-offact” inquiry into “brute” causation is substantially a critique of existing economic institutions and theories which rests upon thinly concealed value judgments, assumptions, and preconceptions concerning the past and the desirable course of future progress. Veblen and the Social Phenomenon of Capitalism 1951 The American Economic Review Abram L. Harris 0.722
  1. Here is a point which especially seems to worry Schuller–the contrast between man’s economic rationality on the market, and his irrationality in the political sphere.
Mises’ “Human Action”: Comment 1951 The American Economic Review Murray N. Rothbard 0.720
Here one can see how his insight into the history of social thought, the decisions of the courts, due process of law, social conflicts, social efficiency, and the psychology of laborers and business executives all blend into what might appear superficially to be simple suggestions regardanother has become strategic in the development of economic thought. John R. Commons’ Point of View 1942 The Journal of Land & Public Utility Economics Kenneth H. Parsons, John R. Commons 0.718
not in man originally, but is put there by institutions, or grows there by the interaction of the world of natural forces and the capacity to learn.2 Wesley C. Mitchell was profoundly influenced by this proposition and in 1910, discussing the “Rationality of Economic Activity,” he attempted to reexamine the whole notion of the motivation of “the economic man.” Some Positive Contributions of the Institutional Concept 1927 The Quarterly Journal of Economics Lionel D. Edie 0.716
However, is the “economically rational man” concept an adequate framework? Farmer’s Choice of Hog Markets 1957 Journal of Farm Economics R. L. Kohls , John Gifford 0.714
In his eagerness to remain “positive” in the sense of the natural sciences, he fails to clarify the implications of attempting to center his economics on the conception of rational action in terms of the relation of means and ends. Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.708

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
Since it molds his objective behavior, it becomes part of his subjective life, giving him a method and an instrument for the difficult task of assessing the relative importance of dissimilar goods in varying quantities, and affecting the interests in terms of which he makes ” This statement does not mean that the exercise of intelligence is a prominent feature in all habitual action, any more than it means that all institutions are rational. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.737
More unconsciously its concepts had impressed themselves too deeply upon his mind to be obliterated by any mere logical process, and they affected his work to the very end.5 t The thoroughness and current value of two of these are attested by their inclusion in recently published books of readings in economics. The Development of Hoxie’s Economics 1916 Journal of Political Economy Walton H. Hamilton 0.701
“58 He even questions whether there could be a science of economics in a community that did not use money, unless there existed some substitute which would”serve to measure the strength of motives just as conveniently and exactly as money does with us. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.698
To be sure, he must know that men desire certain scarce things partly because they think them right or politically expedient, which, put in other words, is to say that the economic world - being a part of other worlds, all interpenetrating - is modified in scope by those other worlds; but he takes his world as he finds it, and his society is none the less economic. The Social Point of View in Economics 1913 The Quarterly Journal of Economics Lewis H. Haney 0.694
His aspirations may all be spiritual, he may rebel at the existence of the institution, but in the end no choice is left save obedience.1 This is not because he is money-mad, 1 Perhaps no question of theoretical interest in economics has provoked more confusion than that of the incentives to economic activity. The Price-System and Social Policy 1918 Journal of Political Economy Walton H. Hamilton 0.684
For Mr. Anderson, however, this has the dialectical advantages of freeing him from the necessity of treating institutions and of making concessions to the genetic met because the price-system is not of his making, it is not to his lik? The Price-System and Social Policy 1918 Journal of Political Economy Walton H. Hamilton 0.677
An examination of Walker’s argument will serve as a good introduction to the general question of the meaning and significance of an economic quantity. The Concept of an Economic Quantity 1907 The Quarterly Journal of Economics T. N. Carver 0.672
There is no a priori reason for concluding that one kind of man is better than another, certainly not for concluding that a non-calculating, impulsive man, whose economic reactions are wholly instinctive, is better than one who calculates and carefully compares costs and advantages. The Behavioristic Man 1918 The Quarterly Journal of Economics T. N. Carver 0.672
And Professor Carver thinks that “an examination of Walker’s argument will serve as a good introduction to the general question of the meaning and significance of an economic quantity.” Professor Carver’s Concept of an Economic Quantity 1908 The Quarterly Journal of Economics George Ray Wicker 0.668
And Professor Carver thinks that “an examination of Walker’s argument will serve as a good introduction to the general question of the meaning and significance of an economic quantity.” The Massachusetts Anti-Stock-Watering Law 1908 The Quarterly Journal of Economics Grosvenor Calkins 0.668
Question the advisability of a tax on food and he is sympathetic; suggest that raw material-and to him raw material usually includes anything he uses in his own particular industry-ought to be admitted free and he approaches the enthusiastic; deny the necessity for affording a stiff measure of protection to whatever comes out of his own factory or workshop, and he waxes indignant. The Fiscal Enquiry 1903 The Economic Journal J. W. Root 0.666
He has given the type of characteristic economic discussion, close set logical reasoning from premises clearly defined, the defects almost invariably lying in those premises, not in that reasoning. Where Ricardo Succeeded and Where He Failed 1911 The American Economic Review James Bonar 0.665

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
This rationality, by which he means neither “reasonableness” nor a high degree of theoretical scientific development, but a thoroughgoing systematization and adaptation of practical life to a particular set of ideals, indicates what features of modern society are of importance for his theory of capitalism. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.761
Each individual behaves “freely,” and in the ideal order rationally, in the economic situation which confronts him at a given time; but that situation is partly determined for him by the previous actions of other men, and he in turn helps to create situations which affect the rational choices of others. Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 0.751
The validity 1 If I interpret him aright, this account is in accordance with the view expressed by Professor Robbins in his section on’” rationality ” in the concluding section on The Nature and Significance of Economic Science. Scope and Method of Economics 1938 The Economic Journal R. F. Harrod 0.745
In terms of it he wishes to explain its peculiar type of rationality. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.742
The former’s reference to the deductive structure of theoretical economics as an “organon of thoughts and to the corresponding propositions as”theorems” implies an obvious emphasis on the rational, as distinguished from empirical, character which they are deemed by him to possess. Werner Sombart and the “Natural Science Method” in Economics 1933 Journal of Political Economy Leo Rogin 0.726
not in man originally, but is put there by institutions, or grows there by the interaction of the world of natural forces and the capacity to learn.2 Wesley C. Mitchell was profoundly influenced by this proposition and in 1910, discussing the “Rationality of Economic Activity,” he attempted to reexamine the whole notion of the motivation of “the economic man.” Some Positive Contributions of the Institutional Concept 1927 The Quarterly Journal of Economics Lionel D. Edie 0.716
In his eagerness to remain “positive” in the sense of the natural sciences, he fails to clarify the implications of attempting to center his economics on the conception of rational action in terms of the relation of means and ends. Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.708
His method indicates the range of organisations, which is neither all ” monopolist ” nor all ” rational.” Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 0.705
76- If, as he states, all institutions are in some measure economic, it would seem that his institutionalism is equivalent to economic determinism from the effects of which few, if any, phases of human behavior escape. Types of Institutionalism 1932 Journal of Political Economy Abram L. Harris 0.704
But the rather far-reaching rationality which characterizes his picture of free enterprise, has not always existed; it has come only with a long process of evolution, resulting in a gradual widening of the scope and power of rational behavior. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.700
What right has the economist, he asks, to say that a person’s choice may be irrational or in some sense ” uneconomic ” ? The Interpretation of Subjective Value Theory in the Writings of the Austrian Economists 1934 The Review of Economic Studies Alan R. Sweezy 0.699
We know that he rejects anything that smacks of rational hedonism and that he has little patience with the “American psychological economics” of Fisher and Fetter, by which, with Commons, he thinks political economy is converted into countinghouse economics.9 We have his reiterated conviction that economics is one of the sciences studying human behavior, but his positive thought on the psychology of motivation in relation to the task of economic analysis is somewhat obscure. Thoughts on Perusal of Wesley Mitchell’s Collected Essays 1939 Journal of Political Economy A. B. Wolfe 0.698
These explanations assume that the business man will not behave rationally, that his behavior does not follow the same rules which it is supposed to follow in the theoretical system of economics. Equilibrium Economics and Business-Cycle Theory 1930 The Quarterly Journal of Economics Simon Kuznets 0.698

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
He then concludes: The economic proposition expresses rational necessity, not madness, which is irrational … Those propositions, lhke all the others of economic science, are therefore not descriptions but theorems…. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.748
Here one can see how his insight into the history of social thought, the decisions of the courts, due process of law, social conflicts, social efficiency, and the psychology of laborers and business executives all blend into what might appear superficially to be simple suggestions regardanother has become strategic in the development of economic thought. John R. Commons’ Point of View 1942 The Journal of Land & Public Utility Economics Kenneth H. Parsons, John R. Commons 0.718
Economics, he says, “re- lies upon no assumption that individuals will always act rationally. Professor Robbins’ Definition of Economics 1943 Journal of Political Economy Robert Scoon 0.706
As he sees it, rational conduct imposes upon the individual the moral obligation of orienting all his economic interests, not alone the profit interest, toward the realization of those moral and religious virtues promulgated by the church as ideals of a universal Christian social order. The Scholastic Revival: The Economics of Heinrich Pesch 1946 Journal of Political Economy Abram L. Harris 0.705
the rate of return on production; he may be indifferent to the maximization of his welfare, finding it “rational to be irrational” ;4 he may be disinclined to engage in production or to invest in securities, regardless of their rate of return, since he does not wish to gamble, however slightly; he may find the units in which productive resources, securities, and even consumption goods are found to be such that it would, in any case, be impossible for him to equalize the rates of return, even if he wanted to take the trouble; and finally, the organization of markets, with their frictions and other impediments, may be such that it would take a considerable time for him to make the necessary transfers between resources and thus adjust himself to changes in the rates of return. Monetary Policy and the Theory of Interest 1941 The Quarterly Journal of Economics Harold M. Somers 0.702
Economic behavior, he declared, was simply rational behavior, and he exemplified the maxim by stating: “From the master down to the meanest utensil, the best capacity for fulfilling the contemplated ends, is invariably the best economy.”“’ John Taylor: Economist of Southern Agrarianism 1945 Southern Economic Journal William D. Grampp 0.699
If, instead of using this information in the abridged form in which it is conveyed to him through the price system, he were to try in every instance to go back to the objective facts and take them consciously into consideration, this would be to dispense with the method which makes it possible for him to confine himself to the immediate circumstances and to substitute for it a method which requires that all this knowledge be collected in one centre and explicitly and consciously embodied in a unitary plan. Scientism and the Study of Society. Part III 1944 Economica F. A. v. Hayek 0.696
In economics man has power to choose between alternatives. Recent Contributions of John R. Commons to Economic Thought 1940 Southern Economic Journal Samuel Elliott Cranfill 0.696
In fact, the economist’s belief in tendencies towards, and his search for levels of, equilibrium in the competitive economy can be understood only in the light of the assumption of the “economic man” and the rationality of his conduct. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.693
he reached the conclusion that a theory which treated normal value as ” that which the undisturbed play of competition would bring about ” was ” untenable from an abstract as well as from a practical point of view,” 1 observed that in many industries each producer has a special market in which he is well known, and which he cannot extend quickly: and . Mrs. Robinson on Marxian Economics 1944 The Economic Journal G. F. Shove 0.693
However, he does seem to suggest that the entrepreneurial behaviour posited by him is also rational and indeed at times he appears to argue that we can presume that entrepreneurs act thus because it is rational. Three Notes on “Expectation in Economics” 1949 Economica Ralph Turvey , J. de V. Graaff , W. Baumol , G. L. S. Shackle 0.691
Finding that these concepts were unnecessary and “lacked quantitative definiteness and concrete understandability,” he resolved to build “a real economic science” by reconstructing economic theory.2 Now, after more than forty years, he aptly characterizes this resolve as a “giant undertaking,” and is quite confident of having succeeded. Gustav Cassel’s Autobiography 1943 The Quarterly Journal of Economics Eric Englund 0.682

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
He argues that to speak of man as “rational” in his economic decisions ’C. The Nature of Economic Man-A Rejoinder 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique B. S. Keirstead 0.807
have to be made,” with the “process of weighing wants, of passing consistent judgments upon them” which he calls “rational.” The Nature of Economic Man-A Reply 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. Reinold Noyes 0.746
He can examine the economic consequences of deviation from rationality relative to the degree of disorganization of the society and to the psychiatric inadequacy or disturbance of the individual. The Potential Contribution of Sociological Theory and Research to Economics 1952 The American Journal of Economics and Sociology Arnold M. Rose 0.733
We have to assume that man is rational and that his rationalism leads him to act as industrial civilization requires him to act if we want to be able to live under the present economic system. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.733
It is a leading theme of his i9io article on “The Rationality of Economic Activity,”“7 the basis of his interpretation of current developments in economic theory in his i9i6 article”The Role of Money in Economic Theory,“’8 and an important part of his interpretation of earlier classical writers in his”Lecture Notes.” Wesley C. Mitchell as an Economic Theorist 1950 Journal of Political Economy Milton Friedman 0.729
“Had not rational calculation formed the basis of economic activity,” he asserts, “had there not been certain very particular conditions in its economic background, rational technology could never have come into existence. Institutions and Ideas in Social Change 1959 The American Journal of Economics and Sociology Leon Lee 0.726
In addition, it should be recalled that in another context Schumpeter has expressed serious doubts as to whether differences in „systems of thought”159, or patterns of reasoning, are apt to affect significantly the results of economic analysis. The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 0.722
Still this should not render us purblind to the fact that what he presented as a “matter-offact” inquiry into “brute” causation is substantially a critique of existing economic institutions and theories which rests upon thinly concealed value judgments, assumptions, and preconceptions concerning the past and the desirable course of future progress. Veblen and the Social Phenomenon of Capitalism 1951 The American Economic Review Abram L. Harris 0.722
  1. Here is a point which especially seems to worry Schuller–the contrast between man’s economic rationality on the market, and his irrationality in the political sphere.
Mises’ “Human Action”: Comment 1951 The American Economic Review Murray N. Rothbard 0.720
However, is the “economically rational man” concept an adequate framework? Farmer’s Choice of Hog Markets 1957 Journal of Farm Economics R. L. Kohls , John Gifford 0.714
Broadly stated, the task is to replace the global rationality of economic man with a kind of rational behavior that is compatible with the access to information and the computational capacitiesthat are actually possessed by organisms, including man, in the kinds of environments in which such organisms exist. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.697
Where his own interests are involved, it may be hoped that the real issue will not be “economic rationality versus private interest” but rather “private interest interpreted in the light of economic rationality versus unenlightened private interest.” The Role of Economics in Education for Business Administration 1958 Southern Economic Journal John P. Owen 0.695

Closest sentences from the cluster’s centroid

Among the 200 closest sentences to the cluster’s centroid, 4% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
It is a leading theme of his i9io article on “The Rationality of Economic Activity,”“7 the basis of his interpretation of current developments in economic theory in his i9i6 article”The Role of Money in Economic Theory,“’8 and an important part of his interpretation of earlier classical writers in his”Lecture Notes.” Wesley C. Mitchell as an Economic Theorist 1950 Journal of Political Economy Milton Friedman 0.830
He then concludes: The economic proposition expresses rational necessity, not madness, which is irrational … Those propositions, lhke all the others of economic science, are therefore not descriptions but theorems…. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.808
He repeatedly denied that he was constructing an economic theory, stressing rather that the results of economic theory ” form the basis of a sociology of economic action “.3 His task he regarded as the explanation of the conditions assumed by economic theory, e.g., pecuniary orientation, formal rationality, etc., and the tracing of the consequences flowing into other spheres of life from the economic sphere. Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 0.802
We know that he rejects anything that smacks of rational hedonism and that he has little patience with the “American psychological economics” of Fisher and Fetter, by which, with Commons, he thinks political economy is converted into countinghouse economics.9 We have his reiterated conviction that economics is one of the sciences studying human behavior, but his positive thought on the psychology of motivation in relation to the task of economic analysis is somewhat obscure. Thoughts on Perusal of Wesley Mitchell’s Collected Essays 1939 Journal of Political Economy A. B. Wolfe 0.801
In his eagerness to remain “positive” in the sense of the natural sciences, he fails to clarify the implications of attempting to center his economics on the conception of rational action in terms of the relation of means and ends. Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.797
The validity 1 If I interpret him aright, this account is in accordance with the view expressed by Professor Robbins in his section on’” rationality ” in the concluding section on The Nature and Significance of Economic Science. Scope and Method of Economics 1938 The Economic Journal R. F. Harrod 0.797
In fact, the economist’s belief in tendencies towards, and his search for levels of, equilibrium in the competitive economy can be understood only in the light of the assumption of the “economic man” and the rationality of his conduct. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.780
In other words,” he continues, ” was the law of diminishing utility of income the sole obstacle to our accepting the principle of maximisation of mathematical expectation of income as an all-embracing explanation of representative action, or at least of rational action, in the face of uncertainty? What All is Utility? 1955 The Economic Journal Milton Friedman 0.769

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
His economics is no exercise in pure logic superimposed upon conveniently chosen assumptions and arbitrarily frozen data, but a constant interpenetration between dynamic economic forces and an environment which they do not inherit passively, but which is often also shaped, remolded, or even created by them. Economic Theory and Bolivian Tin 1955 The Review of Economics and Statistics Charles E. Rollins 0.861
Moreover, in this very paper, he has drawn from classical economic theory more, perhaps, than he is himself aware. Problems of Economic Theory–Discussion 1925 The American Economic Review John Maurice Clark, Raymond T. Bye 0.849
He makes use of an erudition in philosophy which seems nearly as wide as his very remarkable erudition in economic literature, only to throw out undeveloped, unproved, and in many cases far-fetched and doubtful suggestions, about connections between given economic theories, “schools,” and “systems” on the one hand, and the general ideas of given philosophers, on the other hand. Surányi-Unger’s Economics in the Twentieth Century 1932 The Quarterly Journal of Economics O. H. Taylor 0.843
Permitting his mind to roam beyond the sphere of his personal preoccupation with prices, he attempts to cast economic thought into terms congruous with the more approved views of modern psychology, with a pragmatic philosophy, and with an evolutionary view of social development. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.838
At first inclined to limit economic inquiry to investigati by the utilitarian tradition which has been so powerful and persistent in economics, he has seemed content to make his analyses in satisfaction terms, without evidencing much fear that a new revelation in philosophy or psychology, or old knowledge newly applied, would expose a lack of relevance of his analyses or his conclusions to human welfare. The Utility Concept in Value Theory and Its Critics 1925 Journal of Political Economy Jacob Viner 0.838
He aims at finding ” among the doctrines advanced more than one hundred years ago, such theories as still to-day can help us to understand economic phenomena.” Recent Contributions to Economic Theory 1922 Economica E. M. Burns 0.832
Since economics is to him an aggregate of social and political organs forming a uniity in time or space, the treatment of applied economics naturally falls within its scope. Schmoller’s Political Economy 1904 Journal of Political Economy S. P. Altman 0.831
It is a leading theme of his i9io article on “The Rationality of Economic Activity,”“7 the basis of his interpretation of current developments in economic theory in his i9i6 article”The Role of Money in Economic Theory,“’8 and an important part of his interpretation of earlier classical writers in his”Lecture Notes.” Wesley C. Mitchell as an Economic Theorist 1950 Journal of Political Economy Milton Friedman 0.830
It is possibly here that we must discover the practical basis for his insistence that economic theory must operate solely in atomistic, acquisitive, price terms, the basis for his objection to economic theory as a calculus of welfare. Davenport on the Economics of Alfred Marshall 1936 The American Economic Review Leo Rogin 0.828
However, a sharp distinction between the two meanings of “Economics” in his works is perfectly possible; and since it is essential in this article, I shall try to clarify it by outlining his career as an economist. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.828
More unconsciously its concepts had impressed themselves too deeply upon his mind to be obliterated by any mere logical process, and they affected his work to the very end.5 t The thoroughness and current value of two of these are attested by their inclusion in recently published books of readings in economics. The Development of Hoxie’s Economics 1916 Journal of Political Economy Walton H. Hamilton 0.825
It is noteworthy, in the first place, that his definitions of economics are highly imprecise - the usual one is “a study of man in the everyday business of life.” Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.824
The “manifestations of capital wastage” are, in his sense, “static adjustments”; and not “dynamic changes” It is no use, therefore, for the economist to content himself with being “inclined to believe” that, in the spheres of economic psychology and economic sociology, “economists may have a definite advantage over others.” “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.823
On the other hand, he maintains “that economic theory cannot be universal but on the contrary must be conditioned by historical developments and contemporary circumstances.” Economic Planning and the Science of Economics: Comment 1941 The American Economic Review Carl Landauer 0.817
  • It would seem that his mind must have reverted to the true conception of wealth as a quantum of social value; but no, the following paragraph reveals that he is still looking at things objectively, just as the classical economists did, and that he has failed to keep the fundamental and universal economLic relation clearly in mind.
The Fundamental Economic Principle 1901 The Quarterly Journal of Economics Charles A. Tuttle 0.816

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
Since economics is to him an aggregate of social and political organs forming a uniity in time or space, the treatment of applied economics naturally falls within its scope. Schmoller’s Political Economy 1904 Journal of Political Economy S. P. Altman 0.831
More unconsciously its concepts had impressed themselves too deeply upon his mind to be obliterated by any mere logical process, and they affected his work to the very end.5 t The thoroughness and current value of two of these are attested by their inclusion in recently published books of readings in economics. The Development of Hoxie’s Economics 1916 Journal of Political Economy Walton H. Hamilton 0.825
  • It would seem that his mind must have reverted to the true conception of wealth as a quantum of social value; but no, the following paragraph reveals that he is still looking at things objectively, just as the classical economists did, and that he has failed to keep the fundamental and universal economLic relation clearly in mind.
The Fundamental Economic Principle 1901 The Quarterly Journal of Economics Charles A. Tuttle 0.816
To express an opinion on this part of his book is, therefore, to express it on that scholar’s contributions to economic theory. Seligman’s Principles of Economics 1906 The Quarterly Journal of Economics F. W. Taussig 0.807
To be sure, he must know that men desire certain scarce things partly because they think them right or politically expedient, which, put in other words, is to say that the economic world - being a part of other worlds, all interpenetrating - is modified in scope by those other worlds; but he takes his world as he finds it, and his society is none the less economic. The Social Point of View in Economics 1913 The Quarterly Journal of Economics Lewis H. Haney 0.804
Is it not possible that he also may find elsewhere an equivalent discipline in scientific inference, perhaps a greater stimulus to fresh and original economic thinking, and at least an escape from the imposition of authoritative forms of thought until individuality and initiative in thought have been somewhat established? The Place of Economic Theory in Graduate Work 1917 Journal of Political Economy James A. Field 0.804
He allows “no room for any other ‘facts’ than the four fundamental propositions from which he undertakes to deduce all economic truth …. . Nassau W. Senior, British Economist, in the Light of Recent Researches: II 1918 Journal of Political Economy S. Leon Levy 0.799
This he does willingly, the while overriding intellectual frontiers on the theory that the threads of life are so “inextricably intertwined” that the economic is meaningless apart from the general social situation. Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 0.794
Whatever a man’s creed may be, there are always many things in the world which provoke him to raise a dissenting voice, and economists are always especially sus? The Function and Problems of Economic Theory 1918 Journal of Political Economy C. E. Ayres 0.792
He says:2- Abandoning, then, the impossible task of discovering what is the accepted economic usage, let us turn to the usage of the business man and the general public which is innocent of political economy. The Fundamental Notion of Capital, Once More 1904 The Quarterly Journal of Economics Charles A. Tuttle 0.789

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
Moreover, in this very paper, he has drawn from classical economic theory more, perhaps, than he is himself aware. Problems of Economic Theory–Discussion 1925 The American Economic Review John Maurice Clark, Raymond T. Bye 0.849
He makes use of an erudition in philosophy which seems nearly as wide as his very remarkable erudition in economic literature, only to throw out undeveloped, unproved, and in many cases far-fetched and doubtful suggestions, about connections between given economic theories, “schools,” and “systems” on the one hand, and the general ideas of given philosophers, on the other hand. Surányi-Unger’s Economics in the Twentieth Century 1932 The Quarterly Journal of Economics O. H. Taylor 0.843
Permitting his mind to roam beyond the sphere of his personal preoccupation with prices, he attempts to cast economic thought into terms congruous with the more approved views of modern psychology, with a pragmatic philosophy, and with an evolutionary view of social development. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.838
At first inclined to limit economic inquiry to investigati by the utilitarian tradition which has been so powerful and persistent in economics, he has seemed content to make his analyses in satisfaction terms, without evidencing much fear that a new revelation in philosophy or psychology, or old knowledge newly applied, would expose a lack of relevance of his analyses or his conclusions to human welfare. The Utility Concept in Value Theory and Its Critics 1925 Journal of Political Economy Jacob Viner 0.838
He aims at finding ” among the doctrines advanced more than one hundred years ago, such theories as still to-day can help us to understand economic phenomena.” Recent Contributions to Economic Theory 1922 Economica E. M. Burns 0.832
It is possibly here that we must discover the practical basis for his insistence that economic theory must operate solely in atomistic, acquisitive, price terms, the basis for his objection to economic theory as a calculus of welfare. Davenport on the Economics of Alfred Marshall 1936 The American Economic Review Leo Rogin 0.828
It is noteworthy, in the first place, that his definitions of economics are highly imprecise - the usual one is “a study of man in the everyday business of life.” Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.824
The “manifestations of capital wastage” are, in his sense, “static adjustments”; and not “dynamic changes” It is no use, therefore, for the economist to content himself with being “inclined to believe” that, in the spheres of economic psychology and economic sociology, “economists may have a definite advantage over others.” “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.823
To this extent his theory is economic. The Unity of Veblen’s Theoretical System 1933 The Quarterly Journal of Economics Karl L. Anderson 0.815
The most that he ventures to affirm with definiteness is that “little issues can be split off from the large economic problems …….. and successfully be treated by an admixture of distinctly psychological theory and data with economic principles and statistics.” Economic Theory–Discussion 1924 The American Economic Review George P. Watkins, A. B. Wolfe , David I. Green 0.812

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
However, a sharp distinction between the two meanings of “Economics” in his works is perfectly possible; and since it is essential in this article, I shall try to clarify it by outlining his career as an economist. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.828
On the other hand, he maintains “that economic theory cannot be universal but on the contrary must be conditioned by historical developments and contemporary circumstances.” Economic Planning and the Science of Economics: Comment 1941 The American Economic Review Carl Landauer 0.817
To the historian of economic thought his intricate theories and his distinctive approach to economic analysis hold peculiar interest. Von Thünen’s Theory of Distribution and the Advent of Marginal Analysis 1946 Journal of Political Economy Arthur H. Leigh 0.811
He then concludes: The economic proposition expresses rational necessity, not madness, which is irrational … Those propositions, lhke all the others of economic science, are therefore not descriptions but theorems…. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.808
Perhaps criticisms of this character apply to other branches of economic theory equally well but that is a question beyond the scope of this paper. Two Approaches to Industrial Location Analysis 1945 The Journal of Land & Public Utility Economics Lloyd Rodwin 0.808
Here one can see how his insight into the history of social thought, the decisions of the courts, due process of law, social conflicts, social efficiency, and the psychology of laborers and business executives all blend into what might appear superficially to be simple suggestions regardanother has become strategic in the development of economic thought. John R. Commons’ Point of View 1942 The Journal of Land & Public Utility Economics Kenneth H. Parsons, John R. Commons 0.803
Finding that these concepts were unnecessary and “lacked quantitative definiteness and concrete understandability,” he resolved to build “a real economic science” by reconstructing economic theory.2 Now, after more than forty years, he aptly characterizes this resolve as a “giant undertaking,” and is quite confident of having succeeded. Gustav Cassel’s Autobiography 1943 The Quarterly Journal of Economics Eric Englund 0.802
He repeatedly denied that he was constructing an economic theory, stressing rather that the results of economic theory ” form the basis of a sociology of economic action “.3 His task he regarded as the explanation of the conditions assumed by economic theory, e.g., pecuniary orientation, formal rationality, etc., and the tracing of the consequences flowing into other spheres of life from the economic sphere. Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 0.802
He states: One may at all times look upon the economic principle as the formal object of analysis within the domain of private economic theory….. The Scholastic Revival: The Economics of Heinrich Pesch 1946 Journal of Political Economy Abram L. Harris 0.800
against those whom he labels “the detractors” and “the critics of Economics”; he solves problems and enunciates verities not from the viewpoint of himself or his school but “from the point of view of Economic Science. Isolationism in Economic Method 1949 The Quarterly Journal of Economics George J. Schuller 0.799

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
His economics is no exercise in pure logic superimposed upon conveniently chosen assumptions and arbitrarily frozen data, but a constant interpenetration between dynamic economic forces and an environment which they do not inherit passively, but which is often also shaped, remolded, or even created by them. Economic Theory and Bolivian Tin 1955 The Review of Economics and Statistics Charles E. Rollins 0.861
It is a leading theme of his i9io article on “The Rationality of Economic Activity,”“7 the basis of his interpretation of current developments in economic theory in his i9i6 article”The Role of Money in Economic Theory,“’8 and an important part of his interpretation of earlier classical writers in his”Lecture Notes.” Wesley C. Mitchell as an Economic Theorist 1950 Journal of Political Economy Milton Friedman 0.830
And in developing his own political philosophy, he can be helped by this kind of study of all kinds of outlooks to transcend his own initial, provincial prejudices, acquired from his social background and “upbringing,” and to achieve in their place a much broader and wiser perspective - of great value in itself and in the main a help instead of a hindrance to production of objective work in economic science. Economic Science Only–Or Political Economy? 1957 The Quarterly Journal of Economics O. H. Taylor 0.811
Why does he hold that ” the history of economic thought . Methodological Prescriptions in Economics 1959 Economica K. Klappholz, J. Agassi 0.810
When we study the mimeograph of his famous course on the history of economic thought - Types of Economic Theory which I hope to see published some day - we are struck by the fact that he objected to his authors’ “postulates” quite as much as he objected to their “preconceptions.” Wesley Clair Mitchell (1874-1948) 1950 The Quarterly Journal of Economics Joseph A. Schumpeter 0.809
“At this level of the argument, the theorist actually removes the veil of subjective appearances and, instead of interpreting actions of economic individuals in terms of subjective motivations and beliefs, he explains these very beliefs and motivations in terms of objective actions and reactions.” The Firm and Interdependency among Firms 1954 Journal of Farm Economics W. W. McPherson 0.806
He contends that to be properly understood economic activity must be viewed “behavioristically,” not subjectively-that is to say, it must be viewed in the perspective of a “negotiational psychology” which he distinguishes from the classical economist’s “individualistic psychology of pleasure and pains, wants and satisfactions.” John R. Commons and the Welfare State 1952 Southern Economic Journal Abram L. Harris 0.805
He argues that to speak of man as “rational” in his economic decisions ’C. The Nature of Economic Man-A Rejoinder 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique B. S. Keirstead 0.802
And it is the-basis of his evaluation of economic theories and institutions. Veblen and the Social Phenomenon of Capitalism 1951 The American Economic Review Abram L. Harris 0.800
It must not be inferred that his thought was unsystematic, or that he had a journalistic approach, arguing on some particular problem without apprehending its interconnexions with the whole economy. The Pre-War Faculty 1953 Oxford Economic Papers R. F. Harrod 0.798

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 21 0.628
The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 15 0.625
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 10 0.615
Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 10 0.629
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 9 0.644
Price Economics Versus Welfare Economics: Contemporary Opinion 1920 The American Economic Review Frank A. Fetter 9 0.616
The Unity of Veblen’s Theoretical System 1933 The Quarterly Journal of Economics Karl L. Anderson 9 0.632
Thoughts on Perusal of Wesley Mitchell’s Collected Essays 1939 Journal of Political Economy A. B. Wolfe 9 0.622
Recent Contributions of John R. Commons to Economic Thought 1940 Southern Economic Journal Samuel Elliott Cranfill 9 0.615
Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 8 0.608

Top articles (most sentences) of the cluster for each time window

Top articles 1900-1919

Title Year Journal Authors Number sentences Similarity
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 9 0.644
Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 8 0.608
The Fundamental Economic Principle 1901 The Quarterly Journal of Economics Charles A. Tuttle 3 0.627
On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 3 0.629
The Development of Ricardo’s Theory of Value 1904 The Quarterly Journal of Economics Jacob H. Hollander 3 0.619
Jevon’s Economic Work 1905 The Economic Journal Philip H. Wicksteed 3 0.605
Davenport’s Value and Distribution 1908 Journal of Political Economy Irving Fisher 3 0.617
Ricardo’s Criticisms of Adam Smith 1912 The Quarterly Journal of Economics Robert A. MacDonald 3 0.623
Jevons’ “Theory of Political Economy.” 1912 The American Economic Review Allyn A. Young 3 0.600
Human Behavior and Economics: A Survey of Recent Literature 1914 The Quarterly Journal of Economics Wesley C. Mitchell 3 0.627
The Place of Economic Theory in Graduate Work 1917 Journal of Political Economy James A. Field 3 0.630
An Appraisal of Clay’s Economics 1919 Journal of Political Economy Walton H. Hamilton 3 0.625
Petty’s Place in the History of Economic Theory 1900 The Quarterly Journal of Economics Charles H. Hull 2 0.628
Böhm-Bawerk on Rae 1902 The Quarterly Journal of Economics Charles W. Mixter 2 0.611
On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 2 0.644

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 21 0.628
The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 15 0.625
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 10 0.615
Price Economics Versus Welfare Economics: Contemporary Opinion 1920 The American Economic Review Frank A. Fetter 9 0.616
The Unity of Veblen’s Theoretical System 1933 The Quarterly Journal of Economics Karl L. Anderson 9 0.632
Thoughts on Perusal of Wesley Mitchell’s Collected Essays 1939 Journal of Political Economy A. B. Wolfe 9 0.622
John Bates Clark: Earlier and Later Phases of his Work 1927 The Quarterly Journal of Economics Paul T. Homan 8 0.622
Nassau Senior’s Contribution to the Methodology of Economics 1936 Economica Marian Bowley 8 0.611
“Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 7 0.640
“The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 7 0.627
Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 6 0.624
What has Philosophy to Contribute to the Social Sciences, and to Economics in Particular? 1936 Economica Harro Bernadelli 6 0.632
The Trend of Economics, as seen by Some American Economists 1925 The Quarterly Journal of Economics Allyn A. Young 5 0.634
“Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 5 0.614
A Neglected English Economist: George Poulett Scrope 1929 The Quarterly Journal of Economics Redvers Opie 5 0.626

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 10 0.629
Recent Contributions of John R. Commons to Economic Thought 1940 Southern Economic Journal Samuel Elliott Cranfill 9 0.615
J. M. Keynes’ Concept of Economic Science 1949 Southern Economic Journal Allan G. Gruchy 7 0.595
John R. Commons’ Point of View 1942 The Journal of Land & Public Utility Economics Kenneth H. Parsons, John R. Commons 6 0.616
Malthus and Keynes 1942 Journal of Political Economy James J. O’Leary 6 0.611
The Scholastic Revival: The Economics of Heinrich Pesch 1946 Journal of Political Economy Abram L. Harris 6 0.631
Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 5 0.636
Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 5 0.628
John Stuart Mill’s Principles: A Centenary Estimate 1949 The American Economic Review Vincent W. Bladen 5 0.602
John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 4 0.605
The Short View and the Long in Economic Policy 1940 The American Economic Review Jacob Viner 4 0.592
Walras and Pareto: Their Approach to Applied Economics and Social Economics 1942 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique J. O. Clerc 4 0.592
Malthus’s General Theory of Employment and the Post-Napoleonic Depressions 1943 The Journal of Economic History James J. O’Leary 4 0.625
An Off-Line Switch in the Theory of Value and Distribution 1944 The American Journal of Economics and Sociology Harry Gunnison Brown 4 0.616
Pareto on Population, II 1944 The Quarterly Journal of Economics J. J. Spengler 4 0.641

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 8 0.621
The Nature of Economic Man-A Rejoinder 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique B. S. Keirstead 6 0.647
Wesley Clair Mitchell (1874-1948) 1950 The Quarterly Journal of Economics Joseph A. Schumpeter 5 0.615
Veblen and the Social Phenomenon of Capitalism 1951 The American Economic Review Abram L. Harris 5 0.634
Is Group Choice a Part of Economics? 1953 The Quarterly Journal of Economics Bushrod W. Allin 5 0.621
Schumpeter’s Views on the Relationship of Philosophy and Economics 1958 Southern Economic Journal Alfred F. Chalk 5 0.616
Wesley C. Mitchell as an Economic Theorist 1950 Journal of Political Economy Milton Friedman 4 0.636
Joseph Alois Schumpeter 1883-1950 1950 The Quarterly Journal of Economics Gottfried Haberler 4 0.589
Mises’ “Human Action”: Comment 1951 The American Economic Review Murray N. Rothbard 4 0.631
Schumpeter’s Economic Methodology 1951 The Review of Economics and Statistics Fritz Machlup 4 0.600
The Economist’s Description of Business Behaviour 1952 Economica G. F. Thirlby 4 0.611
The Empirical Content of Ricardian Economics 1956 Journal of Political Economy Mark Blaug 4 0.583
Theories of Decision-Making in Economics and Behavioral Science 1959 The American Economic Review Herbert A. Simon 4 0.637
Neurophysiological Economics 1950 Journal of Political Economy A. B. Wolfe 3 0.620
Expectation in Economics 1950 The Economic Journal C. F. Carter 3 0.594

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
11: capitalistic, capitalism, capitalist, capital, marxian 0.0129764
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0114618
8: farm, agriculture, agricultural, land, farmers -0.0193629
7: economy_vol, cairnes, jevons, economic_method, senior -0.0229278
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.0396310
13: laborers, employer, employers, wages, pain -0.0401916
6: civilization, evils, enjoyment, free_competition, religion -0.0484321
9: teaching, training, student, students, induction -0.0642950
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0687698
10: valuations, economic_values, reconsideration, judgments, valuation -0.0982292
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.0988706
1: commission, tariff, mill’s, court, commerce -0.1143053

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0170024
8: farm, agriculture, agricultural, land, farmers -0.0252912
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0290214
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0484837
14: rationalisation, rationalization, men’s, und, rational_action -0.0763815
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0792034
11: capitalistic, capitalism, capitalist, capital, marxian -0.0827696
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.0849405
10: valuations, economic_values, reconsideration, judgments, valuation -0.1006715
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1123389
18: economic_laws, economic_law, liberty, court, ethical -0.1400163
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.1541197

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0393542
8: farm, agriculture, agricultural, land, farmers 0.0124844
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0077725
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0342252
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0615898
14: rationalisation, rationalization, men’s, und, rational_action -0.0660433
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0718678
36: capitalism, marx, socialist, capitalistic, soviet -0.0832832
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0879199
10: valuations, economic_values, reconsideration, judgments, valuation -0.0956858
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.1203773
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1990000

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0109606
8: farm, agriculture, agricultural, land, farmers -0.0099419
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0110650
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0262873
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0480352
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0536367
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0610361
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0693277
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0737487
10: valuations, economic_values, reconsideration, judgments, valuation -0.0919359
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.1287598
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1387758
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1576001

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9640112
1940-1949 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9477523
1950-1959 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9437866
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1115929
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0910982
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0813718
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0810501
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0807000
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0748190
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0679234
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0652025
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0591863
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0530033
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0449349
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.0441569

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9754509
1950-1959 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9721258
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9640112
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0679396
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0615566
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0512919
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0503523
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0499912
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0492491
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0428734
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.0385021
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.0374208
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0374030
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0343669
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0318855

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9754509
1950-1959 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9751523
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9477523
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0816088
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0698440
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0577990
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0537461
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0524560
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0457031
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.0442433
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0440570
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0439605
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0432057
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.0396675
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0396038

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1940-1949 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9751523
1920-1939 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9721258
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.9437866
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0613596
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0527919
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0474151
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0473032
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0472092
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0461100
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0377516
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0375533
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0372883
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0357285
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0339677
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0319287

Intertemporal cluster 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine

The cluster gathers 631 sentences from our corpus. It represents 0.39% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are Walton H. Hamilton (55 sentences), Wesley C. Mitchell (37 sentences), J. M. Clark (36 sentences), L. L. Price (28 sentences), Lewis H. Haney (27 sentences), H. J. Davenport (26 sentences), F. W. Taussig (21 sentences), Frank A. Fetter (19 sentences), Thorstein Veblen (18 sentences), F. Y. Edgeworth (17 sentences).

The most recurring journals are The Quarterly Journal of Economics (211 sentences), Journal of Political Economy (204 sentences), The American Economic Review (122 sentences), The Economic Journal (94 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_method 0.0006971
economic_science 0.0006432
davenport 0.0005628
pure_economics 0.0005464
fundamental_economic 0.0004931
treatises 0.0004502
economic_doctrine 0.0004314
taxonomic 0.0004183
economic_principles 0.0004138
usage 0.0004098
economic_questions 0.0003969
investigator 0.0003870
tho 0.0003870
current_economic 0.0003750
writer 0.0003738
economic_doctrines 0.0003683
hedonistic 0.0003675
doctrines 0.0003586
preface 0.0003505
science 0.0003465

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
As a thoroughly rationalized statement of that which never remotely approaches the rational,- as a formulation of the logic implicit in the market,- it has, in some directions, an important function in economic investigation; but it says merely that, with the various occasions of friction eliminated, with things different in degree merely, the forces and tendencies of the market would work out in conformity with the illustrative scheme. Proposed Modifications in Austrian Theory and Terminology 1902 The Quarterly Journal of Economics H. J. Davenport 0.788
We need in no degree abandon the hope of reaching by the aid of the more accurate and finished instruments supplied by reasoning of a mnathematical character those inmost recesses of fine argument into which the older economists with their ruder, blunter tools failed to penetrate; and we may expect to gain results of some importance which were beyond their competence to achieve. The Study of Economic History 1906 The Economic Journal L. L. Price 0.771
We built economics on the idea of rational choos? Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.769
So long as economists follow this practice of explaining what is rational conduct under the conditions as- Sitmed, aind depend upon an assumption that inen are rational to make the theory a tolerably accurate account of the “facts,” it is particularly desirable for them to keep their rational explanations on the same basis as men’s rational economic choices. “’ The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.767
This is a serious disadvanatage; for, if it be difficult to force the miiore elaborate an-d refined ,of economic arguments within the limits of coiimmon intellectual capacity, or if it prove impossible to reach this distant goal without intense, continued strain, a large part of economic science, on the other hand, with little trouble, canl be miiade attractive and intelligible to ordinary citizens. Economics and Commercial Education 1901 The Economic Journal L. L. Price 0.766
So far as the question of economic method is concerned, here again it is clear no abstract reasoning can suffice: the history of each people and the facts of each case must be investigated, and generalization from a priori reasoning must be shunned. The Iron Industry in the United States 1900 The Quarterly Journal of Economics F. W. Taussig 0.760
ness dealings renders possible accounting?a system of “economic rationalism.” The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.758
In its use are found the molds of economic rationality, and the clues to economic explanations. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.756
But considerations of this kind vary in every country and with every age, and they can neither form the basis of any general science, nor supersede the investigation of the broad economic tendencies which determine the action of mankind MODERN LOGICIANS AND ECONOMIC METHODS 503 generally. Modern Logicians and Economic Methods 1905 The Economic Journal R. B. Haldane 0.748
It is necessary to clear thinking in this field to recognize that when we go beyond alternatives as they are and preferences as they are, we have passed from the realm of fact to that of what ought to be; we have crossed the line which divides economics from ethics, and can then proceed only in the light of a tenable concept of absolute value; there is no intermediate position. The Concept of Normal Price in Value and Distribution 1917 The Quarterly Journal of Economics F. H. Knight 0.748
What can hardly be denied by an alert observer of the controversy is that some confusion has prevailed between the habitual use in economic reasoning of certain appropriate assumptions, and the approval or adoption of those assumptions as the desirable permanent conditions of ordinary life, or the assertion or admission of their full accord with the plain facts c MARCH of trading intercourse. The Study of Economic History 1906 The Economic Journal L. L. Price 0.747
ing the economists deal with a type of activity in which the rational element is peculiarly prominent. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.744
On the contrary, no man was more, profoundly convinced of the necessity of wide and patient inductive researches in economic science, and no man brought subtler psychological analysis to bear upon its problems than did he; only he recognised that, when a certain class of abstract economic propositions are once made, being essentially mathematical in their character, they rigidly involve or exclude certain other propositions; and if their mathematical character is recognised, then SEPT. we can make sure that we have lost nothing and inserted nothing on the road when we pass from the premisses to the conclusions. Jevon’s Economic Work 1905 The Economic Journal Philip H. Wicksteed 0.740
If, indeed, one still cherishes notions as to the universal applicability of “economic laws,” this historic survey might help in the process of shedding them; but have we not all passed this stage of economic reasoning once for all? Schmoller on Protection and Free Trade 1905 The Quarterly Journal of Economics F. W. Taussig 0.734
II Since the general abandonment of the “economic man” doctrine of the classical economists, and since thinkers have come to mingle with purely economic doctrines a generous amount of ethics, men have become prone to decide some questions upon a purely ethical basis, and to declare them economically sound if they can by the other means prove them desirable. The Economic Basis of the Fight for the Closed Shop 1912 Journal of Political Economy Howard T. Lewis 0.734
This reasoning is legitimate and serves to set off the physical possibilities of economic life in a category by themselves; and this category has been appropriated as the peculiar field of economics. ” The Source of Financial Power 1905 Journal of Political Economy W. G. Langworthy Taylor 0.730
  • It is stated that this principle has important bearings on economic theory.
The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 0.726
For economic problems are not logical in the sense that they are capable of deductive solution from a few general principles, but rather they are psyclhological in the sense that they are determined by a subtle play of motive and activity, nor are all the data of the present, thotugh they have grown out of the past, the same in kind or in causal significance. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.724
This statement of the reason why the formal neglect of pecuniary concepts has not resulted in more serious errors, serves also to explain why a mechanics of self-interest helps 46 As has been shown above, however, the classical economists were some? The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.723
2 This refers to the traits from which the actual doctrines of “economic theory” have been derived, not to the preliminary descriptions of human nature, quite unex? Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.721

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
One hesitates to approach the invidious task of assigniing primacy in this new school of thought; for that there is a new school, and that it has come to include a passably generous membership-somewhat localized still-and that its doctrine means much for the good or evil of economic science, is the excuse, so far as there can be any, for the present paper. A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.872
On the contrary, no man was more, profoundly convinced of the necessity of wide and patient inductive researches in economic science, and no man brought subtler psychological analysis to bear upon its problems than did he; only he recognised that, when a certain class of abstract economic propositions are once made, being essentially mathematical in their character, they rigidly involve or exclude certain other propositions; and if their mathematical character is recognised, then SEPT. we can make sure that we have lost nothing and inserted nothing on the road when we pass from the premisses to the conclusions. Jevon’s Economic Work 1905 The Economic Journal Philip H. Wicksteed 0.872
The writer began some years ago a study of the extent to which economic theory was limited by its premises, and of the character and extent of readjustment necessary to carry on the work done by his father in formulating theory free of static limitations. Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.867
This is a serious disadvanatage; for, if it be difficult to force the miiore elaborate an-d refined ,of economic arguments within the limits of coiimmon intellectual capacity, or if it prove impossible to reach this distant goal without intense, continued strain, a large part of economic science, on the other hand, with little trouble, canl be miiade attractive and intelligible to ordinary citizens. Economics and Commercial Education 1901 The Economic Journal L. L. Price 0.866
For when economic theory has been purified so far that human nature has no place in it, economists become interested perforce in much that lies outside their theoretical field. Human Behavior and Economics: A Survey of Recent Literature 1914 The Quarterly Journal of Economics Wesley C. Mitchell 0.864
To catalogue the subjects to which the term “economic” is applied is to belie the careful definitions of the science pent up in books; to find an economic theory consistent with this multiform expression is to dissipate that theory in polychromatic reality. The Institutional Approach to Economic Theory 1919 The American Economic Review Walton H. Hamilton 0.862
Economic theory should be actively relevant to the issues of its time and it should be based on a foundation of terms, conceptions, standards of measurement, and assumnptions which is sufficiently realistic, comprehensive, and unbiassed to furnish a common meeting ground for argument between advocates of all shades of conviction on practical issues. Economic Theory in an Era of Social Readjustment 1919 The American Economic Review J. M. Clark 0.861
Let us suppose there were a recognised body of economic doctrine the truth and relevancy of which perpetually revealed itself to all who looked below the surface, which taught men what to expect and how to analyse their experience; which insisted at every turn on the illuminating relation between our conduct in life and our conduct in business; which drove the analysis of our daily administration of our individual resources deeper, and thereby dissipated the mist that hangs about our economic relations, and concentrated attention upon the uniting and all- penetrating principles of our study. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.860
Unfortunately economists have devoted themselves so exclusively to the development of their science, even in its less essential refinements, that they have neglected the really essential work of interpretation and application to concrete conditions, of economic principles. Industrial Conference 1903 Journal of Political Economy John Cummings 0.858
If, indeed, one still cherishes notions as to the universal applicability of “economic laws,” this historic survey might help in the process of shedding them; but have we not all passed this stage of economic reasoning once for all? Schmoller on Protection and Free Trade 1905 The Quarterly Journal of Economics F. W. Taussig 0.858
Some such idea is practically indispensable in any formulation of the subject which purposes to make economic theory a constructive force in our social life and to set up standards for the appraisal of current economic processes. Normal Price as a Market Concept 1919 The Quarterly Journal of Economics E. G. Nourse 0.857
It is evident in the first place that, besides the hypothetical conclusions, a great deal that now passes for Economics is not economic at all, but belongs to the wider sphere of a science concerning itself with all human activities,- the science, that is, of human motives. A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 0.857
If the mathematical treatment of theory has latterly gained conspicuous prominence in economics-and this no informed observer of the drift of professional opinion in this country or in America can doubt-its influence has been shown, not merely in a greater exactitude of formal exposition, and a more scrupulous elimination of hidden error, but also in the more ambitious aspirations diffused more widely among economic writers, which prompt them to combine in one firm grasp the multitudinous threads of many fine-spun arguments, repeatedly untying with nimble dexterity the hard knots in which they are continually liable to be entangled. The Study of Economic History 1906 The Economic Journal L. L. Price 0.857
Here, as in many other matters, economics is too much under the influence of its beginnings; it is still too much a ne’lange of metaphysics, literature, philosophy, and common-sense; it is not yet sufficiently dominated by the scientific attitude of mind. Methods of Teaching Elementary Economics at the University of Michigan 1909 Journal of Political Economy F. M. Taylor 0.856
This equipment of terms and theories and presuppositions is the common possesssion of economic thought in the large - not of this school or the other, not of ancient or of modern, not of cost doctrinaires or of utility doctrinaires, but of the genus economist in general. Social Productivity Versus Private Acquisition 1910 The Quarterly Journal of Economics H. J. Davenport 0.853

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 16 0.675
The Fundamental Economic Principle 1901 The Quarterly Journal of Economics Charles A. Tuttle 13 0.644
Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 12 0.640
The Function and Problems of Economic Theory 1918 Journal of Political Economy C. E. Ayres 12 0.638
The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 11 0.628
A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 11 0.639
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 11 0.657
The Institutional Approach to Economic Theory 1919 The American Economic Review Walton H. Hamilton 11 0.628
Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 10 0.673
Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 9 0.648

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
9: teaching, training, student, students, induction 0.2609997
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1043945
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0422885
7: economy_vol, cairnes, jevons, economic_method, senior 0.0074893
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0988706
1: commission, tariff, mill’s, court, commerce -0.1668200
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.1716872
10: valuations, economic_values, reconsideration, judgments, valuation -0.1874207
11: capitalistic, capitalism, capitalist, capital, marxian -0.2140213
6: civilization, evils, enjoyment, free_competition, religion -0.2744987
13: laborers, employer, employers, wages, pain -0.2753286
8: farm, agriculture, agricultural, land, farmers -0.2905359

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6299964
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6292056
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.5890142
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.5732866
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.5602414
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.5200749
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4442504
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3609090
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3446812
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3368209
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2919383
1900-1919 9: teaching, training, student, students, induction 0.2609997
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1304493
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1227833
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1043945

Intertemporal cluster 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian

The cluster gathers 2375 sentences from our corpus. It represents 1.47% of all the sentences selected over the whole period.

The community exists from 1900 to 1959.

The most recurring authors are L. L. Price (47 sentences), O. H. Taylor (46 sentences), Karl Pribram (41 sentences), Talcott Parsons (38 sentences), Frank H. Knight (34 sentences), Paul T. Homan (33 sentences), Ronald L. Meek (30 sentences), Joseph J. Spengler (29 sentences), Jacob H. Hollander (27 sentences), C. E. Ayres (22 sentences).

The most recurring journals are The Quarterly Journal of Economics (426 sentences), The American Economic Review (408 sentences), Journal of Political Economy (350 sentences), The Economic Journal (256 sentences), Economica (189 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_history 0.0016437
historians 0.0010227
eighteenth_century 0.0007981
eighteenth 0.0007935
economic_historian 0.0007910
historian 0.0007773
classical_economists 0.0007400
nineteenth_century 0.0007282
nineteenth 0.0006979
physiocrats 0.0006001
english 0.0005831
century 0.0005535
economic_historians 0.0005501
economic_doctrines 0.0004500
classical_economics 0.0004323
economic_doctrine 0.0004108
malthus 0.0003834
history 0.0003745
writings 0.0003440
john_stuart 0.0003389

Top TF-IDF terms describing the community for each time window

Top terms 1900-1919

Token TF-IDF
english 0.0021316
free_trade 0.0015443
creed 0.0014465
historical_school 0.0013240
furnished 0.0013239
english_economists 0.0012341
adam_smith 0.0012331
adam 0.0012092
cairnes 0.0011766
nineteenth 0.0010994
mcculloch 0.0010899
commerce 0.0010860
economic_history 0.0010787
eighteenth_century 0.0010513
nineteenth_century 0.0010411

Top terms 1920-1939

Token TF-IDF
economic_history 0.0041735
eighteenth 0.0023293
eighteenth_century 0.0021979
classical_economists 0.0020935
economic_historian 0.0017332
historian 0.0016370
nineteenth 0.0015670
medieval 0.0015170
nineteenth_century 0.0014840
historians 0.0013063
century 0.0012525
seventeenth 0.0011727
english 0.0011194
physiocrats 0.0011014
adam 0.0010139

Top terms 1940-1949

Token TF-IDF
historians 0.0022212
economic_history 0.0021344
historian 0.0014912
physiocrats 0.0014716
classical_economists 0.0014264
economic_historians 0.0013048
economic_historian 0.0012955
nineteenth 0.0011279
nineteenth_century 0.0011265
eighteenth_century 0.0009707
eighteenth 0.0009053
henry_george 0.0008902
war 0.0008620
century 0.0008298
classical_economics 0.0007890

Top terms 1950-1959

Token TF-IDF
schumpeter’s 0.0015292
classical_economists 0.0014004
schumpeter 0.0013357
classical_economics 0.0011747
nineteenth_century 0.0011507
mercantilist 0.0011116
nineteenth 0.0010801
economic_history 0.0010757
economic_doctrine 0.0009829
scholastic 0.0009587
english 0.0009398
economic_doctrines 0.0008921
say’s 0.0008791
historians 0.0007677
marx 0.0007647

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
To say that a piece of economic conduct was “rational” came to mean little, if anything, more than that it was a piece of economic conduct. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.775
The adversity of historical development need not spell the end of systematic economic theory, were it not for the fact that nothing in human experience but the drive for a self-regulating market economy ever called for a specifically and purely economic rationality. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.775
The Meaning of Rationality: A Note on Professor Lange’s Article Every period has to write its ” Scope and Methods of Economics.” The Meaning of Rationality: A Note on Professor Lange’s Article 1946 The Review of Economic Studies K. W. Rothschild 0.773
Indeed it is really necessary to explain it rationally, for, unless we are willing to accept a blind fatalism, according to which history moves on without being controlled by human volition, we must recognize that what seems to us the orderly development of institutions is rational and orderly, precisely because men have been constantly trying new expedients and have deliberately retained those institutions and practices which stand the test of experience. The Economic Utilization of History: Annual Address of the President 1912 The American Economic Review Henry W. Farnam 0.770
Even this rationality has a mercantile flavour; it is not the rationality premissed by Aristotle or Grotius whereby men were capable of living in accordance with rules of social conduct; it is not strong enough to withstand the force of competitive appetites, only strong enough to sh’ow men that they must submit to a sovereign to avoid worse. Hobbes Today 1945 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. B. Macpherson 0.764
Often enough, what appeared as mercantilistic folly to Adam Smith or as collectivistic folly to Herbert Spencer or the “orthodox” of the 1920’s were perfectly rational actions in the absence of the balancing mechanism of a full-fledged market economy. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.753
The history of economic thought, however, in the aspects treated here seems to me to provide one exceedingly important element of the logical situation out of which such a conception can be built. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.746
In the nineteenth century psychological factors invaded theory and somewhat disturbed the automatic mechanisms of classical economics, but the individual has always remained rational: he knows what he wants; he wants what he knows. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.746
Economists have often expostulated over the excessive rationalism of the eighteenth century, and it is certainly true that mankind is not the perfect calculator of classical theory. Fifty Years’ Developments in Ideas of Human Nature and Motivation 1936 The American Economic Review C. E. Ayres 0.742
Necessary complementary factors were the rational spirit, the rationalization of the conduct of life in general, and a rationalistic economic ethic.” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.741
Many judicious readers will surely share the regret that this work was not limited to the simpler factual sphere instead of being rashly expanded into a project of economic revolution resting on shallow philosophic foundations. Planning For Totalitarian Monopoly 1937 Journal of Political Economy Frank Albert Fetter 0.738
And yet we may declare without reserve that the economic history of to-day is as different from those early essays, whether of Adam Smith or of other more distant writers, as what has been called the ” science of measurable motives,” with its developed apparatus of fine reasoning, is distinct from the beginnings of that study, which, furnished by the acute and sensible intelligence of the parent of modern economics, serve to part him from his nearer or remoter predecessors. The Study of Economic History 1906 The Economic Journal L. L. Price 0.736
This institutional idea of reason and reasonable value is collective and historical, whereas the rationalistic ideas of many other economic writers has been individualistic, subjective, intellectual, and static. Recent Contributions of John R. Commons to Economic Thought 1940 Southern Economic Journal Samuel Elliott Cranfill 0.736
The ” historical ” opposition on the other hand has attacked not so much the conception of rational action itself in its broader sense but rather its specific economic form as dominated by “calculation of advantage.” Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.735
Whether the recent discovery by certain economists and politicians of a phenomenon that was common and generally known in the eighteenth century is justification for discarding an economic system based on the profit motive, individual enterprise, and free prices, is a question that every economist must answer for himself. The Reasons for Price Rigidity 1938 The American Economic Review Rufus S. Tucker 0.733
We must examine what, in the absence of a better term, we may call “rational motivation,” that is, how the problem of capitalism versus socialism was defined and a decision reached. Professor Schumpeter on Socialism: The Case of Britain 1950 Journal of Political Economy Donald Dewey 0.730
“1- Concessions to the forces of rationality, moreover, need not be cast into formal institutional changes to be important and influential, and Soviet economists would seem to have reason to be cheered by continued signs that some of their arguments are influencing the decision processes of economic policy-makers. The Soviet Industrial Reorganization of 1957 1959 The American Economic Review Oleg Hoeffding 0.728
Moreover to retain a direct connection with the older economics it was necessary to leave a place for a limited r6le of rationality of individual action. Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.727
There is one limiting feature of economic doctrine which is perhaps not so generally kept in mind as it should be; namely, that many of the particular doctrines which go to make it up have been devised at some time in the past to meet particular problems which at that time were pressing, and were, accordingly devised with a special angle or slant which needs always to be read into the doctrine if it is to be properly understood. Economics of the Recovery Act 1934 The American Economic Review Joseph H. Willits, John Dickinson 0.724
The suggestion offered here is that for the founders of economic science no such conflict or hiatus existed; and that when their conception of a social mechanism, and the uses they made of it, are fully understood, they will be seen to have opened a way to causal explanation of economic behavior without abdication of the right of criticizing it or the hope of reforming it. Tawney’s Religion and Capitalism, and Eighteenth-Century Liberalism 1927 The Quarterly Journal of Economics Overton H. Taylor 0.720

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
Indeed it is really necessary to explain it rationally, for, unless we are willing to accept a blind fatalism, according to which history moves on without being controlled by human volition, we must recognize that what seems to us the orderly development of institutions is rational and orderly, precisely because men have been constantly trying new expedients and have deliberately retained those institutions and practices which stand the test of experience. The Economic Utilization of History: Annual Address of the President 1912 The American Economic Review Henry W. Farnam 0.770
And yet we may declare without reserve that the economic history of to-day is as different from those early essays, whether of Adam Smith or of other more distant writers, as what has been called the ” science of measurable motives,” with its developed apparatus of fine reasoning, is distinct from the beginnings of that study, which, furnished by the acute and sensible intelligence of the parent of modern economics, serve to part him from his nearer or remoter predecessors. The Study of Economic History 1906 The Economic Journal L. L. Price 0.736
And if, passing from their theoretical suppositions to their practical advice, we consider that maxim of legislation and administrative conduct which, in harmony with their speculative reasoning, the economists of the middle of the nineteenth century approved and recommended, we are led to no dissimilar a conclusion on the present relevancy of belief and counsel, which were announced with such confidence, and received with such unquestioning respect, in bygone days. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.717
The reasonings of the older economists, as re-stated with the. Economics and Commercial Education 1901 The Economic Journal L. L. Price 0.714
If some unusually dense individual who had failed after miany attempts to pass his examination in economic theory had proposed the policy which has been adopted, he would have been asked two questions: first, ” What peculiar sanctity is there about the position occupied in the closing years of the nineteenth cenitury ? The Practical Utilty of Economic Science 1902 The Economic Journal Edwin Cannan 0.707
His successors may have attained a more exact analysis than that at which he himself arrived; and a writer, like the late Duke of Argyll, may TR&DE AND PROTECTION 309 be giving expression to a more profound, and not less consistent, philosophy, when he declares that during the nineteenth century “two great discoveries” have ” been made in the Science of Government,” of which the ” one ” is ” the immense advantage of abolishing restrictions upon Trade” and the “other” is “the absolute necessity of imposing restrictions upon Labour.” Free Trade and Protection 1902 The Economic Journal L. L. Price 0.698
Such being the position of economic thought, one naturally turns to Jevons’s posthumous work to learn, in the first place, whether the author had made any essential advance in his own apprehension of the significance of his principlesi and in the second place whether he makes any essentially fresh contribution to the controversy itself, at the stage to which three and twenty years of arguments and investigations have now brought it. Jevon’s Economic Work 1905 The Economic Journal Philip H. Wicksteed 0.691
It serves to show in what manner and degree this more scientific wing of the historical school have outgrown the original ” historical ” standpoint and range of conceptions, and how they have passed from a distrust of all economic theory to an eager quest of theoretical formulations that shall cover all phenomena of economic life to better purpose than the body of doctrine received from the classical writers and more in consonance with the canons of contemporary science at large. Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 0.689
Discussions partially covering the field, monographs and sketches there are in great number, showing the manner of economic theory that was to be looked for as an outcome of the “historical diversion.” Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 0.688
ing proof of the vital role which economic concepts play in human life than the egregious blunders into which economists have stumbled through imputing the use of full-fledged modern concepts to primitive men. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.688
That animating pervasive spirit of unresting and unhindered competition, which the older economists adopted and employed as the fundamental basis of their developed systems of speculative reasoning, and approved and recommended as the inspiring and controlling motive of their enabling legislation, seemed to be in actual fact filling the commercial and industrial atmosphere. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.687
A change, which is needed in the interests of the Empire, is not to be burked by any appeal to oldzfashioned discredited doctrine, The reasonings of the economist may possibly be true of the unreal world of abstraction in which he thinks and moves; they are useless or nmischievous guides in those real affairs of actual life with whiclh practical statesmen have to deal. Free Trade and Protection 1902 The Economic Journal L. L. Price 0.687
And, even for this phase of modernized classical economics, it seems necessary to limit discussion, for the present, to a single strain, selected as standing peculiarly close to the classical source, at the same time that it shows unmistakable adaptation to the later habits of th-ought and methods of knowledge. The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 0.687

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
To say that a piece of economic conduct was “rational” came to mean little, if anything, more than that it was a piece of economic conduct. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.775
The history of economic thought, however, in the aspects treated here seems to me to provide one exceedingly important element of the logical situation out of which such a conception can be built. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.746
Economists have often expostulated over the excessive rationalism of the eighteenth century, and it is certainly true that mankind is not the perfect calculator of classical theory. Fifty Years’ Developments in Ideas of Human Nature and Motivation 1936 The American Economic Review C. E. Ayres 0.742
Necessary complementary factors were the rational spirit, the rationalization of the conduct of life in general, and a rationalistic economic ethic.” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.741
Many judicious readers will surely share the regret that this work was not limited to the simpler factual sphere instead of being rashly expanded into a project of economic revolution resting on shallow philosophic foundations. Planning For Totalitarian Monopoly 1937 Journal of Political Economy Frank Albert Fetter 0.738
The ” historical ” opposition on the other hand has attacked not so much the conception of rational action itself in its broader sense but rather its specific economic form as dominated by “calculation of advantage.” Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.735
Whether the recent discovery by certain economists and politicians of a phenomenon that was common and generally known in the eighteenth century is justification for discarding an economic system based on the profit motive, individual enterprise, and free prices, is a question that every economist must answer for himself. The Reasons for Price Rigidity 1938 The American Economic Review Rufus S. Tucker 0.733
Moreover to retain a direct connection with the older economics it was necessary to leave a place for a limited r6le of rationality of individual action. Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 0.727
There is one limiting feature of economic doctrine which is perhaps not so generally kept in mind as it should be; namely, that many of the particular doctrines which go to make it up have been devised at some time in the past to meet particular problems which at that time were pressing, and were, accordingly devised with a special angle or slant which needs always to be read into the doctrine if it is to be properly understood. Economics of the Recovery Act 1934 The American Economic Review Joseph H. Willits, John Dickinson 0.724
The suggestion offered here is that for the founders of economic science no such conflict or hiatus existed; and that when their conception of a social mechanism, and the uses they made of it, are fully understood, they will be seen to have opened a way to causal explanation of economic behavior without abdication of the right of criticizing it or the hope of reforming it. Tawney’s Religion and Capitalism, and Eighteenth-Century Liberalism 1927 The Quarterly Journal of Economics Overton H. Taylor 0.720
The concern of the economists was, of course, with secular manifestations, but always, nevertheless, with the secular manifestations of that “wonderful contrivance, man, considered not merely as an organized being but as a rational agent.” Fifty Years’ Developments in Ideas of Human Nature and Motivation 1936 The American Economic Review C. E. Ayres 0.716
A just appreciation of the general methodological issues discussed in the present installment is dependent on an acquaintance with the evidence from the history of economic thought presented in the first. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.713

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
The adversity of historical development need not spell the end of systematic economic theory, were it not for the fact that nothing in human experience but the drive for a self-regulating market economy ever called for a specifically and purely economic rationality. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.775
The Meaning of Rationality: A Note on Professor Lange’s Article Every period has to write its ” Scope and Methods of Economics.” The Meaning of Rationality: A Note on Professor Lange’s Article 1946 The Review of Economic Studies K. W. Rothschild 0.773
Even this rationality has a mercantile flavour; it is not the rationality premissed by Aristotle or Grotius whereby men were capable of living in accordance with rules of social conduct; it is not strong enough to withstand the force of competitive appetites, only strong enough to sh’ow men that they must submit to a sovereign to avoid worse. Hobbes Today 1945 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. B. Macpherson 0.764
Often enough, what appeared as mercantilistic folly to Adam Smith or as collectivistic folly to Herbert Spencer or the “orthodox” of the 1920’s were perfectly rational actions in the absence of the balancing mechanism of a full-fledged market economy. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.753
This institutional idea of reason and reasonable value is collective and historical, whereas the rationalistic ideas of many other economic writers has been individualistic, subjective, intellectual, and static. Recent Contributions of John R. Commons to Economic Thought 1940 Southern Economic Journal Samuel Elliott Cranfill 0.736
Recognition of the modifying influence of custom was essential: “to escape error, we ought, in applying the conclusions of political economy to the actual affairs of life to consider not only what will happen supposing the maximum of competition, but how far the result will be affected if competition falls short of the maximum.” John Stuart Mill’s Principles: A Centenary Estimate 1949 The American Economic Review Vincent W. Bladen 0.718
In particular, since the capacity for rigorous analysis is not often closely associated with the capacity for economic intuition, it is necessary to distinguish carefully between the two major problems of the history of economic thought. Demand for Commodities is Not Demand for Labour 1949 The Economic Journal Harry G. Johnson 0.711
But the attempt would raise controversial questions in history and ethics as well as in economics; and the aims of our present inquiry are prospective rather than retrospective.21 The deadly sin against logic of abstracting from essentials has been committed here. A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.701
It is to be remembered that we are interested here not primarily in a recounting of old controversies but in the detection of the process of doctrine formation and its relation to the problems in economic reality with which these doctrines were concerned. A Reëxamination of the Classical Theory of Inflation 1940 The American Economic Review Karl H. Niebyl 0.698
In the forerunners of the classics, the political elements in economic reasoning have, as a rule, a strongly metaphysical character. The Social Significance of Recent Trends in Economic Theory 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Erich Roll 0.695
Marked by an almost religious belief in the attainability of perfect competition and in the disastrous, broad results of our fall from grace, this era may well explain why the judicial Rule of Reason has been equated with “the purely economic approach” mentioned above,3 since it is sug- * The author is assistant professor of economics at Beloit College. The Federal Trade Commission and “Unfair Competition” in Foreign Trade 1945 The American Economic Review Richard S. Landry 0.695
It seems that Shaw would have done better to stick to the less paradoxical but more logical classical theory according to which their keep is their value.4 It is possible to find numerous passages in the volume as a whole that are hardly consistent with the abstract theory of political economy set forth in the opening essay. Fabian Political Economy 1949 Journal of Political Economy Paul M. Sweezy 0.694
9 Finally, it must not be overlooked that without the simplifying assumption of the economic man and the rationality of his conduct, the classical economists could not have established their work on a scientific basis. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.694

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
In the nineteenth century psychological factors invaded theory and somewhat disturbed the automatic mechanisms of classical economics, but the individual has always remained rational: he knows what he wants; he wants what he knows. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.746
We must examine what, in the absence of a better term, we may call “rational motivation,” that is, how the problem of capitalism versus socialism was defined and a decision reached. Professor Schumpeter on Socialism: The Case of Britain 1950 Journal of Political Economy Donald Dewey 0.730
“1- Concessions to the forces of rationality, moreover, need not be cast into formal institutional changes to be important and influential, and Soviet economists would seem to have reason to be cheered by continued signs that some of their arguments are influencing the decision processes of economic policy-makers. The Soviet Industrial Reorganization of 1957 1959 The American Economic Review Oleg Hoeffding 0.728
It is obviously no easy task to determine the relationships which are bound to exist between the history of economic reasoning and the history of the development of modes of cognition. Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 0.719
What I am criticizing in the Benthamite version is the assumption or expectation of a generally prevailing, very high degree of applied or practical rationality of the same uniform kind or quality, not only in the sphere of all private economic decisions and adjustments, but also and equally in that of all the political, popular, legislative, and governmental decisions involved in the supposedly essentially scientific rational planning of the institutional and legal outer framework of the free economy. The Future of Economic Liberalism 1952 The American Economic Review Overton H. Taylor 0.718
In a world in which reason was not any longer relied upon to teach the rules of lawful and just behavior, a purely mechanical equilibriurn concept borrowed from the natural sciences was resorted to in order to establish a firm starting point for an understanding of the relationships of economic phenomena. Patterns of Economic Reasoning 1953 The American Economic Review Karl Pribram 0.716
These specifications are derived from the following statements: “Economic man, in the classical abstraction, was a pure rationalist who weighed carefully something called utility and something called disutility . What Kind of Psychology Does Economics Need? 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. Reinold Noyes 0.704
One might be inclined to infer from the premise that „subjective economic rationalism” has been a significant feature of economic reasoning from the 13 th century to the present that Wirtschaftsgesinnung is to be considered an important element of economic reasoning and/or economic behavior. The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 0.702
IV What are the implications of the foregoing analysis for our appraisal of contemporary economic thought? Currency and Commerce in the Early Seventeenth Century 1957 The Economic History Review B. E. Supple 0.700
Rationality is a primary assumption for the greater part of economic theory, and the advantage obtained by exchange between economic subjects is the classical gospel of economics. Science and Welfare in Economic Policy 1959 The Quarterly Journal of Economics F. Zeuthen 0.699
IV I think that at least part of the answer to this critical question is to be found in economics; moreover, economics of the most old-fashioned and familiar kind. Foreign Trade and Balanced Growth: The Historical Framework 1959 The American Economic Review J. R. T. Hughes 0.696
The critics of abstract, rationalistic systems in economics have, for over a hundred years, pointed out the historical and political value premises which underlie this type of theorizing; without, however, clarifying where they seek the Archimedic point from which to lift their own theory - the institutional or historical criticism - beyond ideology. Programs and Prognoses 1954 The Quarterly Journal of Economics Paul Streeten 0.695

Closest sentences from the cluster’s centroid

Among the 200 closest sentences to the cluster’s centroid, 0.5% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The adversity of historical development need not spell the end of systematic economic theory, were it not for the fact that nothing in human experience but the drive for a self-regulating market economy ever called for a specifically and purely economic rationality. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.859

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Nor does this at all invalidate the book’s claim to be unlike and superior to other histories of “economic thought”; for while it neglects nothing of all they may deal with, it distinguishes and shows the relationship between the diverse components of historic patterns of thought in economics and related fields, instead of confusing them into medlies. Schumpeter’s History of Economic Analysis 1955 The Review of Economics and Statistics O. H. Taylor 0.889
There is one limiting feature of economic doctrine which is perhaps not so generally kept in mind as it should be; namely, that many of the particular doctrines which go to make it up have been devised at some time in the past to meet particular problems which at that time were pressing, and were, accordingly devised with a special angle or slant which needs always to be read into the doctrine if it is to be properly understood. Economics of the Recovery Act 1934 The American Economic Review Joseph H. Willits, John Dickinson 0.883
CONCLUSION At best, economic theorizing can be no more than “the quintessence of experience,” and so as the circumstances and events which gave rise to the ideas expressed in the General Theory have passed over the horizon, the book itself has become increasingly dated. After Twenty Years: The General Theory 1956 The Quarterly Journal of Economics James R. Schlesinger 0.875
Whatever maay have been the attitude of the popularisers of economic thought, the original thinkers of the time were by no means so intoxicated with the progress of technique that they failed to see that it had its drawbacks. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.873
It merits the attention of every economic theorist, and possibly, still more, it may be full of suggestion to those economic historians who seek to give greater meaning and coherence to their activity than it at present possesses. Werner Sombart and the “Natural Science Method” in Economics 1933 Journal of Political Economy Leo Rogin 0.872
Whether the recent discovery by certain economists and politicians of a phenomenon that was common and generally known in the eighteenth century is justification for discarding an economic system based on the profit motive, individual enterprise, and free prices, is a question that every economist must answer for himself. The Reasons for Price Rigidity 1938 The American Economic Review Rufus S. Tucker 0.871
INTRODUCTION It is almost a truism that the history of economic reasoning is imbedded in the history of western thought. Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 0.870
The suggestion offered here is that for the founders of economic science no such conflict or hiatus existed; and that when their conception of a social mechanism, and the uses they made of it, are fully understood, they will be seen to have opened a way to causal explanation of economic behavior without abdication of the right of criticizing it or the hope of reforming it. Tawney’s Religion and Capitalism, and Eighteenth-Century Liberalism 1927 The Quarterly Journal of Economics Overton H. Taylor 0.868
Lessons from the History of Economic Doctrines The student of economic doctrines discovers various ideas reappearing like the pieces of colored glass in a kaleidoscope, the same essentially in detail, but in ever-changing settings. Lauderdale’s Oversaving Theory 1945 The American Economic Review Frank Albert Fetter 0.867
Some of the early writers on the history of economic thought apparently did not always read the sources.7 Those who have read the several books which Malynes wrote, cannot be harshly blamed if they have misinterpreted what was meant because the style is painfully obscure; moreover, the treatment of any particular subject is frequently scattered through the several tracts. Gerard De Malynes and the Theory of the Foreign Exchanges 1933 The American Economic Review E. A. J. Johnson 0.865
IV What are the implications of the foregoing analysis for our appraisal of contemporary economic thought? Currency and Commerce in the Early Seventeenth Century 1957 The Economic History Review B. E. Supple 0.862
And yet we may declare without reserve that the economic history of to-day is as different from those early essays, whether of Adam Smith or of other more distant writers, as what has been called the ” science of measurable motives,” with its developed apparatus of fine reasoning, is distinct from the beginnings of that study, which, furnished by the acute and sensible intelligence of the parent of modern economics, serve to part him from his nearer or remoter predecessors. The Study of Economic History 1906 The Economic Journal L. L. Price 0.861
Since the paramount position of this work in the history of economic doctrines cannot escape the reader who may not yet be acquainted with it, no further commentary is needed here. Abraham Wald, 1902-1950 1951 Econometrica Oskar Morgenstern 0.861
The adversity of historical development need not spell the end of systematic economic theory, were it not for the fact that nothing in human experience but the drive for a self-regulating market economy ever called for a specifically and purely economic rationality. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.859
It has often been suggested that these theoretical developments, and the alacrity with which they were accepted, were due to an awareness that the older theories were not adequate to explain the facts of economic life, and that in being modified to ‘-explain’ them internal inconsistency resulted. Types of Competition and the Theory of Employment 1949 Oxford Economic Papers B. R. Williams 0.859

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
And yet we may declare without reserve that the economic history of to-day is as different from those early essays, whether of Adam Smith or of other more distant writers, as what has been called the ” science of measurable motives,” with its developed apparatus of fine reasoning, is distinct from the beginnings of that study, which, furnished by the acute and sensible intelligence of the parent of modern economics, serve to part him from his nearer or remoter predecessors. The Study of Economic History 1906 The Economic Journal L. L. Price 0.861
And thus, from an examination conducted in this spirit of the large influence manifestly exerted by the great economists of a former age upon the practice of their day, we can proceed some distance towards a satisfactory conception of the right relations of present economic thought to contemporary conduct. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.857
When we withdraw the actual setting, in which economic history requires us to place the writings of the economists of the past, if we would judge them fairly, and interpret them correctly, and substitute the altered circumstances of the age in which we live, we realise without delay that the connection between economic thought and actual practice must now be differently conceived and represented. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.854
It serves to show in what manner and degree this more scientific wing of the historical school have outgrown the original ” historical ” standpoint and range of conceptions, and how they have passed from a distrust of all economic theory to an eager quest of theoretical formulations that shall cover all phenomena of economic life to better purpose than the body of doctrine received from the classical writers and more in consonance with the canons of contemporary science at large. Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 0.851
In regard to this matter it shook confidence in the shallow dogmatism of the propagandist economists, but it substituted no definite alternative commanding general assent, and accordingly the immediate practical result on economic thought was not to inspire it with a new creed, but to deprive it of all creed, and to replace the art of political economy by the conception of an economic science concerned solely with the ascertainment of the results which flow from certain hypothetical assumptions, and not at all with guiding mankind towards a desirable goal. Economic Security and Unemployment Insurance 1910 The Economic Journal Llewellyn Smith 0.848
Discussions partially covering the field, monographs and sketches there are in great number, showing the manner of economic theory that was to be looked for as an outcome of the “historical diversion.” Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 0.847
If, on the one hand, the modern economist, who does not profess to be a historian, is, as we have seen, influenced in his general habit of regarding economic principles, and even in his mode of handling particular theoretic problems, by that keen, constant appreciation of the importance of actual fact which is the characteristic of historical study, on the other hand historians, who do not claim the special name of economic historians, are prepared to welcome cordially these new adherents to the exalted company to which they belong, and to approve and utilise, where a fitting occasion is presented, the results of such inquiries. The Study of Economic History 1906 The Economic Journal L. L. Price 0.842
The interpretation of the history of economic theory which I desire to suggest here could not by any stretch of the imagination be regarded as established until all the available literature of the subject had been rehearsed. The Function and Problems of Economic Theory 1918 Journal of Political Economy C. E. Ayres 0.837
Although time has been allowed for the acceptance and authentication of these endeavors of the earlier historical economists in the direction of a system of economic theory,- that is to say, of an economic science, -they have failed of authentication at the hands of the students of the science; and there seems no reason to regard this failure as less than definitive. Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 0.836
By these and similar considerations we arrive at the conclusion that the practical aspects of Economics have altered sensibly since the middle of the preceding century, when a knowledge of the authoritative teaching of economic writers of high repute was considered part of the necessary equipment of an educated man, and an indispensable item in the mental furniture of a competent instructed statesman., The journalist was then accustomed to support his views by reference to the pronouncements of McCulloch, or some other prominent disciple of Ricardo; and the argument was clinched, and the discussion closed, save in exceptional instances, by this appeal. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.833

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
There is one limiting feature of economic doctrine which is perhaps not so generally kept in mind as it should be; namely, that many of the particular doctrines which go to make it up have been devised at some time in the past to meet particular problems which at that time were pressing, and were, accordingly devised with a special angle or slant which needs always to be read into the doctrine if it is to be properly understood. Economics of the Recovery Act 1934 The American Economic Review Joseph H. Willits, John Dickinson 0.883
Whatever maay have been the attitude of the popularisers of economic thought, the original thinkers of the time were by no means so intoxicated with the progress of technique that they failed to see that it had its drawbacks. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.873
It merits the attention of every economic theorist, and possibly, still more, it may be full of suggestion to those economic historians who seek to give greater meaning and coherence to their activity than it at present possesses. Werner Sombart and the “Natural Science Method” in Economics 1933 Journal of Political Economy Leo Rogin 0.872
Whether the recent discovery by certain economists and politicians of a phenomenon that was common and generally known in the eighteenth century is justification for discarding an economic system based on the profit motive, individual enterprise, and free prices, is a question that every economist must answer for himself. The Reasons for Price Rigidity 1938 The American Economic Review Rufus S. Tucker 0.871
The suggestion offered here is that for the founders of economic science no such conflict or hiatus existed; and that when their conception of a social mechanism, and the uses they made of it, are fully understood, they will be seen to have opened a way to causal explanation of economic behavior without abdication of the right of criticizing it or the hope of reforming it. Tawney’s Religion and Capitalism, and Eighteenth-Century Liberalism 1927 The Quarterly Journal of Economics Overton H. Taylor 0.868
Some of the early writers on the history of economic thought apparently did not always read the sources.7 Those who have read the several books which Malynes wrote, cannot be harshly blamed if they have misinterpreted what was meant because the style is painfully obscure; moreover, the treatment of any particular subject is frequently scattered through the several tracts. Gerard De Malynes and the Theory of the Foreign Exchanges 1933 The American Economic Review E. A. J. Johnson 0.865
I85-2i8-reveal many important leads to be further investigated by historians of economic doctrines. Suggestions of Keynes in the Writings of Veblen 1939 Journal of Political Economy Rutledge Vining 0.852
III It may be doubted whether, in a discussion which purports to consider the methodological desirability of the course imposed upon present-day economists by the temporal and educational limitations to which they are subject, the “seductive charm” of the economic doctrines in fashion in the first half of the nineteenth century justifies their being placed in the forefront of the argument. Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 0.850
The history of economic thought, however, in the aspects treated here seems to me to provide one exceedingly important element of the logical situation out of which such a conception can be built. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.849
In a forthcoming volume I shall deal with the question in a still wider perspective of the history of thought which will place the question of the status of economic theory more accurately in its larger context of the methodology of the social sciences as a total group. Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 0.847

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
Lessons from the History of Economic Doctrines The student of economic doctrines discovers various ideas reappearing like the pieces of colored glass in a kaleidoscope, the same essentially in detail, but in ever-changing settings. Lauderdale’s Oversaving Theory 1945 The American Economic Review Frank Albert Fetter 0.867
The adversity of historical development need not spell the end of systematic economic theory, were it not for the fact that nothing in human experience but the drive for a self-regulating market economy ever called for a specifically and purely economic rationality. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.859
It has often been suggested that these theoretical developments, and the alacrity with which they were accepted, were due to an awareness that the older theories were not adequate to explain the facts of economic life, and that in being modified to ‘-explain’ them internal inconsistency resulted. Types of Competition and the Theory of Employment 1949 Oxford Economic Papers B. R. Williams 0.859
The thesis here is that, historically seen, economic theory, like other bodies of thought, e.g., philosophy or the natural sciences, does not consist of an elaboration of a priori ideas, but represents attempts to formulate the structural characteristics of given situations in order to make proposals for the solving of the problems contained and manifested in these ohne immer von Adam und Eva beginnen, uns durch veraltete Kontroversen dturchbeissen und gegen primitive Missversthndnisse sichern zu mUssen - zu neuen Taten ausziehen ko5nnen.” The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.854
Necessity of reexamining the received body of economic thought, 201. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.853
Economic history may provide grappling irons with which to lay hold of areas on the fringe of economics, whether in religion or in art, and with which, in turn, to enrich other subjects, as well as to rescue economics from the present-mindedness which pulverizes other subjects and makes a broad approach almost impossible.2’ Economic history demands the perspective to reduce jurisdictional disputes to an absurdity. On the Economic Significance of Culture 1944 The Journal of Economic History Harold A. Innis 0.835
Thus the dominant characteristic of the dominant type of economic theorizing in the period under review is well brought out by the essays: this has been the period of the clever gadget and the plausible surmise-the age of the easy answer. A Survey of Contemporary Economics 1949 Journal of Political Economy George J. Stigler 0.833
There had been in the writings of Adam Smith and Malthus and of some of their Scotch and German predecessors much incidental use of economic history and of observation of contemporary economic life; but the tendency to abstract theorizing, admittedly taken over from the Physiocrats, continued increasingly predominant in England and on the Continent from the founding of modern Political Economy. The Tasks of Economic History 1941 The Journal of Economic History Edwin F. Gay 0.832
The issue of interpretation is important, since it raises the general problem of methodology in the study of the history of economic thought. Demand for Commodities is Not Demand for Labour 1949 The Economic Journal Harry G. Johnson 0.829
It is to be remembered that we are interested here not primarily in a recounting of old controversies but in the detection of the process of doctrine formation and its relation to the problems in economic reality with which these doctrines were concerned. A Reëxamination of the Classical Theory of Inflation 1940 The American Economic Review Karl H. Niebyl 0.829

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Nor does this at all invalidate the book’s claim to be unlike and superior to other histories of “economic thought”; for while it neglects nothing of all they may deal with, it distinguishes and shows the relationship between the diverse components of historic patterns of thought in economics and related fields, instead of confusing them into medlies. Schumpeter’s History of Economic Analysis 1955 The Review of Economics and Statistics O. H. Taylor 0.889
CONCLUSION At best, economic theorizing can be no more than “the quintessence of experience,” and so as the circumstances and events which gave rise to the ideas expressed in the General Theory have passed over the horizon, the book itself has become increasingly dated. After Twenty Years: The General Theory 1956 The Quarterly Journal of Economics James R. Schlesinger 0.875
INTRODUCTION It is almost a truism that the history of economic reasoning is imbedded in the history of western thought. Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 0.870
IV What are the implications of the foregoing analysis for our appraisal of contemporary economic thought? Currency and Commerce in the Early Seventeenth Century 1957 The Economic History Review B. E. Supple 0.862
Since the paramount position of this work in the history of economic doctrines cannot escape the reader who may not yet be acquainted with it, no further commentary is needed here. Abraham Wald, 1902-1950 1951 Econometrica Oskar Morgenstern 0.861
On examining the major systems of economic thought which we have inherited from the past, we actually find them rooted in the conditions and inspired by the problems of the time in which their authors lived. The “Historical” Character of Economic Theories 1952 The Journal of Economic History Arthur Spiethoff 0.858
History of Economic Thought Progress like this must have its repercussions on the history of economic thought. Recent Developments of American Economic Thinking 1951 Weltwirtschaftliches Archiv Emil Kauder 0.857
The vision of streams of fragmentary pieces of economic analysis springing from the treatises of moral philosophers and the ad hoc utterances of administrators and pamphleteers and culminating in the eighteenth century in the discovery of the system in economic life, is a fine one and opens up grand perspectives. Schumpeter’s History of Economic Analysis 1955 The Quarterly Journal of Economics Lionel Robbins 0.856
In dealing with the history of economic thought, it is not enough to know the writings of the economists; one must also know something with the abundance or scarcity of money. Scholastic Economics: Survival and Lasting Influence from the Sixteenth Century to Adam Smith 1955 The Quarterly Journal of Economics Raymond De Roover 0.855
The advancement of economic doctrine, especially since the days of Menger and Jevons and within the world of ideas which since their day economists have inhabited, has been dependent on attitudes of mind and on a method of investigation as clearly differentiated from that of historians or anthropologists as any intellectual process can be. Economic Growth 1953 The Economic History Review M. M. Postan 0.852

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 21 0.633
The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 21 0.624
Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 17 0.632
Patterns of Economic Reasoning 1953 The American Economic Review Karl Pribram 17 0.625
The Study of Economic History 1906 The Economic Journal L. L. Price 15 0.636
Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 13 0.626
The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 12 0.644
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 12 0.640
The Study of Primitive Economics 1927 Economica Raymond Firth 9 0.606
An Appraisal of Institutional Economics 1932 The American Economic Review Paul T. Homan 9 0.618

Top articles (most sentences) of the cluster for each time window

Top articles 1900-1919

Title Year Journal Authors Number sentences Similarity
The Study of Economic History 1906 The Economic Journal L. L. Price 15 0.636
The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 12 0.644
Economics and Commercial Education 1901 The Economic Journal L. L. Price 8 0.651
The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 7 0.646
Free Trade and Protection 1902 The Economic Journal L. L. Price 7 0.656
The Present Position of Political Economy 1907 The Economic Journal W. J. Ashley 7 0.614
The Function and Problems of Economic Theory 1918 Journal of Political Economy C. E. Ayres 7 0.633
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 6 0.655
The Work and Influence of Ricardo 1911 The American Economic Review Jacob H. Hollander 6 0.609
Gustav Schmoller’s Economics 1901 The Quarterly Journal of Economics Thornstein Veblen 5 0.653
On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 5 0.628
The Place of Value Theory in Economics: I 1918 Journal of Political Economy Walton H. Hamilton 5 0.632
Petty’s Place in the History of Economic Theory 1900 The Quarterly Journal of Economics Charles H. Hull 4 0.622
Economic Theory and Fiscal Policy 1904 The Economic Journal L. L. Price 4 0.636
Economic Security and Unemployment Insurance 1910 The Economic Journal Llewellyn Smith 4 0.664

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 17 0.632
Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 13 0.626
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 12 0.640
The Study of Primitive Economics 1927 Economica Raymond Firth 9 0.606
An Appraisal of Institutional Economics 1932 The American Economic Review Paul T. Homan 9 0.618
The Trend of Economic Thinking 1933 Economica F. A. von Hayek 9 0.624
The Nature and Objectives of Economic History 1938 Journal of Political Economy Chester W. Wright 9 0.614
Adam Smith 1776-1926 1927 Journal of Political Economy Jacob H. Hollander 8 0.619
Fourier and Anarchism 1928 The Quarterly Journal of Economics E. S. Mason 8 0.623
English Political Economy 1928 Economica Allyn A. Young 8 0.609
Economic Theory and Economic History 1929 The Economic History Review Werner Sombart 8 0.624
Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 7 0.658
Nassau Senior’s Contribution to the Methodology of Economics 1936 Economica Marian Bowley 7 0.611
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 6 0.608
“Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 6 0.620

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
The Problem of Order in Economic Affairs 1948 Southern Economic Journal Joseph J. Spengler 8 0.605
Statistics and Economic History 1941 The Journal of Economic History Simon Kuznets 7 0.601
Myths and Illogic in Popular Notions about Business Cycles 1943 Journal of Political Economy Richard C. Bernhard 7 0.621
Social Biases and Recent Theories of Competition 1943 The Quarterly Journal of Economics William H. Nicholls 7 0.594
History and Theory in Economics 1944 Economica F. A. Lutz 7 0.600
The Place of Marshall’s Principles in the Development of Economic Theory 1942 The Economic Journal G. F. Shove 6 0.607
Relative Prices and Postwar Markets for Animal Food Products 1945 The Quarterly Journal of Economics Hans Staehle 6 0.607
On the Politics of the Classical Economists 1948 The Quarterly Journal of Economics William D. Grampp 6 0.619
Isolationism in Economic Method 1949 The Quarterly Journal of Economics George J. Schuller 6 0.606
Economics: Yesterday and To-morrow 1949 The Economic Journal Alexander Gray 6 0.607
The Social Significance of Recent Trends in Economic Theory 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Erich Roll 5 0.625
John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 5 0.588
The Tasks of Economic History 1941 The Journal of Economic History Edwin F. Gay 5 0.610
Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 5 0.645
Ruskin and the Orthodox Political Economists 1943 Southern Economic Journal John Tyree Fain 5 0.602

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 21 0.633
The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 21 0.624
Patterns of Economic Reasoning 1953 The American Economic Review Karl Pribram 17 0.625
Physiocracy and the Early Theories of Under-Consumption 1951 Economica Ronald L. Meek 8 0.614
The Decline of Ricardian Economics in England 1950 Economica Ronald L. Meek 7 0.594
The Prescriptions of the Classical Economists 1953 Economica S. G. Checkland 7 0.602
The Historist Reaction in English Political Economy 1870-90 1954 Economica A. W. Coats 7 0.636
Schumpeter’s Views on the Relationship of Philosophy and Economics 1958 Southern Economic Journal Alfred F. Chalk 7 0.607
Adam Smith’s Moral Sentiments as Foundation for His Wealth of Nations 1959 Oxford Economic Papers A. L. Macfie 7 0.614
Natural Law and the Rise of Economic Individualism in England 1951 Journal of Political Economy Alfred F. Chalk 6 0.627
The Theory of an Economic System 1953 The American Economic Review Manuel Gottlieb 6 0.600
Recent Developments of American Economic Thinking 1951 Weltwirtschaftliches Archiv Emil Kauder 5 0.602
An Economist’s Confessions 1952 The American Economic Review John H. Williams 5 0.629
Hicks and the Real Cycle 1952 Journal of Political Economy Arthur F. Burns 5 0.619
Dichotomies of the Pricing Process in Economic Theory 1954 Economica Don Patinkin 5 0.610

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.1043945
7: economy_vol, cairnes, jevons, economic_method, senior 0.1008258
8: farm, agriculture, agricultural, land, farmers 0.0096476
9: teaching, training, student, students, induction 0.0071497
11: capitalistic, capitalism, capitalist, capital, marxian -0.0550155
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0687698
6: civilization, evils, enjoyment, free_competition, religion -0.0724874
1: commission, tariff, mill’s, court, commerce -0.0993636
13: laborers, employer, employers, wages, pain -0.1310310
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1584866
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.2204606
10: valuations, economic_values, reconsideration, judgments, valuation -0.2619212

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
18: economic_laws, economic_law, liberty, court, ethical 0.0453495
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0451295
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.0245678
8: farm, agriculture, agricultural, land, farmers -0.0291697
11: capitalistic, capitalism, capitalist, capital, marxian -0.0434887
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0484837
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.1052291
14: rationalisation, rationalization, men’s, und, rational_action -0.1234520
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.1475954
10: valuations, economic_values, reconsideration, judgments, valuation -0.1491235
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.2047011
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.2342756

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0068410
8: farm, agriculture, agricultural, land, farmers -0.0120171
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0342252
36: capitalism, marx, socialist, capitalistic, soviet -0.0395896
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.0469840
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.0759629
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0926268
14: rationalisation, rationalization, men’s, und, rational_action -0.1497267
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.1535647
10: valuations, economic_values, reconsideration, judgments, valuation -0.1542061
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1611475
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1953532

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0394754
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.0065885
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0110650
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0328120
8: farm, agriculture, agricultural, land, farmers -0.0645100
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0857257
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0963607
10: valuations, economic_values, reconsideration, judgments, valuation -0.1128350
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1259435
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.1374568
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1478316
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1600182
53: social_choice, decision_maker, maker, decisions, rational_choice -0.2307688

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.9160076
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8977291
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8507065
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3002639
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1849407
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1831540
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1577624
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1511785
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1288516
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.1043945
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1008258
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0964625
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.0948766
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0775817
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0733952

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.9521528
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.9160076
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8857932
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3379895
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2191932
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1444206
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1440485
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1399475
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1344974
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1317919
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1137298
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0771336
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.0453495
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0451295
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0408950

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.9521528
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8977291
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8897445
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3000065
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1938144
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1467735
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1415405
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1328534
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1242982
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1222226
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1062629
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0788601
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0691702
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0469779
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.0339809

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8897445
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8857932
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.8507065
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3976000
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2368912
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2066903
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1933019
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1857780
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1644684
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1560163
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1418524
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1351167
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.1043574
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.0893274
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0786335

Intertemporal cluster 6: civilization, evils, enjoyment, free_competition, religion

The cluster gathers 472 sentences from our corpus. It represents 0.29% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are Walton H. Hamilton (33 sentences), Wesley C. Mitchell (26 sentences), J. M. Clark (21 sentences), H. J. Davenport (15 sentences), Lewis H. Haney (15 sentences), Charles J. Bullock (11 sentences), Z. Clark Dickinson (11 sentences), S. Leon Levy (10 sentences), John Cummings (9 sentences), F. Lavington (8 sentences).

The most recurring journals are The Quarterly Journal of Economics (151 sentences), Journal of Political Economy (148 sentences), The American Economic Review (99 sentences), The Economic Journal (74 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
civilization 0.0008206
evils 0.0007061
enjoyment 0.0006706
free_competition 0.0006382
religion 0.0005748
wealth 0.0005581
speculator 0.0005557
wasteful 0.0004790
man’s 0.0004789
beauty 0.0004673
happiness 0.0004338
prosperity 0.0004307
trust 0.0004307
gold 0.0003829
social_environment 0.0003686
senior 0.0003359
initiative 0.0003350
enlightened 0.0003301
entrepreneur 0.0003220
pain 0.0003173

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Our economic theory is less an account of what men actually do than a statement of what it is rational for them to do, as seen by a shrewd fellow- citizen. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.756
Now the point of most essential interest in the study of man and wealth, and the point to which Jevons at once turns, is not a disconnected series of decisions, but the relation between them? Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.718
The very perfection of rationality is exhibited by the industrial organization and management of the great in? The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.714
Presuppositions of religion, of natural law, of philosophy, and of natural-rights ethics concurred to stamp the economic process as fundamentally rational and beneficent, to obscure and even to deny the distinction between the social and the competitive, and to assume and even to assert the necessary parallelism between the private interest and the aggregate good. Social Productivity Versus Private Acquisition 1910 The Quarterly Journal of Economics H. J. Davenport 0.713
We return then to this: the play of economic forces distributes wealth in a certain rational way, according with the efficiency in production of the various factors, and whatever we may, as moralists, think on seeing a sempstress paid six shillings a week while an engineer gets fifty thousand a year, we must recognise the difference in intelligence; and that in some rough way the distribution tends to bring out the best in industry, and cause wealth to grow; further, that the payment of interest on past savings is an essential part of the same scheme for the promotion of wealth in the community. On Financiers’ Profits 1910 The Economic Journal R. A. Lehfeldt 0.710
The writer inclines to the belief that the facts here stated justify the assumiption that the large combination directed by non- responsible hands will not be as effective in the end of reaching most economic production as was the old system of free competition and individual, responsible leadership. Iron and Steel in England and America 1901 Journal of Political Economy Jacob Schoenhof 0.709
Our assumptions, of men’s efforts to get the greatest wealth for the least sacrifice, rationality in the application of means to this end, diminishing utility, etc., are sufficiently true of the general run of people in the modern states; and we have not had to wait on the development of the whole formula of economic progress before being able to give quite helpful advice upon such things as railroad rates, the currency and the tariff. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.704
But in any system of artificial creation of holdings, faulty human judgment, or, perhaps, political or private considerations, take the place of the natural selection, which selection in itself arises out of the same economic laws on which are based the whole of the remaining working-out of the system. The English Aspect of the Small Holding Question 1907 The Economic Journal L. Jebb 0.703
So economic activity comes to be rationally directed with a view to obtaining the maximum of wealth with the minimum of effort. The Futility of Marginal Utility 1910 Journal of Political Economy E. H. Downey 0.702
The point here to be insisted on is this: that, if the activities in dispute are really economic, it can only be because there exists a more radical and fundamental principle of division among egoistic activities than the one I have utilized. A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 0.697
This chapter forms the logical outcome of the author’s views with regard to the conception and object of wealth. A Bibliographical Discovery in Political Economy 1901 Journal of Political Economy Leopold Katscher 0.697
Those men like Professor Parker and like Professor Fisher who see a conflict between man’s inherited instincts and present living conditions are justified in pressing vigorously for such changes of our present institutions as will accord on the one hand with the original nature of man, and on the other hand with our present notions of productive efficiency. Control of Wealth and Economic Life–Discussion 1918 The American Economic Review Frank A. Fetter , Wesley C. Mitchell, E. C. Hayes 0.692
What economic value stands as the basis of this power may be most varied and indefinite, but the explanation of the efficacy of this collected capital lies far away from the possession of concrete instruments. Organization, Distribution, and Wages 1919 The American Economic Review Herbert Feis 0.689
phers insisted that the world had been so contrived that the interests of all were best served by allowing each to pursue his own personal advantage.1 Translating this into their own thought, economists found social interests inseparably associated with the right of each individual to be guided by his own immediate pe? The Price-System and Social Policy 1918 Journal of Political Economy Walton H. Hamilton 0.689
Yet it is susceptible of proof that both assertions are true, and that each statement of the law miay be merged iPto a higher synthesis What this article will attempt to show is not so much that the value with which economics deals is essentially social, but that the corollaries of this statement, hitherto much neglected, serve to illumine some dark corners of economic theory. Social Elements in the Theory of Value 1901 The Quarterly Journal of Economics Edwin R. A. Seligman 0.687
We can, and do, use our intellectual powers, our physical powers, and the powers of nature, mechanically adapted, for the enhancement of our well-being; but economic activities refuse to group themselves under any one of these headings, as all these forces are alike exercised in individual, social, and economic activities. A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 0.682
Because it thus rationalizes economic life itself, the use of money lays the foundation for a rational theory of that life.”’ The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.681
We are then brought face to face with the difficulty already suggested that those improvements in method and in appliances, by which man’s power over nature has been acquired in the past, are not likely to continue with even moderate vigour if free enterprise be stopped, before the human race has been brought up to a much higher general level of economic chivalry than has ever yet been attained. The Social Possibilities of Economic Chivalry 1907 The Economic Journal Alfred Marshall 0.680
Economic matters are settled, not merely by the self-regarding forces which we have hitherto emphasised, but also by social conceptions, embodied in public opinion and class notions of what is right and proper, which defy expert analysis and any accurate evaluation as -influences. Hours of Labour 1909 The Economic Journal S. J. Chapman 0.680
But, having gone so far in admitting the relativity of economic laws, we must urge, on the other hand, in partial justification of the existing order, that, if the Darwinian theory has any applicability to society and social institutions,-and it is generally admitted that it has,-it would indicate, not that present institutions, being a comparatively recent and isolated development, may therefore be lightly swept aside, but, rather, that they exist because they are more fit than those which they have superseded. Wealth and Welfare 1903 The Quarterly Journal of Economics D. DeW. Smyth 0.680

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 6% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
We return then to this: the play of economic forces distributes wealth in a certain rational way, according with the efficiency in production of the various factors, and whatever we may, as moralists, think on seeing a sempstress paid six shillings a week while an engineer gets fifty thousand a year, we must recognise the difference in intelligence; and that in some rough way the distribution tends to bring out the best in industry, and cause wealth to grow; further, that the payment of interest on past savings is an essential part of the same scheme for the promotion of wealth in the community. On Financiers’ Profits 1910 The Economic Journal R. A. Lehfeldt 0.823
Presuppositions of religion, of natural law, of philosophy, and of natural-rights ethics concurred to stamp the economic process as fundamentally rational and beneficent, to obscure and even to deny the distinction between the social and the competitive, and to assume and even to assert the necessary parallelism between the private interest and the aggregate good. Social Productivity Versus Private Acquisition 1910 The Quarterly Journal of Economics H. J. Davenport 0.783
Our assumptions, of men’s efforts to get the greatest wealth for the least sacrifice, rationality in the application of means to this end, diminishing utility, etc., are sufficiently true of the general run of people in the modern states; and we have not had to wait on the development of the whole formula of economic progress before being able to give quite helpful advice upon such things as railroad rates, the currency and the tariff. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.756

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
We return then to this: the play of economic forces distributes wealth in a certain rational way, according with the efficiency in production of the various factors, and whatever we may, as moralists, think on seeing a sempstress paid six shillings a week while an engineer gets fifty thousand a year, we must recognise the difference in intelligence; and that in some rough way the distribution tends to bring out the best in industry, and cause wealth to grow; further, that the payment of interest on past savings is an essential part of the same scheme for the promotion of wealth in the community. On Financiers’ Profits 1910 The Economic Journal R. A. Lehfeldt 0.823
But the more we analyse the life of society the less can we rest upon the “economic harmonies”; and the better we understand the true function of the “market,” in its widest sense, the more fully shall we realise that it never has been left to itself, aind the more deeply shall we feel that it never must be. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.808
In order that it may be used to justify private property and free competition to the fullest extent, on the ground that under these institutions the community’s productive resources automatically are devoted to supplying the goods which are most urgently wanted, it is necessary to assume that the larger money offer always means the greater human want. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.807
Economic matters are settled, not merely by the self-regarding forces which we have hitherto emphasised, but also by social conceptions, embodied in public opinion and class notions of what is right and proper, which defy expert analysis and any accurate evaluation as -influences. Hours of Labour 1909 The Economic Journal S. J. Chapman 0.806
At the very threshold of economic analysis we are met by the troublesome concept of “wealth,” and almost immediately, as we attempt to gain a measurable material with which to work, we realize that what is regarded as wealth by the individual is not necessarily regarded as wealth from the point of view of the whole group of which the individual is a member. The Social Point of View in Economics 1913 The Quarterly Journal of Economics Lewis H. Haney 0.805
Now the point of most essential interest in the study of man and wealth, and the point to which Jevons at once turns, is not a disconnected series of decisions, but the relation between them? Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.802
We can, and do, use our intellectual powers, our physical powers, and the powers of nature, mechanically adapted, for the enhancement of our well-being; but economic activities refuse to group themselves under any one of these headings, as all these forces are alike exercised in individual, social, and economic activities. A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 0.793
So all the needs, appetites, passions, tastes, aims, and ideas which the various things comprehended in the word “wealth” satisfy, are lumped together in political economy as a principle of human nature, which is the source of industry and the moving principle of the. Nassau W. Senior, British Economist, in the Light of Recent Researches: II 1918 Journal of Political Economy S. Leon Levy 0.793
Yet it is susceptible of proof that both assertions are true, and that each statement of the law miay be merged iPto a higher synthesis What this article will attempt to show is not so much that the value with which economics deals is essentially social, but that the corollaries of this statement, hitherto much neglected, serve to illumine some dark corners of economic theory. Social Elements in the Theory of Value 1901 The Quarterly Journal of Economics Edwin R. A. Seligman 0.791
Now there is a general agreement among thoughtful people, and especially among economists, that if society could award this honour, position, and influence by methods less blind and less wasteful; and if it could at the same time maintain all that stimulus which the free enterprise of the strongest business men derives from present conditions, then the resources thus set free would open out to the mass of the people new possibilities of a higher life, and of larger and more varied intellectual and artistic activities. The Social Possibilities of Economic Chivalry 1907 The Economic Journal Alfred Marshall 0.790
phers insisted that the world had been so contrived that the interests of all were best served by allowing each to pursue his own personal advantage.1 Translating this into their own thought, economists found social interests inseparably associated with the right of each individual to be guided by his own immediate pe? The Price-System and Social Policy 1918 Journal of Political Economy Walton H. Hamilton 0.789
According to that author mankind, from an economic viewpoint, is supposed to be dominated by a single motive-the desire to accumulate more and more wealth ’ Cf. Nassau W. Senior, British Economist, in the Light of Recent Researches: II 1918 Journal of Political Economy S. Leon Levy 0.788
Only in this sense is free competition the basic principle of our economic order; more accurately, it is not competition, but the pursuit of gain of the individual when free to develop, which organizes existing economic society, i. e., the provision for all through the processes of exchange. Monopoly or Competition as the Basis of a Government Trust Policy 1915 The Quarterly Journal of Economics Robert Liefmann 0.786
This chapter forms the logical outcome of the author’s views with regard to the conception and object of wealth. A Bibliographical Discovery in Political Economy 1901 Journal of Political Economy Leopold Katscher 0.786
Presuppositions of religion, of natural law, of philosophy, and of natural-rights ethics concurred to stamp the economic process as fundamentally rational and beneficent, to obscure and even to deny the distinction between the social and the competitive, and to assume and even to assert the necessary parallelism between the private interest and the aggregate good. Social Productivity Versus Private Acquisition 1910 The Quarterly Journal of Economics H. J. Davenport 0.783

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 12 0.642
The Price-System and Social Policy 1918 Journal of Political Economy Walton H. Hamilton 11 0.627
The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 11 0.618
Trust Literature: A Survey and A Criticism 1901 The Quarterly Journal of Economics Charles J. Bullock 10 0.636
Nassau W. Senior, British Economist, in the Light of Recent Researches: II 1918 Journal of Political Economy S. Leon Levy 10 0.631
Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 9 0.622
The Social Point of View in Economics 1913 The Quarterly Journal of Economics Lewis H. Haney 8 0.618
A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 7 0.638
The Social Possibilities of Economic Chivalry 1907 The Economic Journal Alfred Marshall 7 0.630
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 6 0.652

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0590372
13: laborers, employer, employers, wages, pain -0.0256827
7: economy_vol, cairnes, jevons, economic_method, senior -0.0324036
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0484321
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0492066
11: capitalistic, capitalism, capitalist, capital, marxian -0.0637209
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0724874
10: valuations, economic_values, reconsideration, judgments, valuation -0.0896397
1: commission, tariff, mill’s, court, commerce -0.0956302
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.1335800
9: teaching, training, student, students, induction -0.1772188
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.2744987

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.2990486
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.2986207
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.2494723
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.2436637
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.2048522
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1909056
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1420761
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1416953
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1391798
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.1349047
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.1163409
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.1079062
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1074558
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0998605
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0976945

Intertemporal cluster 7: economy_vol, cairnes, jevons, economic_method, senior

The cluster gathers 171 sentences from our corpus. It represents 0.11% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are J. Viner (13 sentences), W. J. Ashley (8 sentences), H. J. Davenport (7 sentences), L. L. Price (7 sentences), Jacob H. Hollander (6 sentences), R. B. Haldane (6 sentences), Wesley C. Mitchell (6 sentences), Edwin R. A. Seligman (5 sentences), Thorstein Veblen (5 sentences), Walton H. Hamilton (5 sentences).

The most recurring journals are Journal of Political Economy (65 sentences), The Economic Journal (47 sentences), The Quarterly Journal of Economics (34 sentences), The American Economic Review (25 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economy_vol 0.0019833
classical_political 0.0019513
business_economics 0.0015610
cairnes 0.0012396
jevons 0.0009675
economic_method 0.0008709
metaphysics 0.0007404
senior 0.0007307
letters 0.0007031
stanley 0.0006682
politique 0.0006044
politics 0.0006037
edition 0.0005775
pleasures 0.0005752
political_economist 0.0005752
preface 0.0005474
shareholders 0.0005474
love 0.0005210
social_science 0.0005195
arithmetic 0.0004958

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Political economy not only recognizes but exaggerates individual rationality, assuming an almost ideal efficiency in it, while at the same time the correlative phenomenon of collective rationality is left out in the cold. Political Economy and Social Process 1918 Journal of Political Economy Charles H. Cooley 0.765
To a mind as rigidly logical as his own it seemed an obvious truism that if political economy was to be studied at all it must concern itself, in the same sense as chemistry and geology were being pursued, with a definite subject-matter and employ as orderly a manner of reasoning. The Work and Influence of Ricardo 1911 The American Economic Review Jacob H. Hollander 0.743
The bonds which tie political economy to an out-of-date rational hedonistic psychology and its appropriate logical method of investigation are not indissoluble. Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 0.703
To state it otherwise, political economy assigns a great sphere to rational control in its individual aspect, making this a part of its system, but ignores, or sets apart as interference, the same thing in its collective aspect. Political Economy and Social Process 1918 Journal of Political Economy Charles H. Cooley 0.700
This position, here outlined with as little qualification as may be admissible, embodies the general metaphysical ground of that classical political economy that affords the point of departure for Mill and Cairnes, and also for Jevons. The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 0.697
When Fisher has carried it out to its logical perfection and has I Stanulaue Co. v. San Joaquwn and K. Rvver Canal and 1rrzatzon Co., 192 U. S. 201, QUARTERLY JOURNAL OF ECONOMICS boldly accepted all of its implications, we are in a position to discover those grounds on which it is able for a time to pass off as political economy. Political Economy and Business Economy: Comments on Fisher’s Capital and Income 1907 The Quarterly Journal of Economics NULL 0.696
This rich storehouse of industrious erudition and comprehensive criticism is now being eagerly ransacked by interested politicians on the alert for a telling argument or an apt retort, and the meditations and conclusions of the study are thus brought into the market-place, with or without the approval or the acquiescence of their authors. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.692
To both the points of economic theory which have been referred to, a parallel may be found in the realm of politics. A Parallel Between Economic and Political Theory 1902 The Economic Journal A. C. Pigou 0.686
Professor Mitchell’s article was ” The Rationality of Economic Activity,” Journal of Political Economy, vol.  The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.686
Mr. Wicksteed, himself a disciple of Jevons, has clearly shown in his Common SenBe of Political Economy, that the notion of “marginal significance” retains as much validity when instincts and habits are counted among the forces governing men in their economic relations as when only “economic men,” actuated solely by a reasoned pursuit of a maximum of pleasure, are postulated. Jevons’ “Theory of Political Economy.” 1912 The American Economic Review Allyn A. Young 0.683
In the political, as in the physical world, there is a vis inertiae to be reckoned with; the weight of the accumulated tradition, opinion, and practice of two centuries was not to be lightly set aside at the bidding of an untried government, however great might be the value of the trade it had to offer. The Earlier Commercial Policy of the United States 1902 Journal of Political Economy Thomas Walker Page 0.683
Considerations of a political nature may enter to modify economic conclusions. Economics and Commercial Education 1901 The Economic Journal L. L. Price 0.676
URNAL OF POLITICAL ECONOMY In view of the foregoing, it may, upon the face of it, seem captious to put in question the “moreness” or “lessness” of one man’s pleasures or pains as compared with another’s. A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.676
And it must be remembered that, in thus being taken over into practical politics, political economy lost altogether the hypothetical character which its more cautious exponents attributed to it; its conclusions were no longer remembered to require ” verification ” ; ” other considerations besides the purely economic” were left to the other side to point out; and economic principles were regarded as rules directly and immediately a.pplicable to existing circumstances. The Present Position of Political Economy 1907 The Economic Journal W. J. Ashley 0.676
In the Postulates of English Political Economy we find, for example, that Political Economy, dealing with matters of “business,” assumes that man is actuated only by motives of business. Walter Bagehot 1914 The Economic Journal J. Shield Nicholson 0.674
Now how far a theory of political economy is possible that should include an adequate doctrine of process no man can say; no worthy adventure is certain of success; but I see no reason to suppose that the difficulties of this one are insuperable. Political Economy and Social Process 1918 Journal of Political Economy Charles H. Cooley 0.673
Positive Theory of Capital, 9. t To many of us it seems a positive hindrance to the fair fame of political economy now that its professors should talk of a ” calculus of pleasures and pains,” as if that were the foundation on which all economical theory must rest. Proposed Modifications in Austrian Theory and Terminology 1902 The Quarterly Journal of Economics H. J. Davenport 0.673
There is a curious reminiscence of the perfect taxonomic day in Mr. Keynes’s characterization of political economy as a ” positive science,” ” the sole province of which is to establish economic uniformities”; f and, in this resort to “Interest” is, of course, here used in the sense which it has in modern psychological discussion. The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 0.672
That the activities of governmnent must depend upon circumstances is well illtustrated by a few meaty extracts from his Science of Finance: It is futile to urge disarmamient, and the consequent extinction of the military budget, so long as there conitinues to be a conflict of legal ideas. The Study of Comparative Legislation 1903 Journal of Political Economy Max West 0.671
Recognizing that human nature after all determines the manner in which theories must work, and remembering that astute politicians, backed by selfish business interests, have in the past operated in both political parties for the perpetuation of their power, remembering how they simply played upon the jealousies of rival factions to keep their control, let us refrain from enlarging their opportunities. The Redistribution of the Labor Now Employed in Producing War Supplies 1917 The American Economic Review Haviland H. Lund 0.671

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
of the Theory of Political Economy; pp.  The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.878
Thus I Theory of Political Economy, p. i8. Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 0.877
2 Senior, Political Economy; Cairnes, Character and Logical Method of Political Economy; J. S. Mill, System of Logic and Essays on Some Unsettled Questions of Political Economy; Jevons, Pure Logic and Principles of Political Economy. Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 0.872
And it must be remembered that, in thus being taken over into practical politics, political economy lost altogether the hypothetical character which its more cautious exponents attributed to it; its conclusions were no longer remembered to require ” verification ” ; ” other considerations besides the purely economic” were left to the other side to point out; and economic principles were regarded as rules directly and immediately a.pplicable to existing circumstances. The Present Position of Political Economy 1907 The Economic Journal W. J. Ashley 0.867
My Principles of Political Economy, Vol. The Report on Indian Finance and Currency in Relation to the Gold Exchange Standard 1914 The Economic Journal J. Shield Nicholson 0.854
To a mind as rigidly logical as his own it seemed an obvious truism that if political economy was to be studied at all it must concern itself, in the same sense as chemistry and geology were being pursued, with a definite subject-matter and employ as orderly a manner of reasoning. The Work and Influence of Ricardo 1911 The American Economic Review Jacob H. Hollander 0.853
3 Principles of Political Economy, Vol. Contributions to the Theory of Railway Rates 1911 The Economic Journal F. Y. Edgeworth 0.850
AN EMINENT ECONOMIST CONFUSED THE writer of this note has recently had called to his attention Professor Carver’s new and interesting Principles of Political Economy. An Eminent Economist Confused 1919 The Quarterly Journal of Economics H. G. Brown 0.850
When Fisher has carried it out to its logical perfection and has I Stanulaue Co. v. San Joaquwn and K. Rvver Canal and 1rrzatzon Co., 192 U. S. 201, QUARTERLY JOURNAL OF ECONOMICS boldly accepted all of its implications, we are in a position to discover those grounds on which it is able for a time to pass off as political economy. Political Economy and Business Economy: Comments on Fisher’s Capital and Income 1907 The Quarterly Journal of Economics NULL 0.848
That the great field for research in political economy lies in the analysis of that vast proportion of economic phenomena which are predominantly objective in character, recent tendencies in economic literature and in the scientific activities of economists amply demonstrate. Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 0.846
This problem makes of his subject not economicscs” or “economic science,” but “political economy.” The Place of Value Theory in Economics: I 1918 Journal of Political Economy Walton H. Hamilton 0.843
To both the points of economic theory which have been referred to, a parallel may be found in the realm of politics. A Parallel Between Economic and Political Theory 1902 The Economic Journal A. C. Pigou 0.840
Where political economy is used as a weapon, whether to attack or to defend the existing order of things, where it is harnessed in the service of party, it necessarify loses the attributes essential in every science-those attributes which British economics possess in so eminent a degree, and which we can but contemplate with envy-serenity and unity. Economic Literature in France at the Beginning of the Twentieth Century 1907 The Economic Journal Charles Gide 0.836
1 Principles of Political Economy, Bk. International Trade Under Depreciated Paper: A Criticism 1918 The Quarterly Journal of Economics Jacob H. Hollander 0.836
The practical usefulness of economic theory is not in private business but in politics, anid I for one regret the disappearance of the old name ” political economy,” in which that truth was recognised. The Practical Utilty of Economic Science 1902 The Economic Journal Edwin Cannan 0.834

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 13 0.637
Modern Logicians and Economic Methods 1905 The Economic Journal R. B. Haldane 6 0.631
The Present Position of Political Economy 1907 The Economic Journal W. J. Ashley 5 0.626
The Preconceptions of Economic Science 1900 The Quarterly Journal of Economics Thorstein Veblen 4 0.666
The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 4 0.631
The Function and Problems of Economic Theory 1918 Journal of Political Economy C. E. Ayres 4 0.635
Nassau W. Senior, British Economist, in the Light of Recent Researches: II 1918 Journal of Political Economy S. Leon Levy 4 0.619
A Parallel Between Economic and Political Theory 1902 The Economic Journal A. C. Pigou 3 0.644
The Variation of Productive Forces 1902 The Quarterly Journal of Economics Charles J. Bullock 3 0.632
The Study of Comparative Legislation 1903 Journal of Political Economy Max West 3 0.637

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1008258
9: teaching, training, student, students, induction 0.0719339
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.0074893
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0229278
6: civilization, evils, enjoyment, free_competition, religion -0.0324036
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0569274
11: capitalistic, capitalism, capitalist, capital, marxian -0.0870706
1: commission, tariff, mill’s, court, commerce -0.0913650
13: laborers, employer, employers, wages, pain -0.1000646
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.1240840
8: farm, agriculture, agricultural, land, farmers -0.1454276
10: valuations, economic_values, reconsideration, judgments, valuation -0.1686473

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.7484783
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.6992410
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.6010818
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.2042490
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1767485
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.1707590
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1679953
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1560163
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1558681
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1415405
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1399475
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1361631
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1298159
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1266488
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1064706

Intertemporal cluster 8: farm, agriculture, agricultural, land, farmers

The cluster gathers 847 sentences from our corpus. It represents 0.52% of all the sentences selected over the whole period.

The community exists from 1900 to 1969.

The most recurring authors are Harry Gunnison Brown (19 sentences), M. M. Kelso (13 sentences), Frank A. Fetter (12 sentences), H. J. Davenport (12 sentences), E. G. Nourse (11 sentences), F. Y. Edgeworth (11 sentences), Edwin R. A. Seligman (10 sentences), H. C. M. Case (9 sentences), J. Wilczynski (9 sentences), Richard T. Ely (9 sentences).

The most recurring journals are Journal of Farm Economics (321 sentences), The American Economic Review (83 sentences), The Quarterly Journal of Economics (82 sentences), Journal of Political Economy (81 sentences), The Economic Journal (76 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
farm 0.0062334
agriculture 0.0048449
agricultural 0.0044508
land 0.0037530
farmers 0.0036880
farmer 0.0031212
agricultural_economics 0.0020346
wheat 0.0013393
peasant 0.0012585
conservation 0.0007243
malthus 0.0006954
rent 0.0006462
private_property 0.0004394
plant 0.0004053
corn 0.0003835
increment 0.0003662
water 0.0003647
marketing 0.0003441
natural_resources 0.0003362
parity 0.0003242

Top TF-IDF terms describing the community for each time window

Top terms 1900-1919

Token TF-IDF
land 0.0098057
rent 0.0040626
wheat 0.0033352
private_property 0.0030062
farmer 0.0024854
lands 0.0023631
agricultural 0.0022133
fertility 0.0022097
ricardian_theory 0.0021411
inducement 0.0019000
rents 0.0016856
water 0.0016585
taxation 0.0016339
cultivation 0.0016058
agriculture 0.0015202

Top terms 1920-1939

Token TF-IDF
land 0.0082507
farm 0.0062401
farmer 0.0059512
agriculture 0.0058241
agricultural 0.0055521
farmers 0.0040104
farms 0.0030464
railroads 0.0026456
lands 0.0024250
farming 0.0021760
wheat 0.0019558
farmer’s 0.0017408
malthus 0.0016825
railroad 0.0015117
cultivation 0.0014648

Top terms 1940-1949

Token TF-IDF
agriculture 0.0099033
farm 0.0074274
agricultural 0.0073428
land 0.0062717
land_economics 0.0056321
farms 0.0043167
farmer 0.0042164
farmers 0.0041673
urban 0.0036323
parity 0.0032219
maximum_profits 0.0024935
conservation 0.0024758
parsons 0.0021794
wisconsin 0.0019947
wage_rates 0.0017464

Top terms 1950-1959

Token TF-IDF
farm 0.0140382
farmers 0.0116413
agricultural 0.0084246
farmer 0.0083290
agriculture 0.0063398
peasant 0.0047835
farmer’s 0.0047374
indian 0.0042513
farming 0.0037899
corn 0.0028300
peasants 0.0022526
farms 0.0018949
lands 0.0017598
agricultural_economics 0.0016456
land 0.0015109

Top terms 1960-1969

Token TF-IDF
farm 0.0099672
agricultural 0.0082636
agricultural_economics 0.0072441
farmers 0.0068633
land_economics 0.0068021
agriculture 0.0067279
land 0.0062814
farmer 0.0043285
peasant 0.0039482
farming 0.0026068
farms 0.0020854
personnel 0.0017021
farmer’s 0.0015641
shadow 0.0014424
malthus 0.0014109

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Implications If the foregoing analysis is indicative of the general picture, it helps explain the behavior of farmers who might be judged irrational on strict price and cost grounds. Farmer’s Choice of Hog Markets 1957 Journal of Farm Economics R. L. Kohls , John Gifford 0.707
TOWARDS RATIONALITY IN LAND ECONOMICS 559 furthermore, so much depends on the judgment of top planners. Towards Rationality in Land Economics under Central Planning 1969 The Economic Journal J. Wilczynski 0.707
J. Lewandowski states that for a choice to be made between the various methods of increase in production, in accordance with the principles of rational administration, all factors of production, which includes land, must have a price. The Price of Nationalized Land under Socialism 1968 Eastern European Economics Henryk Cholaj 0.704
This remark does not express a farmer’s prejudice, but a purely rational idea - rational from the point of view of the village as well as of the national economy. Agricultural Circles in the Light of the General Problems of Agriculture 1966 Eastern European Economics Jerzy Tepicht 0.699
It may be granted also that in some branches of current economic activity-say, agricultural production under what amounts to a system of ” peasant proprietors “-it is conceivable that the individual in charge of the economic unit is actually in continuing doubt as to what part of his crop he intends to sell, and what part he intends to consume. The Definition of the Concept of a “Velocity of Circulation of Goods” Part I 1932 Economica Arthur W. Marget 0.696
It should be noted, however, that the acceptance of the claim that farm operators are economically rational and are “efficiently” allocating the resources at their disposal, does not necessarily entail belief in “efficient” resource allocation at the sector level. Resource Allocation in Traditional Agriculture: Comment 1967 Journal of Farm Economics Dale W. Adams 0.694
If the farm-firm problems are defined in a specific manner, then the management process will be more “rational.” A Systematic Conceptualization of Farm Management 1967 Journal of Farm Economics Willard T. Rushton, E. T. Shaudys 0.694
We have become aware that the conventional references to economic behavior are not only incomplete, that the division between land, capital, wages, etc., is not only a scanty list of economic groups at action, but actually misleading in tempting one to generalize about them. Static and Dynamic Economics 1930 The American Economic Review Simon Kuznets 0.693
Accepting this, one was led to understand the resulting constraints upon producer decisions as being objectively imposed by the necessity to survive’-in other words as constraints that were as essentially “arithmetical” and inescapable as the income constraints operative upon consumers, in no way depending on any partial moratorium on impulsive or habit-following decisions, or on any particular state of the decision-maker’s knowledge. Rational Action and Economic Theory: Rejoinder 1963 Journal of Political Economy Israel M. Kirzner 0.693
It is always for the sake of increased utilities that division of labor is resorted to, that exchange is resorted to, that valuation becomes the efficient and prominent expedient for the distribution of utilities, but only the expedient. Value in Its Relation to Interest 1901 Journal of Political Economy R. S. Padan 0.690
A farm organization economist must come to recognize that economic reasoning is only one of a number of factors that govern conclusions and choice of means. Problems of the Economist Working with Organizations 1954 Journal of Farm Economics Lloyd C. Halvorson 0.688
5 However, the failure of the marketed agricultural surplus to grow in this case is a result of ” rational ” economic behaviour of the peasant, not the perverse consequence of irrational behaviour. The Marketed Agricultural Surplus and Economic Growth in Underdeveloped Countries 1963 The Economic Journal Vinod Dubey 0.686
Rationality for a farm business in a thoroughly market-oriented economy may differ from rationality in the situation in which the Indian peasants find themselves. Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 0.685
They implicitly assume that activities which are not rational by business standards are irrational, and that the peasant cultivator would be better off if he changes his practices to conform with the rationale of business. Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 0.685
If the farm-firm problems are defined in a nonspecific manner, then the management process will be less “rational.” A Systematic Conceptualization of Farm Management 1967 Journal of Farm Economics Willard T. Rushton, E. T. Shaudys 0.685
The old classification of the material things composing wealth, into land and capital, is admitted to be impossible for some purposes, and only justifiable for others by reasoning th is foreign to the Ricardian treatment. The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 0.683
VI Since, depending on the premises that one uses, abstract reasoning leads to either the belief or disbelief in prices as a significant tool for inducing a proper allocation of resources within American agriculture, the foregoing discussion, which leads to a disbelief, indicates that inquiry is needed along two lines. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.683
The general acceptance of the “doctrine of irrational behavior” has been a facile excuse for economists to sidestep the analysis of criteria used to make farm production decisions in less-developed areas. Resource Allocation in Traditional Agriculture: Comment 1967 Journal of Farm Economics Dale W. Adams 0.676
4 In a later edition he reiterates some of these views, but thinks that he has made an important emendation of the Ricardian theory, by calling attention to the difference of situation rather than of fertility as an explanation of rents -being here a forerunnier of Von Thuinen and many later critics. On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 0.675
18-20. observe that farmers want freedom and progress as well as price stability, but we do not conclude that since those are value judgments too, economic science can say nothing about how those conflicting values can be reconciled. What Can a Research Man Say about Values? 1956 Journal of Farm Economics Geoffrey Shepherd 0.674
Economic Rationality in Agriculture We begin with the literature on the “economic rationality” of the agricultural sector. Contributions to Indian Economic Analysis: A Survey 1969 The American Economic Review Jagdish N. Bhagwati , Sukhamoy Chakravarty 0.674

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
It is always for the sake of increased utilities that division of labor is resorted to, that exchange is resorted to, that valuation becomes the efficient and prominent expedient for the distribution of utilities, but only the expedient. Value in Its Relation to Interest 1901 Journal of Political Economy R. S. Padan 0.690
The old classification of the material things composing wealth, into land and capital, is admitted to be impossible for some purposes, and only justifiable for others by reasoning th is foreign to the Ricardian treatment. The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 0.683
4 In a later edition he reiterates some of these views, but thinks that he has made an important emendation of the Ricardian theory, by calling attention to the difference of situation rather than of fertility as an explanation of rents -being here a forerunnier of Von Thuinen and many later critics. On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 0.675
Economic anatomy is not minutely studied by those who are absorbed in the practical pursuits of making or of taking monley; and the nice distinction between ” proper ” and ” quasi- ” rent is not so familiar to either of the parties as to form a limit to the fears of the one and the rapacity of the othier. The Incidence of Urban Rates III 1900 The Economic Journal F. Y. Edgeworth 0.672
In the first case certain branches of our agriculture had to pay the price, in the second case certain branches of our manufactures: therefore, opposition from various sides must be overcome. The German Tariff Controversy 1903 The Quarterly Journal of Economics H. Dietzel 0.672
That the enthusiasm for it in the commercial sections of the country was heightened by the expectation of private profits there can be no doubt; that grave apprehensions existed in the agricultural sections lest it should cripple their trade by raising the ccjst of transportation is equally certain ; but the law resulted neither from the selfish machinations of one interest nor the foolish altruism of the other, nor was it brought about ? The Earlier Commercial Policy of the United States 1902 Journal of Political Economy Thomas Walker Page 0.669
A passage from such a lecture, that ” much of what properly belongs to profit and rent is generally included under wages,” was quoted by Whately in his Logic, and led Cotterill to attempt to analyse the rent element in wages.2 The variety in the genius of different men, thinks Cotterill, is much the same as varieties in the quality of land. On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 0.668
It seems to be generally admitted thatfalker’s masterly portrait of the industrial captain was not improved by his representation of profits as rent.2 Having now considered the party that takes factors of production in return for products, or the proceeds thereof, let us look at the other side of the counter,-the triangular counter across which we may imagine the three factors of land and labor and capital to be exchanged, if we place in the interior of the triangle an entrepreneur of Walker’s type, our second species, dealing with three parties in quick succession, and in some sense simultaneously.3 At the height of abstraction from which it is here attempted to survey the economic world, what appears the most salient feature in the transactions respecting land is the circumstance that the quantity of ground, or at least space,4 is limited, not capable of being increased ’ As argued by the present writer in his Address to the British Association for the Advancement of Science, 1889, written before the publication of Professor Marshall’s weightier judgment in the Principles of Economics. The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 0.667
-the rational explanation of rent, interest, and wages- has been a sea of raging storms; it has endured while the theory of value, which Mill regarded as so nearly perfect even in his day, has been subjected to extensive revisions in phraseology, if not in subs.tance; and while even the theory of prices, so muc’h more nearly related to that of international markets, has been subjected to attack. Foreign Markets 1904 Journal of Political Economy Carl C. Plehn 0.663
If the foregoing considerations are to the point, adequate explanation is presented for the classical habit of confining the field of economics to a study of the production, distribution, and consumption of wealth, wealth being taken to mean tangible material goods; for the restriction of production to the bringing about of material results; for the construction of categories of material factors based upon material items of equipment; and for the distribution of this store of equipment into material non-land equipment on the one hand as over against land equipment on the other hand. Social Productivity Versus Private Acquisition 1910 The Quarterly Journal of Economics H. J. Davenport 0.663
So, if Professor Hollander is satisfied to believe that the law of increasing returns, rightly induced, deduced, and verified, is merely the obverse of the law of diminishing returns, or that he may hold that any or all of the five different sorts of land differentials can have no part in price determination, or that there are the indicia of right scientific method in Cairnes’s doctrine of non-competing groups-where, if the members are in one vocation, they compete but get wages disproportional to pains, and if in different vocations, may get proportional wages but cannot compete-he is justified in his appraisal of the methods by his appraisal of the conclusions. Tendencies in Economic Theory–Discussion 1916 The American Economic Review H. J. Davenport , W. H. Hamilton , Richard T. Ely , Irving Fisher , B. M. Anderson, Jr. 0.661
  • The hint here given, that the rent of lands depends not upon their differing technical fertility, but upon their proximity to markets, is subsequently developed into one of the mathematical formulae whose definiteness appealed so strongly to Petty’s mind. ”
Petty’s Place in the History of Economic Theory 1900 The Quarterly Journal of Economics Charles H. Hull 0.657

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
It may be granted also that in some branches of current economic activity-say, agricultural production under what amounts to a system of ” peasant proprietors “-it is conceivable that the individual in charge of the economic unit is actually in continuing doubt as to what part of his crop he intends to sell, and what part he intends to consume. The Definition of the Concept of a “Velocity of Circulation of Goods” Part I 1932 Economica Arthur W. Marget 0.696
We have become aware that the conventional references to economic behavior are not only incomplete, that the division between land, capital, wages, etc., is not only a scanty list of economic groups at action, but actually misleading in tempting one to generalize about them. Static and Dynamic Economics 1930 The American Economic Review Simon Kuznets 0.693
This pressure of man upon the land exhibits more or less clearly certain economic principles, which will be noted later. Agricultural Regions of North America. Part I. The Basis of Classification 1926 Economic Geography Oliver E. Baker 0.666
In the light of this evolution the society of producers appears to acquire considerable importance as an early exposition of the principles of rationalization. Saint-Simonism and the Rationalisation of Industry 1931 The Quarterly Journal of Economics E. S. Mason 0.664
All open minded students must ultimately reach the conclusion that the abnor mal price phenomena of war time are but the modified results of unchanging laws which still obtain in peace time ; and that the phe nomena of agriculture and “business,” so-called, interact, neither set being wholly cause or wholly effect. Agriculture and Prices 1920 Journal of Farm Economics John D. Willard, H. C. M. Case 0.661
And it is in that attitude of mind that the producer, with the exception possibly of the Cotton Trade, which has always been a law to itself, will approach the question of rationalisation. Problems of Rationalisation 1930 The Economic Journal Stokes , Macgregor 0.661
I claim for Malthus a profound economic intuition and an unusual combination of keeping an open mind to the shifting picture of experience and of constantly applying to its interpretation the principles of formal thought. The Commemoration of Thomas Robert Malthus 1935 The Economic Journal James Bonar , C. R. Fay , J. M. Keynes 0.660
I do not suggest that this characteristic attitude of mind is the only or even the primary cause of the rationalisation in agriculture which is taking place so rapidly in the United States. The World’s Wheat Situation 1931 The Economic Journal R. R. Enfield 0.658
In the first instance, if our plans fail, we can change our minds and no great harm will ensue; 5 Agrarian philosophy in Canada was greatly influenced by the findings of “The Royal Commission on Price Spreads.” Canadian Agricultural Policy: Some Selected Lessons 1937 Journal of Farm Economics H. C. Grant 0.657
By others, more optimistic in temperament or more logical in their analysis of the situation, it has been looked upon as a normal element in the economic system, a means whereby the young man not yet possessed of capital for purchase could obtain the use of land and start at once upon the career of an independent farmer. Farm Tenancy Moves West 1926 Journal of Farm Economics Leon E. Truesdell 0.654
The importance of maintaining forms of economic organization adapted to the life of the farm, the hamlet, the village, and the town may be wholly obscured by the false notion that the unrestrained operation of forces generated by a particular, and by no means perfect, type of economic organization may be relied upon to produce satisfactory results, provided only that the adjustments to these forces are carried to their full and logical effect. Local Land-Utilization Studies in Relation to Problems of Rural Economic Organization 1932 Journal of Farm Economics C. F. Clayton 0.654
In the second place, the writer’s assertion that the acceptance of the actual investment basis, as distinct from reproduction cost, need not necessarily result in an illiberal rate of policy is construed by the reviewer to involve the necessity of allowing “higher current earnings” under all conditions, in order “to compensate the railroads for not permitting them to enjoy the to-be-expected increased value of their land, when such enjoyment is permitted in all other lines of business.” The American Railroad Problem: A Reply 1922 The Quarterly Journal of Economics I. Leo Sharfman 0.652

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
VI Since, depending on the premises that one uses, abstract reasoning leads to either the belief or disbelief in prices as a significant tool for inducing a proper allocation of resources within American agriculture, the foregoing discussion, which leads to a disbelief, indicates that inquiry is needed along two lines. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.683
To be sure the earlier land economists had moral scruples and these sometimes are aired but they did not on the whole give broad recognition to the fact that society determines its ends as a dynamic process. [The Content of Land Economics and Research Methods Adapted to Its Needs]: Discussion 1942 Journal of Farm Economics Conrad H. Hammar , R. R. Renne , Harry C. Woodworth, Harry A. Steele 0.662
The foregoing argument is presented as a methodological sermon, with the dual purpose of demonstrating that Mill’s fourth proposition is neither fallacy nor paradox, but a crude statement of an important economic truth, and illustrating the fallacy of hunting fallacy by testing the statements of one theoretical structure against the conclusions of another. Demand for Commodities is Not Demand for Labour 1949 The Economic Journal Harry G. Johnson 0.659
This reference to “rational agriculture,” his suggestion to meet the farmers’ price troubles by “successive withdrawals of the least productive farms,” and the proposal to forecast the number of farmers needed in agriculture, seem strange from one who condemns economic planning as a step to dictatorship, ridicules forecasters as “business prophets,” and dismisses economic forecasting as a “fatalistic surrender to the cold curves of mathematics.” Gustav Cassel’s Autobiography 1943 The Quarterly Journal of Economics Eric Englund 0.647
If I had chosen to talk about a long-run program for American agriculture, then I suppose that I could have dealt with my subject in a “rational” manner. Transitions to the Post-War Agricultural Economy 1942 Journal of Farm Economics John D. Black 0.647
It is from this point of view that the conclusion is reached that, since we are not ready to crawl into our holes and count mere existence life, we shall need leaders capable of making plans which involve not only agricultural economics, but all economics, plus what our predecessors had in mind when they were laying the foundation of the branch of learning which they called “political economy.” The Farmer is Dependent on National Programs 1941 The American Economic Review Benjamin H. Hibbard 0.646
In thus seeing, on the one hand, the larger operator’s progressive adoption of more efficient practices, and, on the other hand, failing to see the state of mind which causes him to hold technological operations within the limits of maximum profits, the family farmer very logically concludes that the larger operator has reached his greater success solely through following the same governing principle that the family farmer himself is following. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.645
There is a competitive impulse which is individualistic, persistent, aggressive, distrustful of rivals and not too rational in its self-seeking.11 This picture of psychological traits is clearly drawn with industrialists in mind and has no application to farmers, just as the “produce-exchange” concept, and reasoning based on it, applies to agriculture and is not pertinent to the industrial pricing problem here at issue. Imperfect Competition Theory and Basing-Point Problems 1943 The American Economic Review J. M. Clark 0.643
But this does not excuse the farmer from making decisions based on economic facts and inferences,-decisions applied to the internal management of his own business, and decisions applied to the social problems of the community, the state, the nation or the world. Postwar Extension Problems in General Agricultural Economics 1946 Journal of Farm Economics George W. Westcott 0.642
It is neither desired, nor would it be fair, to expect that there should be no sacrifices, but a reasonable compensation for property owners would be a small price to pay for the large-scale expansions of production in general which are anticipated to follow the downfall of restrictionism. ” A Liberal New Order 1943 Economica Allan G. B. Fisher 0.642
Yet I do wish the reader to ask himself seriously whether it is not probably true that very many of those conservative business men and economists who profess themselves most strongly opposed to socialistic regimentation, would rather risk the triumph of socialist or communist ideology, than to give up-through the public appropriation of the rent of land-those elements in our land system which are really inconsistent with the economic ideals to which they give lip service. The Conservative Program for Tax Reform: An Inconsistent Approach to the Reduction or Removal of Tax Penalties on Enterprise, Industry and Thrift 1943 The American Journal of Economics and Sociology Harry Gunnison Brown 0.640
“Of course, we ought to be rational about farm production and not waste scarce labor and scarce steel and scarce chemicals in producing things that we already have in abundance. Adapting Agricultural Programs for War Needs 1942 Journal of Farm Economics Sherman E. Johnson 0.639
Why should they not recognize that individual activity in the urban land market is more often non-rational than rational, that by-products are more significant in urban land use than in most other sub-areas of economics, that measures of public regulation, direction and action are not only desirable but, in fact, are now major factors in urban land use, development and redevelopment? Urban Land Economics: A New Textbook 1949 Land Economics Coleman Woodbury 0.639

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Implications If the foregoing analysis is indicative of the general picture, it helps explain the behavior of farmers who might be judged irrational on strict price and cost grounds. Farmer’s Choice of Hog Markets 1957 Journal of Farm Economics R. L. Kohls , John Gifford 0.707
A farm organization economist must come to recognize that economic reasoning is only one of a number of factors that govern conclusions and choice of means. Problems of the Economist Working with Organizations 1954 Journal of Farm Economics Lloyd C. Halvorson 0.688
Rationality for a farm business in a thoroughly market-oriented economy may differ from rationality in the situation in which the Indian peasants find themselves. Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 0.685
They implicitly assume that activities which are not rational by business standards are irrational, and that the peasant cultivator would be better off if he changes his practices to conform with the rationale of business. Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 0.685
18-20. observe that farmers want freedom and progress as well as price stability, but we do not conclude that since those are value judgments too, economic science can say nothing about how those conflicting values can be reconciled. What Can a Research Man Say about Values? 1956 Journal of Farm Economics Geoffrey Shepherd 0.674
Answers to the tough problems in land economics, the economics of development, production and marketing controls have a tendency to turn on value judgments involving something other than the economists pet efficiency norm. Major Opportunities for Improving Agricultural Economics Research in the Decade Ahead 1954 Journal of Farm Economics Glenn L. Johnson 0.670
There is certainly reason to doubt their policy on other grounds, that is, on the ground of the wealth which you sacrifice to attain this particular object; but I cannot, without violating what appear to me to be some of the most fundamental principles of Political Economy, believe, that an increase in the relative demand for home corn will not produce an increase in the relative supply. The Origin of Ricardo’s Theory of Profits 1954 Economica G. S. L. Tucker 0.669
If the farmer believes that ploughing this amount of capital back into the land would yield a larger present value of future income than he could obtain by investing it in alternative ways, then he would be acting rationally if he decided to maintain his land’s productive capacity. Rejoinder 1954 Southern Economic Journal Warren C. Scoville 0.659
“4 If logical action is expected, then it would appear that emphasis must be extended in the direction of helping farmers to learn how to arrive at rational decisions. Some Bases for and Objectives of Farm Management Extension Work 1954 Journal of Farm Economics Walter H. Pierce , Moyle S. Williams 0.657
A farmer’s lack of knowledge that a specific price decline is coming may be a restriction on freedom, but no more than is his lack of knowledge of a forthcoming price rise a restriction on freedom. Agricultural Policy and Farmers’ Freedom: A Suggested Framework 1953 Journal of Farm Economics Dale E. Hathaway 0.651
The rational reaction of the peasant may not be the expected rational market reaction. Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 0.651
economists, as noted later, have been devoting much With the one exception of agriculture, the economic time and effort to devising adequate criteria of choice plans for each sector taken in isolation seem reason- between alternative investments, ably realistic. A REVIEW OF SOVIET ECONOMIC PROGRESS 1959 National Institute Economic Review NULL 0.640
It is the principal purpose of this section to demonstrate that the demand of farmers for more labor than an outside observer would think they require is a rational response to the peculiar circumstances of the harvest, and is largely independent of the effect that the supply of labor may have upon its price. The Harvest Labor Market in California 1951 The Quarterly Journal of Economics Lloyd H. Fisher 0.640

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
TOWARDS RATIONALITY IN LAND ECONOMICS 559 furthermore, so much depends on the judgment of top planners. Towards Rationality in Land Economics under Central Planning 1969 The Economic Journal J. Wilczynski 0.707
J. Lewandowski states that for a choice to be made between the various methods of increase in production, in accordance with the principles of rational administration, all factors of production, which includes land, must have a price. The Price of Nationalized Land under Socialism 1968 Eastern European Economics Henryk Cholaj 0.704
This remark does not express a farmer’s prejudice, but a purely rational idea - rational from the point of view of the village as well as of the national economy. Agricultural Circles in the Light of the General Problems of Agriculture 1966 Eastern European Economics Jerzy Tepicht 0.699
It should be noted, however, that the acceptance of the claim that farm operators are economically rational and are “efficiently” allocating the resources at their disposal, does not necessarily entail belief in “efficient” resource allocation at the sector level. Resource Allocation in Traditional Agriculture: Comment 1967 Journal of Farm Economics Dale W. Adams 0.694
If the farm-firm problems are defined in a specific manner, then the management process will be more “rational.” A Systematic Conceptualization of Farm Management 1967 Journal of Farm Economics Willard T. Rushton, E. T. Shaudys 0.694
Accepting this, one was led to understand the resulting constraints upon producer decisions as being objectively imposed by the necessity to survive’-in other words as constraints that were as essentially “arithmetical” and inescapable as the income constraints operative upon consumers, in no way depending on any partial moratorium on impulsive or habit-following decisions, or on any particular state of the decision-maker’s knowledge. Rational Action and Economic Theory: Rejoinder 1963 Journal of Political Economy Israel M. Kirzner 0.693
5 However, the failure of the marketed agricultural surplus to grow in this case is a result of ” rational ” economic behaviour of the peasant, not the perverse consequence of irrational behaviour. The Marketed Agricultural Surplus and Economic Growth in Underdeveloped Countries 1963 The Economic Journal Vinod Dubey 0.686
If the farm-firm problems are defined in a nonspecific manner, then the management process will be less “rational.” A Systematic Conceptualization of Farm Management 1967 Journal of Farm Economics Willard T. Rushton, E. T. Shaudys 0.685
The general acceptance of the “doctrine of irrational behavior” has been a facile excuse for economists to sidestep the analysis of criteria used to make farm production decisions in less-developed areas. Resource Allocation in Traditional Agriculture: Comment 1967 Journal of Farm Economics Dale W. Adams 0.676
Economic Rationality in Agriculture We begin with the literature on the “economic rationality” of the agricultural sector. Contributions to Indian Economic Analysis: A Survey 1969 The American Economic Review Jagdish N. Bhagwati , Sukhamoy Chakravarty 0.674
Although we have directed our attention to a specific case of a group of peasant farmers in an underdeveloped area, the approach and techniques we use can be applied to the measurement and testing of economic rationality in any context. The Empirical Content of Economic Rationality: A Test for a Less Developed Economy 1969 Journal of Political Economy John Wise , Pan A. Yotopoulos 0.671
109-110, and Alfred Dean, Herbert A. Aurback and C. Paul Marsh, “Some Factors Related to Rationality in Decision Making Among Farm Operators,” Rural Sociology, Vol. The Deliberateness of Economic Choices 1962 Southern Economic Journal Eldon D. Smith 0.666

Closest sentences from the cluster’s centroid

Among the 250 closest sentences to the cluster’s centroid, 6% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
If improvement in agricultural policy is to remain as one of the major goals of the profession we must continue to ask “whose valuations” when confronted with statements which form an obstacle to a more rational agricultural policy. Agricultural Policy: Whose Valuations? 1952 Journal of Farm Economics Dale E. Hathaway, Lawrence W. Witt 0.794
The reflection of the price of land in the price relations of relevant products does not represent the mere requirement to “pay’ rent within the society; it should rather contribute to the improvement of price formation and, through prices, to the rationalization of production, utilization of production reserves and, consequently, to the growth of labor productivity. On the Price of Land under Socialism 1968 Eastern European Economics Ján Bača 0.792
Economic Rationality in Agriculture We begin with the literature on the “economic rationality” of the agricultural sector. Contributions to Indian Economic Analysis: A Survey 1969 The American Economic Review Jagdish N. Bhagwati , Sukhamoy Chakravarty 0.784
Conditionally normative projections of maxima resting on postulates of rationality and omniscience derive from this all-too-human drive on the part of agricultural economists-for they are men, toos-for intellectual tidiness, for certainty, for analytical elegance. A Critical Appraisal of Agricultural Economics in the Mid-Sixties 1965 Journal of Farm Economics M. M. Kelso 0.775
What is more fundamental as a basis for a rational working out of policy than an understanding of the farmer’s own economic situation and the problems and conditions which confront him, both external and internal to his own business? Coordination of Farm Management Research in the Western States 1931 Journal of Farm Economics C. L. Holmes 0.769
There is a competitive impulse which is individualistic, persistent, aggressive, distrustful of rivals and not too rational in its self-seeking.11 This picture of psychological traits is clearly drawn with industrialists in mind and has no application to farmers, just as the “produce-exchange” concept, and reasoning based on it, applies to agriculture and is not pertinent to the industrial pricing problem here at issue. Imperfect Competition Theory and Basing-Point Problems 1943 The American Economic Review J. M. Clark 0.769
TOWARDS RATIONALITY IN LAND ECONOMICS 549 but also of those payable to farms and other enterprises heavily relying on natural resources. Towards Rationality in Land Economics under Central Planning 1969 The Economic Journal J. Wilczynski 0.768
This remark does not express a farmer’s prejudice, but a purely rational idea - rational from the point of view of the village as well as of the national economy. Agricultural Circles in the Light of the General Problems of Agriculture 1966 Eastern European Economics Jerzy Tepicht 0.767
TOWARDS RATIONALITY IN LAND ECONOMICS 557 national product and the optimum utilisation of resources from the standpoint of the maximisation of social benefit.” Towards Rationality in Land Economics under Central Planning 1969 The Economic Journal J. Wilczynski 0.761
Mr. Hogg concludes by saying that the purpose of his Note ” is not to deny the phenomena ” to which we drew attention, but rather to suggest that we should not allow our ” antagonism ” to the marketing boards ” to over-emphasise the economic rationality of peasant producers.” Response to Price in an Under-developed Economy: A Rejoinder 1960 The Economic Journal P. T. Bauer, B. S. Yamey 0.760
J. Lewandowski states that for a choice to be made between the various methods of increase in production, in accordance with the principles of rational administration, all factors of production, which includes land, must have a price. The Price of Nationalized Land under Socialism 1968 Eastern European Economics Henryk Cholaj 0.757
In view of the combined effect of the above factors, it may be hypothesized that investment in additional land rather than investment in the intensification of production on current holdings has been a rational economic choice for the individual farmer even though, from a national development standpoint, it is a nonproductive investment. Low Investment Levels in Uruguayan Agriculture: Some Tentative Explanations 1969 Land Economics Russell H. Brannon 0.753
And where they are conflicting, the choice is not between one end or the other, but between a higher degree of attainment of the one at the expense of a lower degree of attainment of the other.9 This means in the practical behavior context of a Great Plains farmer, that he first braces himself against the eventuality of a heavy risk loss, and then maximizes his income; and that he is aware of the uncertainty, and that he acts rationally to keep his farm and family going.10 The “gambling” of Plains farmers with prices and weather stems much more often from a lack of awareness of uncertainties, or an under-estimation of the size of the possible risk loss, than from a deliberate willingness to forfeit farm and home for the possible gain of a bumper crop salable at bonanza prices. Farmers Adaptations to Income Uncertainty 1950 Journal of Farm Economics Rainer Schickele 0.744
Rationality for a farm business in a thoroughly market-oriented economy may differ from rationality in the situation in which the Indian peasants find themselves. Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 0.741
It is the principal purpose of this section to demonstrate that the demand of farmers for more labor than an outside observer would think they require is a rational response to the peculiar circumstances of the harvest, and is largely independent of the effect that the supply of labor may have upon its price. The Harvest Labor Market in California 1951 The Quarterly Journal of Economics Lloyd H. Fisher 0.733

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
It is this discrepancy between individual and market valuations or “value in use and value in exchange” which prohibits taking the position that one dollar’s worth of agricultural land, labor, or equipment is as useful to the farmer as any other dollar’s worth, that market prices eliminate the necessity of careful selection of the grades of the factors of production, and which makes it neces- sary for each farmer to use great care in the choice of the productive ’agents with which he associates himself. Two Dimensions of Productivity 1917 The American Economic Review Henry C. Taylor 0.835
I suspect that, somewhere in the background of conscious- ness of every student in economic research for agriculture, the thought that is here so imperfectly expressed has lodged, and has formed a background for the research effort. Continuous Economic Information Readily Available to Farmers 1929 Journal of Farm Economics Carl Williams 0.829
Answers to the tough problems in land economics, the economics of development, production and marketing controls have a tendency to turn on value judgments involving something other than the economists pet efficiency norm. Major Opportunities for Improving Agricultural Economics Research in the Decade Ahead 1954 Journal of Farm Economics Glenn L. Johnson 0.825
The writer does not wish to belittle the value of abstract economic thinking but he does wish to hazard the suggestion that the majority of our farmers in this country look upon farming as a way of living rather than as several million “firms.” [Agriculture in the United States, 1839 and 1939]: Discussion 1940 Journal of Farm Economics H. C. M. Case , Stanley W. Warren, G. W. Forster , D. Curtis Mumford, R. S. Kifer 0.824
In discussing his paper, I consider it necessary to defend the philosophy of Northrop, the views expressed by the subcommittee of the Social Science Research Council Committee on Agricultural Economics, hereafter called the subcommittee, and economics. The Identification of Problems in Agricultural Economics Research 1960 Journal of Farm Economics A. N. Halter 0.824
When clear thinking regarding the problems of occupational distribution of wealth or, in other words, when-the forces which determine the farmers’ share in the national income, are given a central position in our farm economics, then efficient farming, efficient marketing, and the means of acquiring the ownership of land, will fall into their proper places as important phases of our subject, but not as the determinants of the economic and social status of the farmer. The New Farm Economics 1929 Journal of Farm Economics H. C. Taylor 0.819
The question whether a farmer has carried his cultivation of a particular piece of land as far as he profitably can, and whether he should try to force more from it or to take in another piece of land, is of the same kind as the question whether he should buy a new plough or try to get a little more work out of his present stock of ploughs….’ But from the point of view of society there is this difference between the payments made for the use of Ricardian ” land” and agents in fixed supply in general, and payments for the use of factors in flexible supply, that we must assume that, if prices were different, the supplies of the flexible factors would be different; but we need not make any such assumptions about the supply of the fixed factors. On a Certain Ambiguity in the Conception of Stationary Equilibrium 1930 The Economic Journal Lionel Robbins 0.818
The implications of the underlying economic logic, the hypothesis derived from it, and the supporting evidence for my treatment are that the process of modernizing this type of agriculture requires basic institutional, including policy, changes. The Latifundia Puzzle of Professor Schultz: Reply 1967 Journal of Farm Economics Theodore W. Schultz 0.817
The general position taken more or less explicitly by the writers is that the rate of return in other fields is “determined” by the rate on capital used to pay wages in agriculture at the land margin.38 But in the first place, any view of the determination of a price in one section of a market by the price in another section is indefensible, as the causal relation in such a case is necessarily mutual.39 But secondly, and more important, such reasoning is worthless without an explanation of the meaning of a quantity of capital “in” an instrument which is not a consumable product but has “indirect utility”. The Ricardian Theory of Production and Distribution 1935 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Frank H. Knight 0.811
Unfortunately, and indeed unaccountably, the Comimission do not agree to the first of these propositions; they do not on the other hand contest it; they are content to ignore a familiar and fundamental economic fact which had been carefully explained to them.3 The recommendation that agricultural land should be rated at one-half is difficult to justify, because, land being permnanent, the principle of hereditary burdens applies with full force. The Report of the Local Taxation Commission 1901 The Economic Journal C. P. Sanger 0.810
The argument that price changes have an important function in a system of competitive private enterprise should not be taken to mean that all “free” price changes are to the good as far as the allocation of agricultural resources is concerned. The Effectiveness of Free Market Prices in Allocating Resources within Agriculture 1953 Journal of Farm Economics E. J. Working 0.810
VI Since, depending on the premises that one uses, abstract reasoning leads to either the belief or disbelief in prices as a significant tool for inducing a proper allocation of resources within American agriculture, the foregoing discussion, which leads to a disbelief, indicates that inquiry is needed along two lines. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.809
Whether the “values” represented by the allocative efficacy of prices that might be thus gained so offset other values now inherent in farms, characterized by the unity of functions, as to warrant the doing away with them is beside the present argument. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.807
The issue does not resolve to the logic of the “pure” theory of resource allocation but to its applicability in American agriculture, to whether its postulates are attuned to actuality. The Parity Ratio and Agricultural Out-Migration 1959 Southern Economic Journal Glen Allen Mumey 0.807
Underlying and basic to a sound consideration of these factors are the needs of the country for the products of the farms, but with full realization that in a dynamic economy adjustments in land use, land tenure, and size of operating units to the needs for food and fiber are not subject to precise social engineering control. Twenty-Five Years of Progress: Division of Land Economics 1945 The Journal of Land & Public Utility Economics V. Webster Johnson 0.806

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
It is this discrepancy between individual and market valuations or “value in use and value in exchange” which prohibits taking the position that one dollar’s worth of agricultural land, labor, or equipment is as useful to the farmer as any other dollar’s worth, that market prices eliminate the necessity of careful selection of the grades of the factors of production, and which makes it neces- sary for each farmer to use great care in the choice of the productive ’agents with which he associates himself. Two Dimensions of Productivity 1917 The American Economic Review Henry C. Taylor 0.835
Unfortunately, and indeed unaccountably, the Comimission do not agree to the first of these propositions; they do not on the other hand contest it; they are content to ignore a familiar and fundamental economic fact which had been carefully explained to them.3 The recommendation that agricultural land should be rated at one-half is difficult to justify, because, land being permnanent, the principle of hereditary burdens applies with full force. The Report of the Local Taxation Commission 1901 The Economic Journal C. P. Sanger 0.810
  • The same argument is presented in replying to the suggestion that the farmer considers in just the same way whether he shall try to get more work out of his stock of ploughs or out of his land, and that, therefore, the income does not enter into price any more than does rent.
The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 0.795
It is essential not only to the I ” Relations between physical production and pecuniary value are exceedingly irregular with agricultural products.” Agricultural Credit in the United States 1914 The Quarterly Journal of Economics Jesse E. Pope 0.786
Both must be taken into account in a way which is consistent with the facts of industry.11 And the implication that there is a mar- ” In Mr. Hobson’s argument, as I understand it, the rent of grazing land enters into the price of wheat; but, as I tried to show, the price of wheat was really determined by the demand and supply of wheat, thereby fixing the grade of land-power which could be used with profit. Hobson’s Theory of Distribution 1904 Journal of Political Economy J. Laurence Laughlin 0.779
But when one represents, as does Rae, that with expanding investment there may be an increased resistance of nature respecting materials or the uses of “land” all along the line, then this cause of greater costs of production produces its effect on profits, not through wages or any other medium, but directly; and it cannot be offset in any degree by a general improvement in the market values of products. Böhm-Bawerk on Rae 1902 The Quarterly Journal of Economics Charles W. Mixter 0.777
It seems to be generally admitted thatfalker’s masterly portrait of the industrial captain was not improved by his representation of profits as rent.2 Having now considered the party that takes factors of production in return for products, or the proceeds thereof, let us look at the other side of the counter,-the triangular counter across which we may imagine the three factors of land and labor and capital to be exchanged, if we place in the interior of the triangle an entrepreneur of Walker’s type, our second species, dealing with three parties in quick succession, and in some sense simultaneously.3 At the height of abstraction from which it is here attempted to survey the economic world, what appears the most salient feature in the transactions respecting land is the circumstance that the quantity of ground, or at least space,4 is limited, not capable of being increased ’ As argued by the present writer in his Address to the British Association for the Advancement of Science, 1889, written before the publication of Professor Marshall’s weightier judgment in the Principles of Economics. The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 0.765
” It thus appears that Rooke’s own account of his ” anticipation” discloses nothing more than an aniemic restatement of Adam Smith’s doctrine of rent devoid of the differential principle-and this as an answer to the unmistakable challenge of his correspondent: “You request to be informed-when I first published an opinion that ‘the average price of corn is regulated by the cost of producing it on the worst class of soils which the demand brings under tillage?’” Ricardo and Torrens 1911 The Economic Journal Edwin R. A. Seligman, Jacob H. Hollander 0.764
Oversight of this fact is due to a failure to consider agriculture and manufactures from the same point of view, namely, the possible extent of investments upon a given area.? The Variation of Productive Forces 1902 The Quarterly Journal of Economics Charles J. Bullock 0.764
If the rents of all competing crops mutually enter into each other’s prices, the door has been opened quite as effectually for the entrance of rent into price as if the relation had been made more direct. The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 0.764

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
I suspect that, somewhere in the background of conscious- ness of every student in economic research for agriculture, the thought that is here so imperfectly expressed has lodged, and has formed a background for the research effort. Continuous Economic Information Readily Available to Farmers 1929 Journal of Farm Economics Carl Williams 0.829
When clear thinking regarding the problems of occupational distribution of wealth or, in other words, when-the forces which determine the farmers’ share in the national income, are given a central position in our farm economics, then efficient farming, efficient marketing, and the means of acquiring the ownership of land, will fall into their proper places as important phases of our subject, but not as the determinants of the economic and social status of the farmer. The New Farm Economics 1929 Journal of Farm Economics H. C. Taylor 0.819
The question whether a farmer has carried his cultivation of a particular piece of land as far as he profitably can, and whether he should try to force more from it or to take in another piece of land, is of the same kind as the question whether he should buy a new plough or try to get a little more work out of his present stock of ploughs….’ But from the point of view of society there is this difference between the payments made for the use of Ricardian ” land” and agents in fixed supply in general, and payments for the use of factors in flexible supply, that we must assume that, if prices were different, the supplies of the flexible factors would be different; but we need not make any such assumptions about the supply of the fixed factors. On a Certain Ambiguity in the Conception of Stationary Equilibrium 1930 The Economic Journal Lionel Robbins 0.818
The general position taken more or less explicitly by the writers is that the rate of return in other fields is “determined” by the rate on capital used to pay wages in agriculture at the land margin.38 But in the first place, any view of the determination of a price in one section of a market by the price in another section is indefensible, as the causal relation in such a case is necessarily mutual.39 But secondly, and more important, such reasoning is worthless without an explanation of the meaning of a quantity of capital “in” an instrument which is not a consumable product but has “indirect utility”. The Ricardian Theory of Production and Distribution 1935 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Frank H. Knight 0.811
It may be granted also that in some branches of current economic activity-say, agricultural production under what amounts to a system of ” peasant proprietors “-it is conceivable that the individual in charge of the economic unit is actually in continuing doubt as to what part of his crop he intends to sell, and what part he intends to consume. The Definition of the Concept of a “Velocity of Circulation of Goods” Part I 1932 Economica Arthur W. Marget 0.805
The writer has frequently heard the argument advanced that a prospective increase in the value of their land is necessary to keep farmers in their business-that without this increment they would not get the current rate of return. Is a Tax on Site Values Never Shifted? 1924 Journal of Political Economy Harry Gunnison Brown 0.803
If the fundamental facts as to the function of landownership, farm operation, and of farm labor are made the background of public consideration, and if the measuring rods of individual economic power, namely, power to produce and power to save, are used in assessing the functional value of individuals and classes, we can hope to avoid hurtful policies based on a superficial externalism. [Who Owns the Agricultural Land in the United States?]: Discussion 1922 Journal of Farm Economics C. L. Stewart 0.801
If this general principle be recognized, whatever our theory of the ultimate solution of the problem may be, is it not incumbent upon all those concerned with the economics of agriculture to seek to establish what are essential elements of minimum standards of living for farm families with relation to regional conditions, and to secure gradually such a conviction among farmers of the justice and necessity of these standards that they will be incited to work out ways and means for their maintenance? From a Sociological Viewpoint 1925 Journal of Farm Economics Dwight Sanderson 0.800
And so, when the farmer, neither operating nor leasing his farm, decides to sell it, he may, to be sure, arrive at a choice between spending and lending, and a choice that is actually one of having spending dollars now as against having spending dollars a year hence; or it may be that now, as equally a year hence, the issue is one between alternative lines of investment, with spending the third horse in the race. Interest Theory and Theories 1927 The American Economic Review H. J. Davenport 0.798
Without arguing the manifest difficulties of prospective price determination, and the almost equal difficulties in the way of economic education of farmers, I suggest that perhaps here is a mark for the agricultural economist to shoot at. Continuous Economic Information Readily Available to Farmers 1929 Journal of Farm Economics Carl Williams 0.796

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
The writer does not wish to belittle the value of abstract economic thinking but he does wish to hazard the suggestion that the majority of our farmers in this country look upon farming as a way of living rather than as several million “firms.” [Agriculture in the United States, 1839 and 1939]: Discussion 1940 Journal of Farm Economics H. C. M. Case , Stanley W. Warren, G. W. Forster , D. Curtis Mumford, R. S. Kifer 0.824
VI Since, depending on the premises that one uses, abstract reasoning leads to either the belief or disbelief in prices as a significant tool for inducing a proper allocation of resources within American agriculture, the foregoing discussion, which leads to a disbelief, indicates that inquiry is needed along two lines. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.809
Whether the “values” represented by the allocative efficacy of prices that might be thus gained so offset other values now inherent in farms, characterized by the unity of functions, as to warrant the doing away with them is beside the present argument. Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 0.807
Underlying and basic to a sound consideration of these factors are the needs of the country for the products of the farms, but with full realization that in a dynamic economy adjustments in land use, land tenure, and size of operating units to the needs for food and fiber are not subject to precise social engineering control. Twenty-Five Years of Progress: Division of Land Economics 1945 The Journal of Land & Public Utility Economics V. Webster Johnson 0.806
The conclusion is, that even if society is led by the same economic motives as the individual operator and makes use of identical systems of accounting it might arrive at land use recommendations, which the farm operator will not accept without compensation. A Neglected Point in the Economics of Soil Conservation 1941 Journal of Farm Economics Gunnar Lange 0.803
Does such a situation call for a restatement of the theory as worked out by the agricultural economists in the language of the general economist? Dr. Schultz on Farm Management Research 1940 Journal of Farm Economics John D. Black 0.795
It may not be economical for some farmers to do certain things which many farmers elect to do, but we may have to interpret economic principles into terms of farm practices which fit the resources on a particular farm. [Agriculture in the United States, 1839 and 1939]: Discussion 1940 Journal of Farm Economics H. C. M. Case , Stanley W. Warren, G. W. Forster , D. Curtis Mumford, R. S. Kifer 0.792
There is, in the opinion of the writer, a distinct possibility that it is possible to devise and apply a system of administered prices which will do a better job, in terms of resource allocation, of getting grain and livestock products produced than the open market will do. The Proposal to Market Coarse Grains through the Canadian Wheat Board 1949 Journal of Farm Economics G. L. Burton 0.791
This contention is based upon the erroneous conception that the managerial capacity of a given farmer is a fixed unalterable quantity inherently predetermined by his mental make-up, and that he is at any given time utilizing this “management quantity” fully to the limits of his capacity. Farm Tenure under the Strain of War 1943 Journal of Farm Economics Rainer Schickele 0.787
Farm organizations are motivated by many valuations apart from the general maximization of goods and services, and the economist’s contribution to policy sometimes may be greatly modified. The Role of the Farm Organization Economist in the Formulation of Farm Organization Policy 1947 Journal of Farm Economics Louis F. Herrmann 0.784

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Answers to the tough problems in land economics, the economics of development, production and marketing controls have a tendency to turn on value judgments involving something other than the economists pet efficiency norm. Major Opportunities for Improving Agricultural Economics Research in the Decade Ahead 1954 Journal of Farm Economics Glenn L. Johnson 0.825
The argument that price changes have an important function in a system of competitive private enterprise should not be taken to mean that all “free” price changes are to the good as far as the allocation of agricultural resources is concerned. The Effectiveness of Free Market Prices in Allocating Resources within Agriculture 1953 Journal of Farm Economics E. J. Working 0.810
The issue does not resolve to the logic of the “pure” theory of resource allocation but to its applicability in American agriculture, to whether its postulates are attuned to actuality. The Parity Ratio and Agricultural Out-Migration 1959 Southern Economic Journal Glen Allen Mumey 0.807
18-20. observe that farmers want freedom and progress as well as price stability, but we do not conclude that since those are value judgments too, economic science can say nothing about how those conflicting values can be reconciled. What Can a Research Man Say about Values? 1956 Journal of Farm Economics Geoffrey Shepherd 0.803
In this connection a conclusion on the futility of such manipulations by Howell, an economist in the U. S. Department of Agriculture, who studied the problem exhaustively in the 30’s seems particularly pertinent: “. The Effect of Domestic Policy on the Southern Agricultural Problem 1951 Southern Economic Journal John L. Fulmer 0.798
To make explicit the basis for the apparent consensus that “something must be done for farmers” and to help men review in their minds and to make explicit the reasons they might think that Mr. Brannan’s proposal is or is not a good way of altering the rules calls for a priori analysis; and if a neoclassical price theory did not already exist, something much like it would be generated in the process. Economic Theory and Quantitative Research: A Broad Interpretation of the Mitchell Position 1951 The American Economic Review Rutledge Vining 0.795
If improvement in agricultural policy is to remain as one of the major goals of the profession we must continue to ask “whose valuations” when confronted with statements which form an obstacle to a more rational agricultural policy. Agricultural Policy: Whose Valuations? 1952 Journal of Farm Economics Dale E. Hathaway, Lawrence W. Witt 0.794
For if prices are fixed they no longer command the movement of resources within agriculture or between agriculture and industry in accordance with the dictates of consumer choice.23 Obvious though this may seem, further examination shows that some of the concern is ill-founded and more of it is subject to serious, if unconscious, exaggeration. Economic Preconceptions and the Farm Policy 1954 The American Economic Review J. K. Galbraith 0.793
Conclusions and Implications Much of the past work on farmers’ decisions has had the major weakness of lacking a formalized, guiding body of theory. Farmers’ Decisions in the Use of Fertilizer 1958 Journal of Farm Economics Moyle S. Williams 0.790
A farm organization economist must come to recognize that economic reasoning is only one of a number of factors that govern conclusions and choice of means. Problems of the Economist Working with Organizations 1954 Journal of Farm Economics Lloyd C. Halvorson 0.784

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
In discussing his paper, I consider it necessary to defend the philosophy of Northrop, the views expressed by the subcommittee of the Social Science Research Council Committee on Agricultural Economics, hereafter called the subcommittee, and economics. The Identification of Problems in Agricultural Economics Research 1960 Journal of Farm Economics A. N. Halter 0.824
The implications of the underlying economic logic, the hypothesis derived from it, and the supporting evidence for my treatment are that the process of modernizing this type of agriculture requires basic institutional, including policy, changes. The Latifundia Puzzle of Professor Schultz: Reply 1967 Journal of Farm Economics Theodore W. Schultz 0.817
On the other hand, “the purchasing power which is transferred from the large landholders to the peasants should often be considered as a badly needed investment in the human agent in agriculture.” Note on the Economics of Land Reform 1968 Land Economics S. M. Eddie 0.803
; the rent on that particular farm would be a greater proportion of the gross produce than before, but it by no means follows that it would be a greater proportion of the whole produce of the country; for instead of one capi- S SECOND THOUGHTS Principles proportion of the whole produce will be diminished, yet as it will rise in value, he, as well as the landlord and labourer, may, notwithstanding receive a greater value. Ricardo’s Second Thoughts on Rent as a Relative Share 1966 Southern Economic Journal Haim Barkai 0.803
It shows how the farmer’s desire for price policy that gives him a fair return for what he produces runs into headon conflict with his desire for policies that place no constraints on his power to run his business as he pleases. Relevant Farm Economics 1961 Journal of Farm Economics Bushrod W. Allin 0.801
Agricultural economics becomes an ever more powerful “projector” of economic outcomes given the determinative premises of the economic man and the specification of an uncomplex criterion. A Critical Appraisal of Agricultural Economics in the Mid-Sixties 1965 Journal of Farm Economics M. M. Kelso 0.796
Farm Econ., Feb. 1961. a viewpoint, I shall endeavor to make explicit some of the philosophical considerations underlying my appraisal. Philosophy, Method and Status of Agricultural Economics 1961 Journal of Farm Economics W. B. Back 0.796
if, however, we take into consideration that differences in productivity of successive inputs of capital are of decisive significance in the issue, then a justifiable question arises: is it not possible that a situation may arise when the price of crops is determined not by the worst quality land, but by the least productive capital outlay, inasmuch, of course, as such investment is socially necessary? The Price of Nationalized Land under Socialism 1968 Eastern European Economics Henryk Cholaj 0.794
The reflection of the price of land in the price relations of relevant products does not represent the mere requirement to “pay’ rent within the society; it should rather contribute to the improvement of price formation and, through prices, to the rationalization of production, utilization of production reserves and, consequently, to the growth of labor productivity. On the Price of Land under Socialism 1968 Eastern European Economics Ján Bača 0.792
If someone, after having carefully studied the body of knowledge the professional literature of agricultural economics contains about the problems of organization, management, control and decision-making, attempts to incorporate the manyfold concepts into a reasonable system, he is very likely to fail, though he will acknowledge that almost each of the different concepts hassomejustificationofitsown.lt is strange, moreover, that efforts will fail not only when one tries to reconcile, within some common system, the relevant concepts of socialist and capitalist agricultural economics, but also when one attempts to do so within the two systems separately. THEORETICAL PROBLEMS OF FARM ORGANIZATION AND MANAGEMENT 1966 Acta Oeconomica F. Erdei 0.790

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 11 0.638
Towards Rationality in Land Economics under Central Planning 1969 The Economic Journal J. Wilczynski 9 0.623
A Critical Appraisal of Agricultural Economics in the Mid-Sixties 1965 Journal of Farm Economics M. M. Kelso 8 0.601
Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 7 0.631
[Agriculture in the United States, 1839 and 1939]: Discussion 1940 Journal of Farm Economics H. C. M. Case , Stanley W. Warren, G. W. Forster , D. Curtis Mumford, R. S. Kifer 6 0.590
A Systematic Conceptualization of Farm Management 1967 Journal of Farm Economics Willard T. Rushton, E. T. Shaudys 6 0.633
The Price of Nationalized Land under Socialism 1968 Eastern European Economics Henryk Cholaj 6 0.610
The Incidence of Urban Rates 1900 The Economic Journal F. Y. Edgeworth 5 0.617
On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 5 0.657
The American Railroad Problem: A Reply 1922 The Quarterly Journal of Economics I. Leo Sharfman 5 0.604

Top articles (most sentences) of the cluster for each time window

Top articles 1900-1919

Title Year Journal Authors Number sentences Similarity
The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 11 0.638
The Incidence of Urban Rates 1900 The Economic Journal F. Y. Edgeworth 5 0.617
On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 5 0.657
The Incidence of Urban Rates III 1900 The Economic Journal F. Y. Edgeworth 4 0.633
On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 4 0.624
The Variation of Productive Forces 1902 The Quarterly Journal of Economics Charles J. Bullock 3 0.635
Property, Philosophically and Religiously Regarded 1914 The Economic Journal William Kennedy 3 0.621
Economics and the Law: Annual Address of the President 1915 The American Economic Review John H. Gray 3 0.614
The Law of Balanced Return 1917 The American Economic Review Arthur S. Dewing 3 0.607
Theoretical Issues in the Single Tax 1917 The American Economic Review H. J. Davenport 3 0.597
Petty’s Place in the History of Economic Theory 1900 The Quarterly Journal of Economics Charles H. Hull 2 0.635
A Positive Theory of Economics 1902 The Quarterly Journal of Economics Frederick B. Hawley 2 0.613
Taxation of Site Values 1902 The Economic Journal C. F. Bickerdike 2 0.607
The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 2 0.617
The Development of Ricardo’s Theory of Value 1904 The Quarterly Journal of Economics Jacob H. Hollander 2 0.619

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
The American Railroad Problem: A Reply 1922 The Quarterly Journal of Economics I. Leo Sharfman 5 0.604
The Early American Reaction to the Theory of Malthus 1931 Journal of Political Economy George Johnson Cady 4 0.602
Economic Implications of the Agricultural Conservation Program 1937 Journal of Farm Economics F. F. Elliott 4 0.607
Railroad Valuation and Rate Regulation 1925 Journal of Political Economy Harry Gunnison Brown 3 0.604
From a Sociological Viewpoint 1925 Journal of Farm Economics Dwight Sanderson 3 0.593
The Historical Approach to Rent and Price Theory 1929 Economica D. H. Buchanan 3 0.603
Marshall on Rent 1930 The Economic Journal F. W. Ogilvie 3 0.620
Railroad Valuation by the Interstate Commerce Commission 1920 The Quarterly Journal of Economics Homer B. Vanderblue 2 0.619
Land Speculation 1920 Journal of Farm Economics Richard T. Ely 2 0.599
The Intensity of Cultivation 1922 The Quarterly Journal of Economics B. H. Hibbard 2 0.600
The Single-Tax Complex of Some Contemporary Economists 1924 Journal of Political Economy Harry Gunnison Brown 2 0.603
Is a Tax on Site Values Never Shifted? 1924 Journal of Political Economy Harry Gunnison Brown 2 0.586
The Field of Land Utilization 1925 The Journal of Land & Public Utility Economics L. C. Gray 2 0.611
Reorganization from the Point of View of the Individual Farm 1926 Journal of Farm Economics C. L. Holmes 2 0.599
Practical Applications of Correlation Studies of Prices 1926 Journal of Farm Economics Holbrook Working 2 0.590

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
[Agriculture in the United States, 1839 and 1939]: Discussion 1940 Journal of Farm Economics H. C. M. Case , Stanley W. Warren, G. W. Forster , D. Curtis Mumford, R. S. Kifer 6 0.590
Time Preference and Conservation 1940 Journal of Farm Economics Arthur C. Bunce 4 0.587
Can Prices Allocate Resources in American Agriculture? 1946 Journal of Farm Economics John M. Brewster , Howard L. Parsons 3 0.645
[Needed Points of Development and Reorientation in Land Economic Theory]: Discussions 1940 Journal of Farm Economics M. M. Kelso 2 0.607
The Graduated Farm Land Transfer Stamp Tax 1940 The Journal of Land & Public Utility Economics J. A. Baker 2 0.581
A Neglected Point in the Economics of Soil Conservation 1941 Journal of Farm Economics Gunnar Lange 2 0.622
The Bureau of Agricultural Economics under Fire: A Study in Valuation Conflicts 1946 Journal of Farm Economics Charles M. Hardin 2 0.624
Problems of Effective Presentation of Agricultural Economic Data to the Membership of Farm Organizations 1947 Journal of Farm Economics L. C. Halvorson 2 0.625
Government and the Economy 1947 Journal of Farm Economics Russell Smith 2 0.596
The Efficiency and Stability of American Agriculture 1948 Journal of Farm Economics Walter W. Wilcox 2 0.595
The Proposal to Market Coarse Grains through the Canadian Wheat Board 1949 Journal of Farm Economics G. L. Burton 2 0.616
What Is the Basis of Farm Financial Progress? 1949 Journal of Farm Economics P. E. McNall , D. R. Mitchell 2 0.607
A California Case Study in Location Theory: The Globe Artichoke on the Moro Cojo 1949 Journal of Farm Economics William O. Jones 2 0.607
A Planner’s View of Agriculture’s Future 1949 Journal of Farm Economics Rexford G. Tugwell 2 0.586
The Challenge of Australian Tax Policy: Can Professional Economists Continue to Ignore Experience with Land Value Taxation? 1949 The American Journal of Economics and Sociology Harry Gunnison Brown 2 0.581

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Economic Accounting and Family Farming in India 1959 Economic Development and Cultural Change Walter C. Neale 7 0.631
Agricultural Policy: Whose Valuations? 1952 Journal of Farm Economics Dale E. Hathaway, Lawrence W. Witt 3 0.605
Farmers’ Decisions in the Use of Fertilizer 1958 Journal of Farm Economics Moyle S. Williams 3 0.620
The Family Farm and the Three Traditions 1951 Journal of Farm Economics Joe R. Motheral 2 0.607
The Effect of Domestic Policy on the Southern Agricultural Problem 1951 Southern Economic Journal John L. Fulmer 2 0.596
Problems of the Economist Working with Organizations 1954 Journal of Farm Economics Lloyd C. Halvorson 2 0.643
Rejoinder 1954 Southern Economic Journal Warren C. Scoville 2 0.635
[The Instability of Farm Prices Reconsidered]: Discussion 1954 Journal of Farm Economics Harlow W. Halvorson, George Montgomery 2 0.587
Farm Policy: The Current Position 1955 Journal of Farm Economics J. K. Galbraith 2 0.591
A Study of Farmers’ Reactions to Uncertain Price Expectations 1955 Journal of Farm Economics J. A. Boan 2 0.588
What Can a Research Man Say about Values? 1956 Journal of Farm Economics Geoffrey Shepherd 2 0.627
INDIA’S AGRARIAN REVOLUTION BY CENSUS REDEFINITION 1956 Indian Economic Review Daniel Thorner 2 0.594
Problems of Uncertainty in Farm Planning 1957 Journal of Farm Economics C. Hildreth 2 0.597
Theoretical and Empirical Approaches to Program Selection within the Feeder Cattle Enterprise 1958 Journal of Farm Economics John L. Dillon 2 0.609
Farmers Adaptations to Income Uncertainty 1950 Journal of Farm Economics Rainer Schickele 1 0.619

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
Towards Rationality in Land Economics under Central Planning 1969 The Economic Journal J. Wilczynski 9 0.623
A Critical Appraisal of Agricultural Economics in the Mid-Sixties 1965 Journal of Farm Economics M. M. Kelso 8 0.601
A Systematic Conceptualization of Farm Management 1967 Journal of Farm Economics Willard T. Rushton, E. T. Shaudys 6 0.633
The Price of Nationalized Land under Socialism 1968 Eastern European Economics Henryk Cholaj 6 0.610
Resource Allocation in Traditional Agriculture: Comment 1967 Journal of Farm Economics Dale W. Adams 4 0.656
On the Price of Land under Socialism 1968 Eastern European Economics Ján Bača 4 0.602
Positive Policy in the Fertilizer Industry 1960 Journal of Political Economy Vernon W. Ruttan 3 0.603
The Deliberateness of Economic Choices 1962 Southern Economic Journal Eldon D. Smith 3 0.626
Agricultural Economics: Predictive or Prescriptive 1965 Journal of Farm Economics R. G. F. Spitze 3 0.599
The Market Mechanism, Externalities, and Land Economics 1965 Journal of Farm Economics Emery N. Castle 3 0.585
The Farm Policy Debate: Discussion 1960 Journal of Farm Economics Boris C. Swerling 2 0.605
Capital Formation in Underdeveloped Countries 1960 The American Economic Review Nathan Rosenberg 2 0.594
The Unwieldy Time-Dimension of Space 1961 The American Journal of Economics and Sociology Mason Gaffney 2 0.606
Philosophy, Method and Status of Agricultural Economics 1961 Journal of Farm Economics W. B. Back 2 0.596
A METHODOLOGICAL APPROACH TOWARD THE INVESTIGATION INTO THE EFFECTS OF LAND TENURE CHARACTERISTICS ON THE EFFICIENCY OF RESOURCE ALLOCATION IN INDIAN AGRICULTURE 1962 Indian Economic Review Satish Chandra Jha 2 0.624

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
11: capitalistic, capitalism, capitalist, capital, marxian 0.1781082
1: commission, tariff, mill’s, court, commerce 0.0934860
13: laborers, employer, employers, wages, pain 0.0615994
6: civilization, evils, enjoyment, free_competition, religion 0.0590372
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0096476
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0193629
10: valuations, economic_values, reconsideration, judgments, valuation -0.0585620
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.0865684
9: teaching, training, student, students, induction -0.1448345
7: economy_vol, cairnes, jevons, economic_method, senior -0.1454276
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.2573852
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.2905359

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1197716
10: valuations, economic_values, reconsideration, judgments, valuation 0.0269644
18: economic_laws, economic_law, liberty, court, ethical -0.0062374
14: rationalisation, rationalization, men’s, und, rational_action -0.0113440
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0252912
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0261817
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0291697
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1047645
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.1156873
11: capitalistic, capitalism, capitalist, capital, marxian -0.1172858
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1245751
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1308287

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
10: valuations, economic_values, reconsideration, judgments, valuation 0.0390076
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.0354799
3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0124844
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0120171
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0205007
36: capitalism, marx, socialist, capitalistic, soviet -0.0363919
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0434156
14: rationalisation, rationalization, men’s, und, rational_action -0.0500529
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0630623
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0735547
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.0748490
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1216639

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0628609
10: valuations, economic_values, reconsideration, judgments, valuation 0.0431283
43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0033843
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0099419
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0178099
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0288287
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.0292950
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0438834
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0478991
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0645100
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0686495
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0699083
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1145993

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.0616390
43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0474728
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0107383
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0006238
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0598999
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0600079
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0762668
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0785270
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0947185
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1140550
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1539260

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.7755749
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.7078714
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.6656771
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.5651068
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.2228803
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1781082
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1766466
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1645888
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1422133
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1391950
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.1371328
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.1334619
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1305789
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.1294671
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1289118

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.9707921
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.9562346
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.9275160
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.7755749
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1697764
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1643479
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1454685
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1200383
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1197716
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.1105681
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.1077363
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.0965144
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0855782
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0831391
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0813097

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.9707921
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.9660001
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.9504023
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.7078714
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1810989
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1752409
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1360214
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.1068754
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.1068056
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1055936
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.0902329
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0901230
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.0895652
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0749727
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0743424

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.9668278
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.9504023
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.9275160
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.5651068
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1681333
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1576327
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1204372
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1203067
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.1033086
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.0893321
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.0892746
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0827815
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0761160
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.0746109
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0628609

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.9668278
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.9660001
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.9562346
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.6656771
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1411068
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1352620
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1350281
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.1344391
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.1306472
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.1179305
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.0985103
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.0616390
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0605994
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0576313
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0571030

Intertemporal cluster 9: teaching, training, student, students, induction

The cluster gathers 203 sentences from our corpus. It represents 0.13% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are L. L. Price (21 sentences), Robert F. Hoxie (17 sentences), Walton H. Hamilton (10 sentences), A. B. Wolfe (8 sentences), T. N. Carver (8 sentences), W. J. Ashley (8 sentences), Edwin Cannan (6 sentences), F. Y. Edgeworth (6 sentences), Jacob H. Hollander (6 sentences), James A. Field (6 sentences).

The most recurring journals are Journal of Political Economy (85 sentences), The Economic Journal (60 sentences), The American Economic Review (29 sentences), The Quarterly Journal of Economics (29 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
instruction 0.0035695
economic_study 0.0018769
teaching 0.0014643
training 0.0014421
elementary_economics 0.0013980
student 0.0012637
students 0.0010865
induction 0.0010273
faculties 0.0008363
teachers 0.0008044
books 0.0007470
citizen 0.0007203
taussig 0.0006924
teach 0.0006849
commerce 0.0006581
acquiring 0.0006180
arithmetic 0.0005969
master 0.0005969
taught 0.0005522
economic_inquiry 0.0005402

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
If economic theory aims to deal with facts, it ought not to slur over this difference, so important in the lives of men, between activities which do and activities which do not involve the constant play of intelligence. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.722
With this conclusion I might rest content, were it not that, on the one hand, I am by no means anxious to discourage the ordinary citizen from economic study, whether elementary or advanced, or to ask him to accept in unquestioning faith the pronouncements of abstruse authorities he cannot hope to comprehend, and will not dare to criticise; and, on the other hand, traces of this decisive inclination towards mathematics can, as I think, now be seen in books obviously prepared for the beginner, or for the ordinary instruction of the general student. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.692
The question will therefore arise: How otherwise is a correct method to be acquired than by faithful study of the examples of economic inquiry which have come down to us? The Place of Economic Theory in Graduate Work 1917 Journal of Political Economy James A. Field 0.690
To make the decision hinge baldly on intelligent self-interest we must partially revive a classical mode of study and use it heroically. The Economic Costs of War 1916 The American Economic Review John Bates Clark 0.689
High-school mathematics reason from sure premises to conclusions of immediate use, ordinarily, only to the specialist; in economics one must look sharply to his premises, as he will have to in life, since the theory is of direct interest to everybody, and upon the results of the reasoning hangs the destiny of society itself. A High-School Course in Economics 1911 Journal of Political Economy O. L. Manchester 0.688
of to-day, present this exercise in logic; and, accordingly, business-men, without any loss of time, or disadvantage to their subsequent pursuits, may master this useful, if not necessary, portion of their education by gaining an acquaintance with economic theory. Economics and Commercial Education 1901 The Economic Journal L. L. Price 0.688
And while it thus brings the student at once into contact with the facts of actual life, insisting upon the necessity of an intimate knowledge of the economic system as a basis for the formal study of economic principle, neither does it neglect the actual training of the student in reasoning power, nor does it introduce any artificial separation between the study of fact and causation. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.686
Seriously speaking, however, an economics which is not a mere logical exercise, but is based on a first hand acquaintance with the practices of large business enterprises, would have taught Professor Taussig that what he criticises is a commonplace among intelligent manufacturers, and would thus have preserved him from what is, I regret to say, assuredly an exhibition of ” curious,” reasoning. Seligman’s Principles of Economics: A Reply and a Rejoinder 1906 The Quarterly Journal of Economics F. W. Taussig 0.686
But I claim that, in matters such as these, a more widespread appreciation of economic theory, and the quickened intelligenice which that would produce, would save us much painiful experience, many costly experimenits, and an enormous mass of tedious ilnvesti- gation. The Practical Utilty of Economic Science 1902 The Economic Journal Edwin Cannan 0.685
But even were the criticisms which we have brought to bear against the Historical and Classical methods laid aside, these questions would still recur: Why should we confine ourselves to seeking the records of the past, or, why conjure up artificial and unreal conditions in order to give training in RNAL OF POLITICAL ECONOMY economic reasoning power, when the world about us is crowded with actual life problems of economics from the simplest to the most complex ? On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.680
And while this method leaves the student essentially ignorant of actual economic facts and forces and untrained in the ability to probe out these facts and forces, and to estimate their actual causal values-ability absolutely essential to valid economic reasoniing-it is apt to engender in him, when it does not thoroughly impress him with the unreality of his discussions, a narrow positiveness, an assumption of knowledge and an inflexibility which go far to unfit him for acquiring real economic reasoning power, and cause the practical world to look with suspicion on all economic instruction. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.678
I do not, of course, dispute the talent or impugn the zeal of those with whom I disagree; but I earnestly desire and urge that we should not now depart irrevocably from the wholesome fashion set by famous exponents of economic knowledge in the past, and that our statements should, where possible, be, like theirs, such that plain practical men of business and students of common calibre and ordinarv training could understand and follow them with ease. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.675
We must free our minds from the fetters of long habit, take facts as they are demonstrated, and apply economic laws to conditions with intelligenice and courage, if we would perform wisely and well the most important task now before man. The Cost of Living–Discussion 1912 The American Economic Review Edward F. McSweeney, Samuel H. Barker , T. N. Carver 0.674
This granted, it is next to be insisted that in learning from past achievements we must consult for our guidance, not merely abstract works on economic theory and methods, but the examples of theory and method embodied in the more concrete economic investigations. The Place of Economic Theory in Graduate Work 1917 Journal of Political Economy James A. Field 0.672
For critical examinations of theories and texts, old and new, of systems of economics established and proposed, our work may be a preparation; but our students must learn to stand and walk in the economic field before we demand that they avoid pitfalls and dangers that tax the expert abilities of the tried warriors of economic controversy. Teaching the Introductory Course in Economics 1916 The Quarterly Journal of Economics Charles E. Persons 0.670
A knowledge, indeed, of economic principles is a useful portion of the full equipment of the economic historian, precisely because it obviously implies some preliminary training in the difficult but necessary art of analysing the confused. The Study of Economic History 1906 The Economic Journal L. L. Price 0.670
In the first place, we conceive it to be our duty to insure, in so far as this is possible, that our students carry away with them a body of economic doctrine which has a high degree of definiteness, which is held with a firm and certain grasp, and which is, in some measure at least, available. Methods of Teaching Elementary Economics at the University of Michigan 1909 Journal of Political Economy F. M. Taylor 0.666
We have found that the ordinary text, which attempts to garner, classify, and arrange into a logical system the economic wisdom of the ages fails to supply the student with a problem which makes his interest in the subject more than formal. An Appraisal of Clay’s Economics 1919 Journal of Political Economy Walton H. Hamilton 0.666
I make this statement seriously, for I believe that it is well worth while for a properly conducted seminary in political economy to assume that certain constitutional and statutory restrictions, which may appear to stand in the way of what from a strict economic point of view seems desirable, should be removed for purposes of specific discussions, and an economic analysis made of the effect on human welfare of certain lines of action which could be pursued if these obstacles were not in the way. Certain Considerations in Railway Rate Making 1914 The American Economic Review Balthasar H. Meyer 0.666
The advantages of this method are obviously in part pedagogical, but that is nothing against it, since one of our greatest social problems is that of making the principles of economics clear, and their applications concrete, to the average man. A Suggestion for a New Economic Arithmetic 1908 The Economic Journal T. N. Carver 0.665

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
While it may be a misconception of the nature of economics as a science to suppose that we can teach it with anything like the same rigorous, inductive scientific method possible and desirable in the natural sciences, there is very evidently a growing and vitalizing belief that even one course in general “elementary” economics can be made far more significant than the bulk of economics teaching in undergraduate courses in the past has been, that the student’s interest may be more spontaneous and independently active, his knowledge-horizon of the actual world rapidly and valuably widened, his consciousness of the existence of great and difficult problems quickened, and that he can be brought to a realization that the solution of these problems properly depends upon a real understanding of economic forces and of those “theorizings” which the student even of today is so likely to regard as “up in the air” and therefore useless to any red-blooded citizen who proposes to apply himself to the actual world and not to metaphysics. “Sourcebooks” in Elementary Economics 1913 Journal of Political Economy A. B. Wolfe 0.878
And while this method leaves the student essentially ignorant of actual economic facts and forces and untrained in the ability to probe out these facts and forces, and to estimate their actual causal values-ability absolutely essential to valid economic reasoniing-it is apt to engender in him, when it does not thoroughly impress him with the unreality of his discussions, a narrow positiveness, an assumption of knowledge and an inflexibility which go far to unfit him for acquiring real economic reasoning power, and cause the practical world to look with suspicion on all economic instruction. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.878
For critical examinations of theories and texts, old and new, of systems of economics established and proposed, our work may be a preparation; but our students must learn to stand and walk in the economic field before we demand that they avoid pitfalls and dangers that tax the expert abilities of the tried warriors of economic controversy. Teaching the Introductory Course in Economics 1916 The Quarterly Journal of Economics Charles E. Persons 0.867
It seems to us important, not only that their ideas of economic truths should be definite, but also that those truths should be mastered; that the student’s hold on them should be so firm and certain that he will be prepared to reproduce, illustrate, and defend them with reasonable facility and effectiveness. Methods of Teaching Elementary Economics at the University of Michigan 1909 Journal of Political Economy F. M. Taylor 0.867
In the first place, we conceive it to be our duty to insure, in so far as this is possible, that our students carry away with them a body of economic doctrine which has a high degree of definiteness, which is held with a firm and certain grasp, and which is, in some measure at least, available. Methods of Teaching Elementary Economics at the University of Michigan 1909 Journal of Political Economy F. M. Taylor 0.864
And while it thus brings the student at once into contact with the facts of actual life, insisting upon the necessity of an intimate knowledge of the economic system as a basis for the formal study of economic principle, neither does it neglect the actual training of the student in reasoning power, nor does it introduce any artificial separation between the study of fact and causation. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.861
This special aim is to restore to an important place in economic instruction certain elementary principles, almost truisms, on which the early i economists laid much stress, but which have latterly fallen into the background. Methods of Teaching Elementary Economics at the University of Michigan 1909 Journal of Political Economy F. M. Taylor 0.857
I am well aware too that students who have had such a course as I suggest will not be able to reason with infallible accuracy upon all the possible hypothetical cases of theory that can be put before them; but I submit once more that inasmuch as the average student cannot and will not specialize in economics, it is far better that he be somewhat deficient in the refinements of economic logic than that he should remain a practical stranger to the important economic conditions, forces, and processes within the nexus of which he will later have to functionate. The Aim and Content of a College Course in Elementary Economics 1909 Journal of Political Economy A. B. Wolfe 0.857
With this conclusion I might rest content, were it not that, on the one hand, I am by no means anxious to discourage the ordinary citizen from economic study, whether elementary or advanced, or to ask him to accept in unquestioning faith the pronouncements of abstruse authorities he cannot hope to comprehend, and will not dare to criticise; and, on the other hand, traces of this decisive inclination towards mathematics can, as I think, now be seen in books obviously prepared for the beginner, or for the ordinary instruction of the general student. The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 0.856
Having shown that our fundamental propositions are sanctioned by the nature of economic science, it will now be well, at the risk of some repetition, in order to facilitate the discussion of their practical merits, to interpret these propositions clearly and concisely in terms of general mnethod, and to contrast the method which they underlie and its implications with the methods of econiomic instruction which have been most in vogue. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.856
I hope, therefore, that you will bear with me if I offer some reasons for thinking that the teaching and study of the theory of economics is not, as many people seem to suppose, a wholly unnecessary evil, but, on the contrary, a thing of very great practical utility. The Practical Utilty of Economic Science 1902 The Economic Journal Edwin Cannan 0.852
Whether the theory is given first entirely, or to some extent mingled with the year’s study of concrete matters, is a question of method; but perhaps I may be permitted in passing to voice my conviction that one of the chief needs of economics at the present time is the construction of some dark and thrilling plot which shall lead the student’s interest into the forbidding field of theory without his too clearly understanding that he is there. The Aim and Content of a College Course in Elementary Economics 1909 Journal of Political Economy A. B. Wolfe 0.847
The advantages of this method are obviously in part pedagogical, but that is nothing against it, since one of our greatest social problems is that of making the principles of economics clear, and their applications concrete, to the average man. A Suggestion for a New Economic Arithmetic 1908 The Economic Journal T. N. Carver 0.847
It attempts to replace the formal knowledge of economic verbiage and the conventional sequences of its arguments with an intelligent understanding of its problems and principles in terms of the student’s own experience and thought. The Development of Hoxie’s Economics 1916 Journal of Political Economy Walton H. Hamilton 0.841
These, or the like observations, which readers, for instalnce, of Professor Marshall’s well-known treatise will recall, do not fail in comprehensiveness; and yet they are furnished for the use of students who are acquainting themselves with a systematic scheme of economic principles where lavish and effective employment is made of mathematical ideas and finely-reasoned argument. The Study of Economic History 1906 The Economic Journal L. L. Price 0.837

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 16 0.644
The Practical Aspects of Economic 1909 The Economic Journal L. L. Price 11 0.634
A High-School Course in Economics 1911 Journal of Political Economy O. L. Manchester 6 0.622
The Place of Economic Theory in Graduate Work 1917 Journal of Political Economy James A. Field 6 0.633
Economics and Commercial Education 1901 The Economic Journal L. L. Price 5 0.645
The Practical Utilty of Economic Science 1902 The Economic Journal Edwin Cannan 5 0.645
A Suggestion for a New Economic Arithmetic 1908 The Economic Journal T. N. Carver 5 0.635
The Enlargement of Economics 1908 The Economic Journal W. J. Ashley 5 0.602
Some Problems of Logical Method in Political Economy 1917 Journal of Political Economy J. Viner 5 0.612
Methods of Teaching Elementary Economics at the University of Michigan 1909 Journal of Political Economy F. M. Taylor 4 0.639

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.2609997
7: economy_vol, cairnes, jevons, economic_method, senior 0.0719339
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0071497
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0642950
11: capitalistic, capitalism, capitalist, capital, marxian -0.0719597
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0738869
1: commission, tariff, mill’s, court, commerce -0.0980341
13: laborers, employer, employers, wages, pain -0.1160194
8: farm, agriculture, agricultural, land, farmers -0.1448345
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.1748785
6: civilization, evils, enjoyment, free_competition, religion -0.1772188
10: valuations, economic_values, reconsideration, judgments, valuation -0.2096531

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4912166
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4688010
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4172182
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3942285
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3328040
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.2609997
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1405639
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.1203470
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0944897
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0898683
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0891920
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.0719339
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0673325
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0415232
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0413845

Intertemporal cluster 10: valuations, economic_values, reconsideration, judgments, valuation

The cluster gathers 1458 sentences from our corpus. It represents 0.9% of all the sentences selected over the whole period.

The community exists from 1900 to 1959.

The most recurring authors are Frank H. Knight (42 sentences), Walton H. Hamilton (38 sentences), Frank A. Fetter (29 sentences), J. M. Clark (25 sentences), B. M. Anderson, Jr. (23 sentences), Paul Streeten (22 sentences), A. B. Wolfe (19 sentences), David Friday (19 sentences), Kenneth H. Parsons (18 sentences), Lewis H. Haney (18 sentences).

The most recurring journals are The Quarterly Journal of Economics (404 sentences), Journal of Political Economy (232 sentences), The American Economic Review (215 sentences), The Economic Journal (109 sentences), Journal of Farm Economics (86 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
valuations 0.0008071
economic_values 0.0007327
reconsideration 0.0007266
judgments 0.0006314
valuation 0.0005833
cost_theory 0.0005227
allen 0.0004884
market_valuations 0.0004413
social_values 0.0004399
reproduction 0.0004344
real_costs 0.0004047
tho 0.0004047
economica 0.0003711
ricardo’s 0.0003529
hicks 0.0003276
ricardo 0.0003239
market_values 0.0003081
pain 0.0003081
market_valuation 0.0002975
positivist 0.0002758

Top TF-IDF terms describing the community for each time window

Top terms 1900-1919

Token TF-IDF
wieser 0.0036975
economic_values 0.0022000
tho 0.0019607
anderson 0.0018423
valuation 0.0015640
pecuniary 0.0010882
antecedent 0.0010642
clark’s 0.0009886
purchasing_power 0.0009245
productive_agents 0.0008866
market_valuation 0.0008403
professor_clark 0.0008217
exhausted 0.0007982
total_utility 0.0007982
torrens 0.0007891

Top terms 1920-1939

Token TF-IDF
reproduction 0.0018678
valuation 0.0017673
cost_theory 0.0017250
reconsideration 0.0015805
labor_theory 0.0012112
real_costs 0.0011494
economica 0.0009687
allen 0.0009631
social_progress 0.0009399
valuations 0.0009237
ethics 0.0007588
utility_concept 0.0007500
investment_theory 0.0007267
price_fluctuations 0.0007267
corn 0.0006879

Top terms 1940-1949

Token TF-IDF
social_valuation 0.0022062
valuations 0.0017812
reconsideration 0.0017178
allen 0.0013707
economic_values 0.0013707
judgments 0.0010769
economica 0.0010341
commons 0.0010046
social_action 0.0009605
valuation 0.0009269
viii 0.0009239
modern_theory 0.0008413
surface 0.0007931
dewey 0.0007793
serviceable 0.0007793

Top terms 1950-1959

Token TF-IDF
judgments 0.0028184
social_values 0.0016594
positivist 0.0013619
market_valuations 0.0010895
valuations 0.0010540
economic_values 0.0010138
individual_values 0.0009474
utility_comparisons 0.0009474
reconsideration 0.0009075
conflicts 0.0008276
lionel 0.0007953
lionel_robbins 0.0007953
welfare_economics 0.0007455
october 0.0007332
positive_economics 0.0007104

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
If man is a rational creature, one would like to know how much of his behavior is directed toward given ends, particularly toward those which can be quantified and their quantities expressed in money; and one also would like to know how much of rational activity goes beyond the means of realizing economic and other accepted values and is devoted to examining the values themselves, to appraising them, and to discussing whether they shall be changed. Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 0.825
We can make our thinking strictly rational in spite of this, but only by facing the valuations, not by evading them.” Schumpeter’s History of Economic Analysis and Some Related Books 1956 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen, Schumpeter 0.775
For that method is throughout the product of historical processes, the end-result of social decisions, some of them involving bald economic choices, others resting upon some of the most precious and intimate of human rationalizations; but all of them thoroughly infected with valuation. Science and Values in a Changing World 1941 The American Journal of Economics and Sociology George R. Geiger 0.737
To the degree that political or ethical norms rule the market, to the same degree does the possibility of applying economic criteria recede or vanish.8. Is Group Choice a Part of Economics? 1953 The Quarterly Journal of Economics Bushrod W. Allin 0.726
I am aware that much of the remainder of this lecture is not strictly an exposition of scientific economics, but deals largely with problems of political economy that involve value-judgments. The Value of International Trade 1938 Economica J. B. Condliffe 0.720
The values with which it deals are supposed to be those resulting from the efforts of buyers 1 In his paper, The Rationality of Economic Activity, Journal of Political Economy, vol.  Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 0.719
The argument is conducted on the basis of economic quantities and not, as it should be, in relation to the production of economic values, and a study of their relations. United Nations Primer for Development 1952 The Quarterly Journal of Economics S. Herbert Frankel 0.719
Knowledge of market values is one of the facts which he must have in planning a rational course of procedure, but the market does not give him a set of values which are adequate to warrant that procedure without further and independent valuations. An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 0.717
The role which rational discussion and investigation play in the consideration of value preferences can now be seen more clearly. A Note on David Easton’s Approach to Political Philosophy 1954 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique R. C. Pratt 0.717
self-constituted rational norm - is for the behavioristic economist simply a change in Crusoe’s system of valuations. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.716
I do not think this view has ever been seriously maintained in practice; for at least economic consistency and SOME PROBLEMS O PRICE MAITENANCE 49 rationality are invariably held by economists to have some value,’ even if the word value be sedulously avoided in this connection. Some Problems of Price Maintenance 1938 The Economic Journal T. H. Silcock 0.716
While against the older ideas that it was possible to plan rationally without calculation in terms of value it could be justly argued that they were logically impossible, the newer proposals designed to determine values by some process other than competition based on private property raise a problem of a different sort. Socialist Calculation: The Competitive `Solution’ 1940 Economica F. A. v. Hayek 0.715
Thus it is not descriptive, nor does it deal constructively with real problems.8 But it sets out the theoretical backbone of our knowledge of the causes which govern value, and thus prepares the way for the construction which is to begin in the following Book. Tax Shifting and the Laws of Cost 1933 The Quarterly Journal of Economics Elmer D. Fagan 0.714
To the degree that political or ethical norms rule the market, to the same degree does the possibility of applying economic criteria recede or vanish. The Economic Way of Thinking 1950 The American Economic Review Howard S. Ellis 0.714
The recital is important only as tending to show that a theory of valuation which places the emphasis upon rationalistic appraisal overlooks the most important features of the process which it seeks to explain. The Futility of Marginal Utility 1910 Journal of Political Economy E. H. Downey 0.711
As a central concept of economic science value should, therefore, be superseded by price.6 This kind of criticism starts and terminates in the domain of pure logical concepts. Annual Survey of Economic Theory: The Setting of the Central Problem 1936 Econometrica Johan Åkerman 0.710
In this paper it will be argued that it is neither possible nor desirable to do without value judgments in economics. Economics and Value Judgments 1950 The Quarterly Journal of Economics Paul Streeten 0.708
From the first part of our present deduction we arrive at a general conclusion which can be formulated in the following way: in order to understand economic events we have first to grow conscious of the socio-economic bases of our value judgments, and, secondly, to recognize the value bases in the explanations of particular events offered to us. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.707
True economy, whether ina time of peace or war, rests on a rational adjustment of values. Ways and Means 1916 The Economic Journal H. S. Foxwell 0.706
The second trivial, but equally fundamental, assertion of the theory consists in the observation that the economic value judgments of a person are not only influenced by the vector of commodities which he intends to acquire, but also by the circumstances under which his choice is made. A Rehabilitation of the Classical Theory of Marginal Utility 1952 Economica H. Bernardelli 0.706

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
The values with which it deals are supposed to be those resulting from the efforts of buyers 1 In his paper, The Rationality of Economic Activity, Journal of Political Economy, vol.  Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 0.719
The recital is important only as tending to show that a theory of valuation which places the emphasis upon rationalistic appraisal overlooks the most important features of the process which it seeks to explain. The Futility of Marginal Utility 1910 Journal of Political Economy E. H. Downey 0.711
True economy, whether ina time of peace or war, rests on a rational adjustment of values. Ways and Means 1916 The Economic Journal H. S. Foxwell 0.706
Before passing to a brief summary, allow me to observe that in my economy based upon free valuation and choice by individuals, it is essential that the individual be given a chance to choose intelligently. Price Maintenance–Discussion 1916 The American Economic Review L. H. Haney , W. F. Gephart , Paul T. Cherington, R. R. Bowker 0.704
But the peculiar nature of its problems, the derision with which it defies diagrammatic presentation, its sprawling actuality which overrides logical frontiers and erects artificial ones athwart its problems, the arrogance with which it emerges from an examination of the mechanics of value determination to pronounce judgment upon the economic order, give to it the characteristics which make it a living reality rather than a mechanistic product of heroic intellectual work. The Place of Value Theory in Economics: I 1918 Journal of Political Economy Walton H. Hamilton 0.703
It follows that we should no longer speak of economics, after the manner of von Wieser 2 as ” treating exhaustively of the entire sphere of value phenomena “; but as one of the group of value sciences, Principles of Political Economy, Bk. Economic Value and Moral Value 1916 The Quarterly Journal of Economics Ralph Barton Perry 0.700
If one wishes, on the basis of an argument of this kind, to assert the relativity of values, one must broaden the value concept to include these other kinds of values Economic values alone do not constitute a complete or self-contained system. The Concept of Value Further Considered 1915 The Quarterly Journal of Economics B. M. Anderson, Jr. 0.700
On this point the thought of the author can best be presented in his own words, bearing in mind that the necessity of some kind of a valuation, as above outlined, has already been recognized. Regulation of Public Service Corporations–Discussion 1914 The American Economic Review Edward W. Bemis , John E. Brindley, James E. Boyle , James E. Allison, W. F. Gephart , C. J. Buell , Ralph E. Heilman, Howard C Hopson , J. G. Ohsol 0.698
It can hardly be overemphasized that all fundamental economic concepts are valuation concepts, and that valuation in terms of money turns not upon the quantity of money, but upon the individual’s valuation of that quantity. Monopoly or Competition as the Basis of a Government Trust Policy 1915 The Quarterly Journal of Economics Robert Liefmann 0.691
I tuirn now to the problem of valuation, and I would first premise that the difficulties of valuation should be looked at in a practical and reasonable way. A Capital Levy: The Problems of Realisation and Valuation 1918 The Economic Journal Sydney Arnold 0.688
It prepares us to face that subtler problem of the dissimilar habits of thought drilled into men by the daily work of 74 See the various papers of Professor C. H. Cooley, referred to in the latest of his series, “The Progress of Pecuniary Valuation,” Quarterly Journal of Economics, November, 1915; and the discussion of “The Concept of Value” by Professors B. M. Anderson, Jr., and J. M. Clark in the Quarterly Journal of Economics, August, 1915, especially Professor Clark’s remarks on p. the counting-house and of the factory.75 By going in for a realistic treatment of business life, we may hope to arouse a keener interest and a wider cooperation in economic theory. The Role of Money in Economic Theory 1916 The American Economic Review Wesley C. Mitchell 0.688
A last word may be said as to the relation of all this reasoning to the modern development of the theory of value, and more especially to the question how far value depends at bottom on utility, how far on sacrifice. Wages and Prices in Relation to International Trade 1906 The Quarterly Journal of Economics F. W. Taussig 0.685

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
I am aware that much of the remainder of this lecture is not strictly an exposition of scientific economics, but deals largely with problems of political economy that involve value-judgments. The Value of International Trade 1938 Economica J. B. Condliffe 0.720
Knowledge of market values is one of the facts which he must have in planning a rational course of procedure, but the market does not give him a set of values which are adequate to warrant that procedure without further and independent valuations. An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 0.717
self-constituted rational norm - is for the behavioristic economist simply a change in Crusoe’s system of valuations. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.716
I do not think this view has ever been seriously maintained in practice; for at least economic consistency and SOME PROBLEMS O PRICE MAITENANCE 49 rationality are invariably held by economists to have some value,’ even if the word value be sedulously avoided in this connection. Some Problems of Price Maintenance 1938 The Economic Journal T. H. Silcock 0.716
Thus it is not descriptive, nor does it deal constructively with real problems.8 But it sets out the theoretical backbone of our knowledge of the causes which govern value, and thus prepares the way for the construction which is to begin in the following Book. Tax Shifting and the Laws of Cost 1933 The Quarterly Journal of Economics Elmer D. Fagan 0.714
As a central concept of economic science value should, therefore, be superseded by price.6 This kind of criticism starts and terminates in the domain of pure logical concepts. Annual Survey of Economic Theory: The Setting of the Central Problem 1936 Econometrica Johan Åkerman 0.710
The problem of economic valuation grows out of the fact that a complete comprehension of the physical qualities of material objects is oftentimes not adequate to warrant overt conduct, but must be supplemented and reconstructed from the economic point of view before the individual is free to proceed with the rational ordering of his conduct. An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 0.705
A rational process of allocation involves not merely given ends, but a coherent system of ends, a scale of relative valuations. Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.704
It was the work of a man who had seen that the whole subject of values needed complete revisualization and restatement, and who having undertaken so to view it, had stated all the fundamental problems of economic theory with such thoroughness, with such originality, that all who became interested perceived at once that here was a leader of thought, destined to work great reconstructions in our scientific view of the industrial life of our time, and of economic theory and of social progress, in general. Dinner in Honor of Professor John Bates Clark 1927 The American Economic Review Edwin R. A. Seligman 0.702
Assuming that rational economic action must conform to the “rationale” of a system of private enterprise, and encouraged by the advance of subjective value theory during the formative period of the doctrine, the proponents of the theory proceed to explain the revenue-expenditure process as a phenomenon of economic value and price, determined by fundamentally the same “laws” that govern market price in private economy. The Voluntary Exchange Theory of Public Economy 1939 The Quarterly Journal of Economics Richard Abel Musgrave 0.701
The clarification of these problems, and the resolving of the, at any rate superficial, contradiction in the procedure of textbooks which begin their exposition of the Theory of Value with the assumption that everyone acts “rationally” or “sensibly”, and then in a later chapter base their explanation of economic fluctuations on “mistakes”, “fluctuations of optimism and pessimism”, or the casino-like nature of the capital market, is a necessary preliminary to the task of coordinating the theory of output and employment, with the theory of price or value. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.700
“In my economic studies I long ago reached the conclusion that all the old value theory, so-called, with its endless terminological controversies and its fruitless scholasticism, is superfluous ballast of which economic theory must rid itself.” An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 0.697
This sensitivity to the implications of contemporary economic processes may yet prove to be the sole value that those, if there really are such, who endeavor to realize the common good through reason may salvage from the experiences of the last two decades. Orderly Marketing in Agriculture 1937 Journal of Political Economy Samuel Herman 0.697

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
If man is a rational creature, one would like to know how much of his behavior is directed toward given ends, particularly toward those which can be quantified and their quantities expressed in money; and one also would like to know how much of rational activity goes beyond the means of realizing economic and other accepted values and is devoted to examining the values themselves, to appraising them, and to discussing whether they shall be changed. Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 0.825
For that method is throughout the product of historical processes, the end-result of social decisions, some of them involving bald economic choices, others resting upon some of the most precious and intimate of human rationalizations; but all of them thoroughly infected with valuation. Science and Values in a Changing World 1941 The American Journal of Economics and Sociology George R. Geiger 0.737
While against the older ideas that it was possible to plan rationally without calculation in terms of value it could be justly argued that they were logically impossible, the newer proposals designed to determine values by some process other than competition based on private property raise a problem of a different sort. Socialist Calculation: The Competitive `Solution’ 1940 Economica F. A. v. Hayek 0.715
From the first part of our present deduction we arrive at a general conclusion which can be formulated in the following way: in order to understand economic events we have first to grow conscious of the socio-economic bases of our value judgments, and, secondly, to recognize the value bases in the explanations of particular events offered to us. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.707
They could leave the whole vast question of true values, the right ends of action, on one side, as a matter on which the individual had to judge for himself, and which therefore economic science had to take as given. The Need for Faith 1946 The Economic Journal R. G. Hawtrey 0.703
This statement presupposes that the parties concerned are well informed and “rational,” in the same sense as is implied in all “marginal revenue-marginal cost” propositions of value theory. Prices and Wages Under Bilateral Monopoly 1947 The Quarterly Journal of Economics William Fellner 0.702
Reasonable value is pragmatic, not logical; it is action, not truth; justification, not justice.26 Commons’ economic generalizations-such as the principles of working rules, sovereignty, and futurity-which he erects on the basis of his elusive and indefinite concept of institutional value, are necessarily more descriptive than analytical. John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 0.700
Rational use of resources requires definite principles of allocation, or, in other words, the use of a theory of value,. Marxian Economics in the Soviet Union 1945 The American Economic Review Oscar Lange 0.698
2, Appendix 1. the very building stones for the logical hierarchies of valuations into which a person tries to shape his opinions. The Bureau of Agricultural Economics under Fire: A Study in Valuation Conflicts 1946 Journal of Farm Economics Charles M. Hardin 0.697
The task of “judgment” in economics is to select, out of the many possible frameworks, those which have interpretive value when applied to reality. Samuelson’s Foundations: The Role of Mathematics in Economics 1948 Journal of Political Economy Kenneth E. Boulding 0.691
So we conclude that the transformation of value which occurs in the dynamics of the productive process can be likened to the transformation which is effected in a mechanical process and like the latter is governed by a principle analogous to that of the conservation of energy, with this fundamental difference: that the conservation of energy in the mechanical process represents a natural law which teaches us how certain facts occur, while, on the contrary, the transformation of value which is effected in the productive process represent a rule of conduct, which tells us how the facts occur, if the conduct of the individual is affected by a criterion of rationality. The Transformation of Value in the Productive Process 1940 Econometrica L. Amoroso 0.690
This subject would lead into, and is basic for, discussion of the relation between economic theory and action, which certainly demands critical judgments of value, not reducible to instrumental content, as a starting point. Professor Mises and the Theory of Capital 1941 Economica F. H. Knight 0.690

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
We can make our thinking strictly rational in spite of this, but only by facing the valuations, not by evading them.” Schumpeter’s History of Economic Analysis and Some Related Books 1956 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen, Schumpeter 0.775
To the degree that political or ethical norms rule the market, to the same degree does the possibility of applying economic criteria recede or vanish.8. Is Group Choice a Part of Economics? 1953 The Quarterly Journal of Economics Bushrod W. Allin 0.726
The argument is conducted on the basis of economic quantities and not, as it should be, in relation to the production of economic values, and a study of their relations. United Nations Primer for Development 1952 The Quarterly Journal of Economics S. Herbert Frankel 0.719
The role which rational discussion and investigation play in the consideration of value preferences can now be seen more clearly. A Note on David Easton’s Approach to Political Philosophy 1954 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique R. C. Pratt 0.717
To the degree that political or ethical norms rule the market, to the same degree does the possibility of applying economic criteria recede or vanish. The Economic Way of Thinking 1950 The American Economic Review Howard S. Ellis 0.714
In this paper it will be argued that it is neither possible nor desirable to do without value judgments in economics. Economics and Value Judgments 1950 The Quarterly Journal of Economics Paul Streeten 0.708
The second trivial, but equally fundamental, assertion of the theory consists in the observation that the economic value judgments of a person are not only influenced by the vector of commodities which he intends to acquire, but also by the circumstances under which his choice is made. A Rehabilitation of the Classical Theory of Marginal Utility 1952 Economica H. Bernardelli 0.706
While acknowledging the practical problems involved in separating facts and values in analyzing a practical economic problem, they staunchly defend the desirability of such a separation and reemphasize the theoretical possibility of doing so. Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 0.705
For national economic policy, it is a reasonable hypothesis that often only in the vaguest and least helpful way do we as citizens or policy-makers know our values except by inference from our actual choices. Tinbergen on Policy-Making 1958 Journal of Political Economy Charles E. Lindblom 0.695
Once the use of equilibrium as a value judgment is condoned, the replacement of the mystical ” natural ” forces by ” progressive ” political forces appears indicated, and a variety of social goals is incorporated in the concept of equilibrium. Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics 1958 The Economic Journal F. Machlup 0.695
The economist does not entirely escape making a value judgment by this method since he must evaluate the preferences of individuals and resolve contradictions among them in seeking to interpet “the community’s” preference. Recent Thought On Egalitarianism 1957 The Quarterly Journal of Economics Robert J. Lampman 0.689
“6 It might be argued that the value judgments which enter into the decision to accept or reject a hypothesis are of a different kind than those which the positive economist wishes to”fetter out.” Value Judgments in Economics: A Comment 1956 Southern Economic Journal David D. Martin 0.689

Closest sentences from the cluster’s centroid

Among the 200 closest sentences to the cluster’s centroid, 2.5% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
As the theory of value has been extended to cover more and more obscure cases in recent years, it is not unnatural that it has also been used as part of a rationale of the institutions of individual enterprise. The Social Significance of the Theory of Value 1935 The Economic Journal E. F. M. Durbin 0.859
The problem of economic valuation grows out of the fact that a complete comprehension of the physical qualities of material objects is oftentimes not adequate to warrant overt conduct, but must be supplemented and reconstructed from the economic point of view before the individual is free to proceed with the rational ordering of his conduct. An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 0.848
I The fact that most studies in the theory of value and distribution have been cast in the competitive mold has given priority to this type of study as a starting point, and has even led Mises to maintain that rational economic calculation is impossible without objective values being set in a competitive market.’ The “Planning Approach” in Public Economy 1940 The Quarterly Journal of Economics Alfred C. Neal 0.818
Professor Leontief has described the character of the economic question very succinctly:3 “The procedure of the modern value theory comprises two clearly separable and fundamentally different types of analysis….”In the first stage of his analysis, the modern theorist simply reproduces the rational considerations of entrepreneurs engaged in the business of maximizing their profits, and describes the reactions of consumers seeking the best possible satisfactions of their wants. The Firm and Interdependency among Firms 1954 Journal of Farm Economics W. W. McPherson 0.813
For that method is throughout the product of historical processes, the end-result of social decisions, some of them involving bald economic choices, others resting upon some of the most precious and intimate of human rationalizations; but all of them thoroughly infected with valuation. Science and Values in a Changing World 1941 The American Journal of Economics and Sociology George R. Geiger 0.795

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
The reference will be rather short and apparently superficial, since the purpose of these introductory remarks is not to reinterpret the development of economic thought but to indicate the basis upon which an adequate theory of value may be formulated. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.898
If an impasse has been reached in value theory, it may not seem wholly unwarranted to venture the suggestion that this phase of economic study may be in about the same position today that mathematics was in the days of Pythagoras, that physics was in the days of Gilbert, or that chemistry was in the days of Bacon and Boyle. Pseudo-Scientific Method in Economics 1933 Econometrica Joseph Mayer 0.889
ATIONS OF THE VALUE CONCEPT This point has a direct bearing on the fundamental assumptions of certain latter day economic theories, and so deserves examination in some detail. Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 0.886
l A reconsideration of the theory of value, Economica, vol.  Family Budget Data and Price-Elasticities of Demand 1941 The Review of Economic Studies C. E. V. Leser 0.885
’0 8 J. R. Hicks and G. D. H. Allen, “A Reconsideration of the Theory of Value,” Economica, May I935. A Statistical Note on World Demand for Exports 1948 The Review of Economics and Statistics Tse Chun Chang 0.882
This question of the logical and scientific status of values and value judgments has arisen repeatedly in every field of science and philosophy’ and it is not the purpose of this essay to penetrate this central problem of the philosophy of science, but, rather, to present a general prospectus of the useful impact of the restoration of a theory of value to a central position in social science, with particular reference to economic theory. The Theory of Value in Social Science 1951 The American Journal of Economics and Sociology Walter G. O’Donnell 0.880
If one wishes, on the basis of an argument of this kind, to assert the relativity of values, one must broaden the value concept to include these other kinds of values Economic values alone do not constitute a complete or self-contained system. The Concept of Value Further Considered 1915 The Quarterly Journal of Economics B. M. Anderson, Jr. 0.879
2 R. G. D. Allen and J. R. Hicks, ” A Reconsideration of the Theory of Value,” Economica, I934, PP. A Critical Note on the Definition of Related Goods 1950 The Review of Economic Studies S. Ichimura 0.878
3 J. R. Hicks and R. G. D. Allen, A Reconsideration of the Theory of Value, Part I. Economica, New Series, No.  The Commonsense of the Elasticity of Substitution 1935 The Review of Economic Studies Fritz Machlup 0.876
The foregoing introductory remarks will have attained their objective if they help us to decide the question whether or not there is a need for a theory of value as an inherent and inseparable part of economic theory. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.876
12 J. R. Hicks and R. G. D. Allen, “A Reconsideration of the Theory of Value,” Economica, new series, Vol. Homogeneous Systems in Mathematical Economics 1948 Econometrica Gerhard Tintner 0.875
ATIONS OF THE VALUE CONCEPT Various objections to a view of valuation from which so many of the dominant facts of the actual market have been abstracted suggest themselves. Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 0.874
1 J. R. Hicks and R. G. D. Allen, ” A Reconsideration of the Theory of Value,” Economica, February and May, I934. Note on Inter-Commodity Relationships in Demand 1937 The Review of Economic Studies E. E. Lewis 0.874
2 G. R. Hicks and R. G. D. Allen, “A Reconsideration of the Theory of Value,” Economica, Vol. The Theoretical Derivation of Dynamic Demand Curves 1938 Econometrica Gerhard Tintner 0.870
The Social Significance of the Theory of Value,” Economic Journal, December, I935. Planning and Plotting: A Note on Terminology 1936 The Review of Economic Studies Henry Smith 0.868

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
ATIONS OF THE VALUE CONCEPT This point has a direct bearing on the fundamental assumptions of certain latter day economic theories, and so deserves examination in some detail. Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 0.886
If one wishes, on the basis of an argument of this kind, to assert the relativity of values, one must broaden the value concept to include these other kinds of values Economic values alone do not constitute a complete or self-contained system. The Concept of Value Further Considered 1915 The Quarterly Journal of Economics B. M. Anderson, Jr. 0.879
ATIONS OF THE VALUE CONCEPT Various objections to a view of valuation from which so many of the dominant facts of the actual market have been abstracted suggest themselves. Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 0.874
Unfortunately, however, much of this work confuses the categories of “value theory” and “economic theory,” which it is the purpose of this study to separate. The Place of Value Theory in Economics: I 1918 Journal of Political Economy Walton H. Hamilton 0.866
Its concern has been an elaboration, cumbersome and elusive to be sure, of a single definition; its task has been to state with the necessary detail the place which value theory holds in economics. The Place of Value Theory in Economics: II 1918 Journal of Political Economy Walton H. Hamilton 0.864
The problem of valuation. The Regulation of Railway Rates Under the Fourteenth Amendment 1912 The Quarterly Journal of Economics Francis J. Swayze 0.863
Again, the problem of value has been called the heart of economic analysis; and is it not ? The Social Point of View in Economics 1913 The Quarterly Journal of Economics Lewis H. Haney 0.857
THE concept of value is the core of economic thinking, and modern economics is older than American independence, yet the builders of the science are still disputing what value is, or how it shall be conceived. The Concept of Value 1915 The Quarterly Journal of Economics J. M. Clark 0.850
Only in recent years has value theory escaped a formal association with laissez faire and now even its most positive statements bear in such terms as “utility” and “productivity” and in the wording of principles implications about the worthwhileness of prevailing arrangements. The Institutional Approach to Economic Theory 1919 The American Economic Review Walton H. Hamilton 0.850
It can hardly be overemphasized that all fundamental economic concepts are valuation concepts, and that valuation in terms of money turns not upon the quantity of money, but upon the individual’s valuation of that quantity. Monopoly or Competition as the Basis of a Government Trust Policy 1915 The Quarterly Journal of Economics Robert Liefmann 0.846

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
If an impasse has been reached in value theory, it may not seem wholly unwarranted to venture the suggestion that this phase of economic study may be in about the same position today that mathematics was in the days of Pythagoras, that physics was in the days of Gilbert, or that chemistry was in the days of Bacon and Boyle. Pseudo-Scientific Method in Economics 1933 Econometrica Joseph Mayer 0.889
3 J. R. Hicks and R. G. D. Allen, A Reconsideration of the Theory of Value, Part I. Economica, New Series, No.  The Commonsense of the Elasticity of Substitution 1935 The Review of Economic Studies Fritz Machlup 0.876
1 J. R. Hicks and R. G. D. Allen, ” A Reconsideration of the Theory of Value,” Economica, February and May, I934. Note on Inter-Commodity Relationships in Demand 1937 The Review of Economic Studies E. E. Lewis 0.874
2 G. R. Hicks and R. G. D. Allen, “A Reconsideration of the Theory of Value,” Economica, Vol. The Theoretical Derivation of Dynamic Demand Curves 1938 Econometrica Gerhard Tintner 0.870
The Social Significance of the Theory of Value,” Economic Journal, December, I935. Planning and Plotting: A Note on Terminology 1936 The Review of Economic Studies Henry Smith 0.868
I should prefer to seek illumination from another point of view-from a branch of economics wlhich is more elementary, but, I think, in consequence better developed-the theory of value. A Suggestion for Simplifying the Theory of Money 1935 Economica J. R. Hicks 0.866
The controversies amongst economists as to the foundations of value-theory arise over the differences of view as to the nature of utility and the utility function and the way in which the utility function settles the division of C. into C, and C. Let us first see what measure of agreement on these points exists. The Determinateness of the Utility Function 1939 The Economic Journal W. E. Armstrong 0.862
As a central concept of economic science value should, therefore, be superseded by price.6 This kind of criticism starts and terminates in the domain of pure logical concepts. Annual Survey of Economic Theory: The Setting of the Central Problem 1936 Econometrica Johan Åkerman 0.862
A Reconsideration of the Theory of Value,” ECONOMICA, February and May, 1934. A Note on the Pure Theory of Consumer’s Behaviour 1938 Economica P. A. Samuelson 0.862
As the theory of value has been extended to cover more and more obscure cases in recent years, it is not unnatural that it has also been used as part of a rationale of the institutions of individual enterprise. The Social Significance of the Theory of Value 1935 The Economic Journal E. F. M. Durbin 0.859

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
The reference will be rather short and apparently superficial, since the purpose of these introductory remarks is not to reinterpret the development of economic thought but to indicate the basis upon which an adequate theory of value may be formulated. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.898
l A reconsideration of the theory of value, Economica, vol.  Family Budget Data and Price-Elasticities of Demand 1941 The Review of Economic Studies C. E. V. Leser 0.885
’0 8 J. R. Hicks and G. D. H. Allen, “A Reconsideration of the Theory of Value,” Economica, May I935. A Statistical Note on World Demand for Exports 1948 The Review of Economics and Statistics Tse Chun Chang 0.882
The foregoing introductory remarks will have attained their objective if they help us to decide the question whether or not there is a need for a theory of value as an inherent and inseparable part of economic theory. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.876
12 J. R. Hicks and R. G. D. Allen, “A Reconsideration of the Theory of Value,” Economica, new series, Vol. Homogeneous Systems in Mathematical Economics 1948 Econometrica Gerhard Tintner 0.875
Hicks, J. R. and Allen, R. G. D. “A Reconsideration of the Theory of Value.” The Marginal Feed Cost of Pork and Lard 1945 Journal of Farm Economics L. Jay Atkinson 0.865
The application of coefficients and similar devices is only deceiving us about the real nature of the discrepancies existing at present between received doctrine and economic reality.9 VIII We are now able to add the last link to our inquiry into the general character of a theory of value. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.853
tion of a problem is the key methodological idea in the book; implicit in this conception are positions both regarding the functions of economic theory and the treatment of valuation. The Problem-Solution Basis of Forward Pricing 1949 Land Economics Kenneth Parsons 0.850
It should finally be apparent that the arguments concerning the necessity for a theory of value adduced here with reference to economic theory have equal validity in the other departments of the formerly unified sciences. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.845
It may be that none of us knows- any more than Marx knew-what we mean by Value: and that in itself perhaps renders the formulation of a satisfactory theory of Value a matter of some difficulty. Economics: Yesterday and To-morrow 1949 The Economic Journal Alexander Gray 0.837

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
This question of the logical and scientific status of values and value judgments has arisen repeatedly in every field of science and philosophy’ and it is not the purpose of this essay to penetrate this central problem of the philosophy of science, but, rather, to present a general prospectus of the useful impact of the restoration of a theory of value to a central position in social science, with particular reference to economic theory. The Theory of Value in Social Science 1951 The American Journal of Economics and Sociology Walter G. O’Donnell 0.880
2 R. G. D. Allen and J. R. Hicks, ” A Reconsideration of the Theory of Value,” Economica, I934, PP. A Critical Note on the Definition of Related Goods 1950 The Review of Economic Studies S. Ichimura 0.878
In economics, which once claimed value as its special province of investigation, value has become adumbrated and uncritically identified with price in the circular reasoning of orthodox economic theory; more recently an improvement, by way of frankness, is being registered in the complete abandonment of the term itself in some texts, with some neo-classical economists, like Lionel Robbins, explicitly denying that economics has anything to do with value judgments-a position, by the way, which involves a sweeping value judgment sustaining a whole system of values embodied in the institutional status quo. The Theory of Value in Social Science 1951 The American Journal of Economics and Sociology Walter G. O’Donnell 0.864
R. Hicks and R. G. D. Allen, “A Reconsideration of the Theory of Value,” Economica, N. S., Vol. A Theory of Demand with Variable Consumer Preferences 1956 Econometrica R. L. Basmann 0.860
It begins with a brief exposition of the fundamental propositions of the famous Hicks-Allen article, ” The Reconsideration of the Theory of Value.” Robertson on Utility and Scope 1953 Economica Lionel Robbins 0.856
A more adequate theory of valuation turns to the analysis of human purposes and the human will to action. The Theory of Value in Social Science 1951 The American Journal of Economics and Sociology Walter G. O’Donnell 0.854
2 J. R. Hicks, ” A Reconsideration of the Theory of Value,” Economica, I934, pp.  Complementarity and the Excess Burden of Taxation 1953 The Review of Economic Studies W. J. Corlett, D. C. Hague 0.846
The second trivial, but equally fundamental, assertion of the theory consists in the observation that the economic value judgments of a person are not only influenced by the vector of commodities which he intends to acquire, but also by the circumstances under which his choice is made. A Rehabilitation of the Classical Theory of Marginal Utility 1952 Economica H. Bernardelli 0.845
makes value implications an integral part of economics. Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 0.840
Valuations are necessarily involved already at the stage when we observe facts and carry on theoretical analysis, and not only at the stage when we draw political inferences from facts and valuations.” Schumpeter’s History of Economic Analysis and Some Related Books 1956 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen, Schumpeter 0.839

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Concept of Value Further Considered 1915 The Quarterly Journal of Economics B. M. Anderson, Jr. 23 0.616
An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 19 0.629
The Place of Value Theory in Economics: II 1918 Journal of Political Economy Walton H. Hamilton 16 0.632
Economic Value and Moral Value 1916 The Quarterly Journal of Economics Ralph Barton Perry 15 0.628
The Place of Value Theory in Economics: I 1918 Journal of Political Economy Walton H. Hamilton 15 0.641
Economics and Value Judgments 1950 The Quarterly Journal of Economics Paul Streeten 15 0.633
The Theory of Value in Social Science 1951 The American Journal of Economics and Sociology Walter G. O’Donnell 15 0.607
The Progress of Pecuniary Valuation 1915 The Quarterly Journal of Economics Charles H. Cooley 13 0.611
The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 13 0.630
The Social Point of View in Economics 1914 The Quarterly Journal of Economics Lewis H. Haney 12 0.609

Top articles (most sentences) of the cluster for each time window

Top articles 1900-1919

Title Year Journal Authors Number sentences Similarity
The Concept of Value Further Considered 1915 The Quarterly Journal of Economics B. M. Anderson, Jr. 23 0.616
The Place of Value Theory in Economics: II 1918 Journal of Political Economy Walton H. Hamilton 16 0.632
Economic Value and Moral Value 1916 The Quarterly Journal of Economics Ralph Barton Perry 15 0.628
The Place of Value Theory in Economics: I 1918 Journal of Political Economy Walton H. Hamilton 15 0.641
The Progress of Pecuniary Valuation 1915 The Quarterly Journal of Economics Charles H. Cooley 13 0.611
The Social Point of View in Economics 1914 The Quarterly Journal of Economics Lewis H. Haney 12 0.609
The Concept of Value: A Rejoinder 1915 The Quarterly Journal of Economics J. M. Clark 11 0.605
Social Value and the Theory of Money 1917 Journal of Political Economy Walter Stewart 11 0.609
The Content of the Value Concept 1917 The Quarterly Journal of Economics Abbott Payson Usher 11 0.621
On the Concept of Social Value 1909 The Quarterly Journal of Economics Joseph Schumpeter 10 0.614
Regulation of Public Service Corporations–Discussion 1914 The American Economic Review Edward W. Bemis , John E. Brindley, James E. Boyle , James E. Allison, W. F. Gephart , C. J. Buell , Ralph E. Heilman, Howard C Hopson , J. G. Ohsol 9 0.619
Marginal Utility and Exchange Value 1905 Journal of Political Economy R. S. Padan 8 0.613
Some Limitations of the Value Concept 1911 The Quarterly Journal of Economics Allyn A. Young 8 0.637
On Some Neglected British Economists 1903 The Economic Journal Edwin R. A. Seligman 7 0.637
A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 7 0.623

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
An Extension of Value Theory 1922 The Quarterly Journal of Economics David Friday 19 0.629
Secular Trends and Business Cycles: A Classification of Theories 1922 The Review of Economics and Statistics J. R. Commons , H. L. McCracken, W. E. Zeuch 9 0.609
A Revaluation of Traditional Economic Theory 1921 The American Economic Review Carl E. Parry 7 0.616
The Utility Concept in Value Theory and Its Critics 1925 Journal of Political Economy Jacob Viner 7 0.605
Value and the Larger Economics 1923 Journal of Political Economy Frank A. Fetter 6 0.618
Progress and Poverty in Current Literature on Valuation 1926 The Quarterly Journal of Economics James C. Bonbright 6 0.615
The Interpretation of Subjective Value Theory in the Writings of the Austrian Economists 1934 The Review of Economic Studies Alan R. Sweezy 6 0.604
The Social Significance of the Theory of Value 1935 The Economic Journal E. F. M. Durbin 6 0.628
Annual Survey of Economic Theory: The Setting of the Central Problem 1936 Econometrica Johan Åkerman 6 0.626
The Chief Problem of Economic Theory 1922 The Quarterly Journal of Economics Robert Liefmann 5 0.608
The Ethics of Competition 1923 The Quarterly Journal of Economics Frank H. Knight 5 0.600
The Trend of Economics, as seen by Some American Economists 1925 The Quarterly Journal of Economics Allyn A. Young 5 0.608
The Doctrine of Comparative Cost 1926 The Quarterly Journal of Economics Edward S. Mason 5 0.597
Value for Rate Making and Recapture of Excess Income 1928 Journal of Political Economy George G. Tunell 5 0.606
On the Content of Welfare 1931 The American Economic Review A. B. Wolfe 5 0.641

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 13 0.630
The Bureau of Agricultural Economics under Fire: A Study in Valuation Conflicts 1946 Journal of Farm Economics Charles M. Hardin 9 0.639
Social Conflicts and Agricultural Programs 1941 Journal of Farm Economics Kenneth H. Parsons 7 0.606
John R. Commons’ Point of View 1942 The Journal of Land & Public Utility Economics Kenneth H. Parsons, John R. Commons 7 0.616
Trinity College, Dublin, and the Theory of Value, 1832-1863 1945 Economica R. D. Black 6 0.594
Teaching of Economics: A New Approach 1946 Southern Economic Journal K. William Kapp 6 0.611
John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 5 0.622
“What is Truth” in Economics? 1940 Journal of Political Economy Frank H. Knight 5 0.620
Professor Robbins’ Definition of Economics 1943 Journal of Political Economy Robert Scoon 5 0.626
The Place of Value-Judgments in the Social Sciences 1945 The American Journal of Economics and Sociology Melvin J. Williams 5 0.601
The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 4 0.613
Optimum Income Distribution as a Goal of Public Policy 1944 The American Journal of Economics and Sociology Rainer Schickele 4 0.631
The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 4 0.651
The Theory of Comparative Costs Reconsidered 1949 Oxford Economic Papers G. M. Meier 4 0.594
Professor Mises and the Theory of Capital 1941 Economica F. H. Knight 3 0.649

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Economics and Value Judgments 1950 The Quarterly Journal of Economics Paul Streeten 15 0.633
The Theory of Value in Social Science 1951 The American Journal of Economics and Sociology Walter G. O’Donnell 15 0.607
Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 10 0.645
Value Judgments in Economics: A Comment 1956 Southern Economic Journal David D. Martin 8 0.640
Programs and Prognoses 1954 The Quarterly Journal of Economics Paul Streeten 7 0.624
Wilderness Areas: An Extra-Market Problem in Resource Allocation 1951 Land Economics L. Gregory Hines 6 0.617
A Note on David Easton’s Approach to Political Philosophy 1954 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique R. C. Pratt 6 0.642
Neurophysiological Economics 1950 Journal of Political Economy A. B. Wolfe 5 0.619
Should Economists Make Value Judgments? 1953 The Quarterly Journal of Economics John D. Black 4 0.646
Genesis of the Marginal Utility Theory: From Aristotle to the End of the Eighteenth Century 1953 The Economic Journal Emil Kauder 4 0.608
Schumpeter’s History of Economic Analysis and Some Related Books 1956 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen, Schumpeter 4 0.673
Recent Thought On Egalitarianism 1957 The Quarterly Journal of Economics Robert J. Lampman 4 0.642
Welfare Economics, Ethics, and Essentialism 1959 Economica G. C. Archibald 4 0.608
Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 3 0.624
A Difficulty in the Concept of Social Welfare 1950 Journal of Political Economy Kenneth J. Arrow 3 0.588

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0390290
11: capitalistic, capitalism, capitalist, capital, marxian -0.0108412
8: farm, agriculture, agricultural, land, farmers -0.0585620
6: civilization, evils, enjoyment, free_competition, religion -0.0896397
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0982292
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1012670
13: laborers, employer, employers, wages, pain -0.1538628
7: economy_vol, cairnes, jevons, economic_method, senior -0.1686473
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.1874207
9: teaching, training, student, students, induction -0.2096531
1: commission, tariff, mill’s, court, commerce -0.2214767
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.2619212

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0455139
8: farm, agriculture, agricultural, land, farmers 0.0269644
11: capitalistic, capitalism, capitalist, capital, marxian -0.0038911
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.0243606
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0313255
18: economic_laws, economic_law, liberty, court, ethical -0.0420483
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0551078
14: rationalisation, rationalization, men’s, und, rational_action -0.0796512
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1006715
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1491235
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1800589
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1878994

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0390076
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0140429
36: capitalism, marx, socialist, capitalistic, soviet -0.0073882
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0108501
14: rationalisation, rationalization, men’s, und, rational_action -0.0178227
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0221565
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0252779
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.0768166
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0956858
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1046162
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1049064
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1542061

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0431283
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0206155
53: social_choice, decision_maker, maker, decisions, rational_choice 0.0052344
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0100417
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0394344
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0532882
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0614632
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0769944
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0919359
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1082371
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1090348
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1128350
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1291893

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.9555696
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.9532025
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.9068772
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1866943
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1593809
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1255123
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1246456
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1102957
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0881597
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0876990
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0868538
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.0814233
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0632802
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0545823
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0525502

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.9657848
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.9555696
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.9031353
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2049216
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1757702
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1347699
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1242672
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1096660
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0936138
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0820108
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0800217
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.0665426
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.0589038
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0562771
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.0472637

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.9657848
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.9532025
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.9442107
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1678902
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1338086
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1190682
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0869415
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0756611
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0731949
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0729032
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0702416
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0685680
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0443633
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0439218
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.0428027

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.9442107
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.9068772
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.9031353
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2273425
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0899426
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0888782
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0863956
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.0789874
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0777151
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0742896
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0742674
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0735003
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0709539
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.0706921
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.0705683

Intertemporal cluster 11: capitalistic, capitalism, capitalist, capital, marxian

The cluster gathers 777 sentences from our corpus. It represents 0.48% of all the sentences selected over the whole period.

The community exists from 1900 to 1939.

The most recurring authors are Frank H. Knight (61 sentences), Talcott Parsons (35 sentences), F. A. von Hayek (33 sentences), Frank A. Fetter (33 sentences), Charles A. Tuttle (14 sentences), F. A. v. Hayek (13 sentences), Oskar Lange (12 sentences), E. Böhm-Bawerk (11 sentences), Irving Fisher (11 sentences), A. P. Lerner (10 sentences).

The most recurring journals are The Quarterly Journal of Economics (192 sentences), Journal of Political Economy (150 sentences), The American Economic Review (140 sentences), Economica (83 sentences), The Economic Journal (81 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
capitalistic 0.0022270
capitalism 0.0015753
abstinence 0.0013048
capitalist 0.0010455
capital 0.0009862
collectivist 0.0008166
socialist_economy 0.0007036
sombart 0.0006593
marxian 0.0006382
bourgeois 0.0006349
socialist 0.0006046
capitalists 0.0005254
social_control 0.0005137
marx 0.0004955
economic_evolution 0.0004938
capitalist_system 0.0004483
clark 0.0004397
ownership 0.0004397
private_property 0.0004281
professor_knight 0.0004121

Top TF-IDF terms describing the community for each time window

Top terms 1900-1919

Token TF-IDF
professor_clark 0.0059901
abstinence 0.0043716
clark 0.0028768
capitalization 0.0023478
consumable 0.0022796
capital 0.0020010
railway 0.0018735
incident 0.0017097
maladjustment 0.0016159
productivity 0.0014720
surplus 0.0013765
consumers_surplus 0.0013357
employments 0.0013357
fund 0.0012775
possession 0.0012775

Top terms 1920-1939

Token TF-IDF
capitalistic 0.0049157
capitalism 0.0025862
capitalist 0.0020843
collectivist 0.0015985
abstinence 0.0012739
socialist_economy 0.0012710
capitalization 0.0011973
modern_capitalism 0.0011973
socialist 0.0011278
social_control 0.0011224
marxian 0.0011215
sombart 0.0010987
bourgeois 0.0010853
capitalists 0.0010392
capitalist_system 0.0010337

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
In the first place, both are agreed that modern capitalism, or “free enterprise” is characterized by a peculiarly high degree of rationality; it is in fact the result of a long “process of rationalization.” Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.779
If there is any connection between reasoning and conclusions, and if ” correct” economic theory has any superiority of any kind over that which is incorrect, there can be no greater ” service ” to economic thought than that of striking any blow tending to free it from the incubus of the generally accepted theory of capital in most of its aspects. Capital, Time, and the Interest Rate 1934 Economica Frank H. Knight 0.737
The interesting feature in the first-mentioned form of “failing rationalization” is its being connected with the new type of social measure that does not exist in the purer forms of capitalism. Annual Survey of Significant Developments in General Economic Theory 1934 Econometrica J. Tinbergen 0.731
3- larly since the development of the capitalist system, rationalization assumes three forms: technical, commercial, and politico-economic.” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.719
They are also agreed that, in so far as rationality is a mark of “economic” conduct, the development of capitalism is characterized by an increasing importance of economic factors in social life. Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.703
That the State should be under the compulsion in any given situation to maintain a given rate of investment, irrespective of other considerations, as the only alternative to unemployment, on the one hand, or to acute labour-shortage, on the other hand, is clearly irrational.’ A Note on Saving and Investment in a Socialist Economy 1939 The Economic Journal M. H. Dobb 0.695
Next, the modern theory shows how the actions of these individuals determine independently of their rational will and, using the famous Marxian expression, “behind their consciousness,” the shape and position of the very same imaginary demand and cost curve. The Significance of Marxian Economics for Present-Day Economic Theory 1938 The American Economic Review Wassily Leontief 0.694
And secondly it is a rational system, all activity being adjusted to the values expressed bythe capitalistic spirit in a relatively exact adaptation of means to ends. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.693
What he means by the rationality of capitalism, then, is its nice adaptation of the whole way of life of the modern man to a particular set of values. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.693
“3 But why should mistakes, owing to the unpredictability of consumers’ tastes and the weather, give rise apparently to important difficulties in a planned economy, but cause no disturbance of calculations, and be” confinable within certain narrow limits,” in a capitalist economy-unless one is tacitly slipping in the usual ” equilibrium ” assumption of perfect, or nearly perfect, foresight in a capitalist economy ? Note on Uncertainty and Planning 1937 The Review of Economic Studies T. W. Hutchison 0.690
It would, of course, not be defensible to deny that the peculiar principles of the structure of the capitalistic system-competition, money, market, freedom of choice and action, etc.-are leading to special disturbances which might be avoided by attenuating their activity or by applying different principles. Socialism, Planning, and the Business Cycle 1936 Journal of Political Economy Wilhelm Röpke 0.690
The author, in no uncertain manner, takes sides with those who find the explanation of interest in the productive character of capital. ” J. B. Clark’s Formulae of Wages and Interest 1901 Journal of Political Economy R. S. Padan 0.684
It is after this end is achieved that a rational socialistic production is said to become possible, and it is at this point that a substantial departure is made by some of the leading Soviet economists from the generally accepted theory. The Law of Diminishing Fertility of the Soil, from the Point of View of Some of the Russian Economists of Today 1931 Journal of Farm Economics John W. Boldyreff 0.683
Business men who, in the face of a changing environment, proceed to apply capital to the production of any economic good, bear this risk of maladjustment; but evidently, if rational persons, they will not deliberately accept a Risk-in its usual sense of an unrelieved probability of loss-but they will restrict their applications until there appears a compensating probability of exceptional gain. Uncertainty in its Relation to the Net Rate of Interest 1912 The Economic Journal F. Lavington 0.682
We have now shown an unbroken chain of causation extending from the primitive economic problem-the subjective valuation of immediately consumable goodsthrough rent to the capital value of relatively permanent goods, or productive agents. Fetter’s Theory of Value 1905 The Quarterly Journal of Economics Robert F. Hoxie 0.681
But how, it was asked with profound disdain, can an elemental process of an anarchic economic system, developing irrespective of the human will, be compared with the conscious change of an economic structure which is based on a definite plan to construct 1 ” Our plans are scientific, because . The Soviet Conception of Economic Equilibrium 1939 The Review of Economic Studies E. M. Chossudowsky 0.681
If the attempt to find a new equilibrium is really the common motive power behind the multitudinous variety of the dynamic reactions of actual economic life, 2 it is on the basis of this notion that we must hope to build a more adequate theoretical dynamics; and it is on the basis of this notion that any future policy of social control must be constructed. Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 0.680
So long as we confine ourselves to the effects of the decisions of the capitalist on his own income stream, it may seem arbitrary to treat any one of the different sets of consistent decisions regarding his future income streami as in any way more ” normal ” than any other. The Maintenance of Capital 1935 Economica F. A. von Hayek 0.678
The word “rationalization” is coming into increasing vogue as a term descriptive of this type of economic regimentation. Some Economic and Social Accompaniments of the Mechanization of Agriculture 1930 The American Economic Review E. G. Nourse 0.676
Again, mention of the technical advantage of capital and the division of labor calls up many subtle discussions of the motives which induce and counteract saving, the ” preference for present over future goods “; and we remember some questions about the motives which the business man has for buying the present goods, launching them into round-about production, and agreeing to pay interest. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.673

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
The author, in no uncertain manner, takes sides with those who find the explanation of interest in the productive character of capital. ” J. B. Clark’s Formulae of Wages and Interest 1901 Journal of Political Economy R. S. Padan 0.684
Business men who, in the face of a changing environment, proceed to apply capital to the production of any economic good, bear this risk of maladjustment; but evidently, if rational persons, they will not deliberately accept a Risk-in its usual sense of an unrelieved probability of loss-but they will restrict their applications until there appears a compensating probability of exceptional gain. Uncertainty in its Relation to the Net Rate of Interest 1912 The Economic Journal F. Lavington 0.682
We have now shown an unbroken chain of causation extending from the primitive economic problem-the subjective valuation of immediately consumable goodsthrough rent to the capital value of relatively permanent goods, or productive agents. Fetter’s Theory of Value 1905 The Quarterly Journal of Economics Robert F. Hoxie 0.681
Again, mention of the technical advantage of capital and the division of labor calls up many subtle discussions of the motives which induce and counteract saving, the ” preference for present over future goods “; and we remember some questions about the motives which the business man has for buying the present goods, launching them into round-about production, and agreeing to pay interest. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.673
“3 In a succession of paragraphs he emphasises, quite in the spirit of the most approved modern treatises, but partly in opposition to most of the text-books of his day, the fact that wealth does not include free, internal, useless, or unappropriable goods.4 He follows Smith in making the distinction between productive and unproductive labour, but proceeds to explain it away, as in his acceptance of Scott’s contention that an author may be a productive labourer.5 H’e gives a definition of capital which is of interest in view of the recent theories of Fisher and Cannan, saying that” capital consists of accumulated wealth, which is or may be applied to assist in the work of production, whi6h is nearly equivalent to saying that it consists of all wealth whatever. On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.672
We may say that a person’s valuation of capital, along with the valuations of other persons in like situation, is less the direct result of a previously existing market rate of interest, than it is, by affecting his and their attitude towards the market, a determinant of the rate of interest. The Marginal Productivity Versus the Impatience Theory of Interest 1913 The Quarterly Journal of Economics Harry G. Brown 0.669
Acceptance of the fact that neither labor nor capital need eventuate either in a material result or in a good result, but only in a price-bearing result, must greatly modify the capital concept and greatly extend the capital category. The Extent and the Significance of the Unearned Increment 1911 The American Economic Review H. J. Davenport 0.668
Once more we pass in review the familiar doctrinal antithesis of value as ratio and value as substance; cost as pain and cost as opportunity foregone; margins as fixing prices and margins as fixed by price; capital as productive factor and capital as distributive category; interest determined by productivity and interest determined by a discounting process. Davenport’s Economics and the Present Problems of Theory 1914 The Quarterly Journal of Economics Alvin S. Johnson 0.665
It would astonish a business man to have an economist strike out from his assets as non-capital his raw materials, as would Kleinwachter, his perishable goods, as would Hermann, his fuel, as would Walras, or, above all, his land, as would most of the classical economists. Precedents for Defining Capital 1904 The Quarterly Journal of Economics Irving Fisher 0.663
2 “The statement of how the productivity of capital works into and together with the other two grounds of the higher valuation of present goods, I consider one of the most difficult points in the theory of interest, and, at the same time, the one which must decide the fate of that theory.” The Impatience Theory of Interest 1913 The American Economic Review Irving Fisher 0.662
The valuation of ” none-reproducible capital goods ” may also be dismissed by poiting out that they also go back to some human activity of preemption and development, and are not theoretically different from shorter-lived agents except in degree Land value probably represents an investment of quite as much human pain as any other equally considerable category of value in the wor ties represented by the abscissas of both curves are rates of supply and demand respectively, quantities which will be offered and taken in a unit of time at the prices indicated by the corresponding ordinates. Neglected Factors in the Problem of Normal Interest 1916 The Quarterly Journal of Economics F. H. Knight 0.662
The idea of a surplus, which with Turgot was the fundamental characteristic of the capital concept, becomes with Adam Smith the distinguishing feature of I Rfletxions sur la Formation et la Distribution des Richesses, ? The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.661

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
In the first place, both are agreed that modern capitalism, or “free enterprise” is characterized by a peculiarly high degree of rationality; it is in fact the result of a long “process of rationalization.” Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.779
If there is any connection between reasoning and conclusions, and if ” correct” economic theory has any superiority of any kind over that which is incorrect, there can be no greater ” service ” to economic thought than that of striking any blow tending to free it from the incubus of the generally accepted theory of capital in most of its aspects. Capital, Time, and the Interest Rate 1934 Economica Frank H. Knight 0.737
The interesting feature in the first-mentioned form of “failing rationalization” is its being connected with the new type of social measure that does not exist in the purer forms of capitalism. Annual Survey of Significant Developments in General Economic Theory 1934 Econometrica J. Tinbergen 0.731
3- larly since the development of the capitalist system, rationalization assumes three forms: technical, commercial, and politico-economic.” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.719
They are also agreed that, in so far as rationality is a mark of “economic” conduct, the development of capitalism is characterized by an increasing importance of economic factors in social life. Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.703
That the State should be under the compulsion in any given situation to maintain a given rate of investment, irrespective of other considerations, as the only alternative to unemployment, on the one hand, or to acute labour-shortage, on the other hand, is clearly irrational.’ A Note on Saving and Investment in a Socialist Economy 1939 The Economic Journal M. H. Dobb 0.695
Next, the modern theory shows how the actions of these individuals determine independently of their rational will and, using the famous Marxian expression, “behind their consciousness,” the shape and position of the very same imaginary demand and cost curve. The Significance of Marxian Economics for Present-Day Economic Theory 1938 The American Economic Review Wassily Leontief 0.694
And secondly it is a rational system, all activity being adjusted to the values expressed bythe capitalistic spirit in a relatively exact adaptation of means to ends. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.693
What he means by the rationality of capitalism, then, is its nice adaptation of the whole way of life of the modern man to a particular set of values. “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.693
“3 But why should mistakes, owing to the unpredictability of consumers’ tastes and the weather, give rise apparently to important difficulties in a planned economy, but cause no disturbance of calculations, and be” confinable within certain narrow limits,” in a capitalist economy-unless one is tacitly slipping in the usual ” equilibrium ” assumption of perfect, or nearly perfect, foresight in a capitalist economy ? Note on Uncertainty and Planning 1937 The Review of Economic Studies T. W. Hutchison 0.690
It would, of course, not be defensible to deny that the peculiar principles of the structure of the capitalistic system-competition, money, market, freedom of choice and action, etc.-are leading to special disturbances which might be avoided by attenuating their activity or by applying different principles. Socialism, Planning, and the Business Cycle 1936 Journal of Political Economy Wilhelm Röpke 0.690
It is after this end is achieved that a rational socialistic production is said to become possible, and it is at this point that a substantial departure is made by some of the leading Soviet economists from the generally accepted theory. The Law of Diminishing Fertility of the Soil, from the Point of View of Some of the Russian Economists of Today 1931 Journal of Farm Economics John W. Boldyreff 0.683

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 1% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
It is precisely for the purpose of ridding rational economics of classificatory definitions of capital and substituting an analytical one-to show that capital and income differ in kind, not in degree-that I have been striving in this and former articles. Precedents for Defining Capital 1904 The Quarterly Journal of Economics Irving Fisher 0.787

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
What needs to be emphasized for our present purpose is that if an individual is to increase his productive power by the use of capital he must, under primitive conditions where exchange does not exist, devote a portion of his time to the creation of capital goods-he cannot devote it exclusively to the creation of consumption goods. Commercial Banking and Capital Formation: IV 1918 Journal of Political Economy H. G. Moulton 0.833
“3 In a succession of paragraphs he emphasises, quite in the spirit of the most approved modern treatises, but partly in opposition to most of the text-books of his day, the fact that wealth does not include free, internal, useless, or unappropriable goods.4 He follows Smith in making the distinction between productive and unproductive labour, but proceeds to explain it away, as in his acceptance of Scott’s contention that an author may be a productive labourer.5 H’e gives a definition of capital which is of interest in view of the recent theories of Fisher and Cannan, saying that” capital consists of accumulated wealth, which is or may be applied to assist in the work of production, whi6h is nearly equivalent to saying that it consists of all wealth whatever. On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.831
Now the desirability or otherwise of this system of personal ownership of capital is an arguable subject; but it is misleading in the last degree to take one single but essential element of it and discuss that element as if it were capable of being maintained or abolished all by itself. Saving and Usury: A Symposium 1932 The Economic Journal Edwin Cannan , B. P. Adarkar , B. K. Sandwell, J. M. Keynes , K. E. Boulding 0.829
If there is any connection between reasoning and conclusions, and if ” correct” economic theory has any superiority of any kind over that which is incorrect, there can be no greater ” service ” to economic thought than that of striking any blow tending to free it from the incubus of the generally accepted theory of capital in most of its aspects. Capital, Time, and the Interest Rate 1934 Economica Frank H. Knight 0.828
Perceiving clearly that the fundamental and essential characteristic of capital is found in the acquisitive purpose, the increment purpose, of its, holding, and observing that individuals often gain by lending to others or by employing their wealth in some socially nonproductive application -on which question of nonproductiveness he was notoriously much confused - it all the while remaining true that communities as isolated aggregates can gain only through productive, processes of some sort, he divided the assumption that competing employers have not a like increase of capital. Capital as a Competitive Concept 1904 Journal of Political Economy H. J. Davenport 0.825
Lest the argument seem to imply too much, or its conclusions to extend too far, it may be permissible to repeat that no abandonment of the technological concept of capital is advocated or could be admitted to be desirable, but only that this technological concept be accepted as such, and that its distinctly social bearing and significance be recognized. Capital as a Competitive Concept 1904 Journal of Political Economy H. J. Davenport 0.823
His theory might possibly be considered, at least from this standpoint, as accounting for interest on capital for a brief period immediately following the introduction of a new process of production or of a new invention, as exemplified by the first 8 years of our illustration; but even so, the persistent income to capital, so characteristic of our present industrial system, remains unexplained, for, deprived of the fundamental premise, the whole structure of the theory as well as the final conclusions must fall.12 12 “The disadvantage connected with the capitalist method of production is its sacrifice of time. Analysis of the Nature of Capital and Interest 1908 Journal of Political Economy Hugo Bilgram 0.822
Is it too much to hope that the common and practical concept of capital here presented may be conducive to the attainment of such a theory? The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.819
He recognizes the scientific importance of these conceptions, which have resulted from profound analyses of economic phenomena; but he characterizes the application of the term “capital” to them as arbitrary and absolutely without justification,-as the very thing which can but vitiate their scientific usefulness. The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.817
Acceptance of the fact that neither labor nor capital need eventuate either in a material result or in a good result, but only in a price-bearing result, must greatly modify the capital concept and greatly extend the capital category. The Extent and the Significance of the Unearned Increment 1911 The American Economic Review H. J. Davenport 0.816
Yet capital, in the sense of surplus wealth as a possession, has enabled man to acquire such a knowledge of and command over his own powers and the forces of nature, such a prerequisite has it become to every industrial undertaking, that economists have been led to recognize it as a distinct factor in production, co-ordinate with man and nature. The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.814
Let us now consider an aspect of capitalistic production which in our inquiry must receive particular attention. The Function of the Entrepreneur 1927 The American Economic Review Charles A. Tuttle 0.813
So late an innovation, indeed, is this modern institution of “capitalism,”-the predominant ownership of industrial capital as we know it,-and yet so intimate a fact is it in our familiar scheme of life, that we have some difficulty in seeing it in perspective at all, and we find ourselves hesitating between denying its existence, on the one hand, and affirming it to be a fact of nature antecedent to all human institutions, on the other hand. On the Nature of Capital 1908 The Quarterly Journal of Economics Thorstein Veblen 0.812
Capital is no longer the perfect capitalist factor of production it must have been a generation or two ago; no longer as perfectly mobile, or as divisible, or as responsive to the dictation of the rate of interest. Recent Trends in the Accumulation of Capital 1935 The Economic History Review M. M. Postan 0.811
Of course, the existing stock of capital in society is not the same as the existing stock of consumers’ goods, as some loose statements of the older writers might indicate, and we cannot say that they were not misled by such careless forms of statement, but there was none the less a fundamental truth in their theory. Some Books on Fundamentals 1923 Journal of Political Economy Frank H. Knight 0.809

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1900-1919

Sentence Title Year Journal Authors Centroid Similarity
What needs to be emphasized for our present purpose is that if an individual is to increase his productive power by the use of capital he must, under primitive conditions where exchange does not exist, devote a portion of his time to the creation of capital goods-he cannot devote it exclusively to the creation of consumption goods. Commercial Banking and Capital Formation: IV 1918 Journal of Political Economy H. G. Moulton 0.833
“3 In a succession of paragraphs he emphasises, quite in the spirit of the most approved modern treatises, but partly in opposition to most of the text-books of his day, the fact that wealth does not include free, internal, useless, or unappropriable goods.4 He follows Smith in making the distinction between productive and unproductive labour, but proceeds to explain it away, as in his acceptance of Scott’s contention that an author may be a productive labourer.5 H’e gives a definition of capital which is of interest in view of the recent theories of Fisher and Cannan, saying that” capital consists of accumulated wealth, which is or may be applied to assist in the work of production, whi6h is nearly equivalent to saying that it consists of all wealth whatever. On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.831
Perceiving clearly that the fundamental and essential characteristic of capital is found in the acquisitive purpose, the increment purpose, of its, holding, and observing that individuals often gain by lending to others or by employing their wealth in some socially nonproductive application -on which question of nonproductiveness he was notoriously much confused - it all the while remaining true that communities as isolated aggregates can gain only through productive, processes of some sort, he divided the assumption that competing employers have not a like increase of capital. Capital as a Competitive Concept 1904 Journal of Political Economy H. J. Davenport 0.825
Lest the argument seem to imply too much, or its conclusions to extend too far, it may be permissible to repeat that no abandonment of the technological concept of capital is advocated or could be admitted to be desirable, but only that this technological concept be accepted as such, and that its distinctly social bearing and significance be recognized. Capital as a Competitive Concept 1904 Journal of Political Economy H. J. Davenport 0.823
His theory might possibly be considered, at least from this standpoint, as accounting for interest on capital for a brief period immediately following the introduction of a new process of production or of a new invention, as exemplified by the first 8 years of our illustration; but even so, the persistent income to capital, so characteristic of our present industrial system, remains unexplained, for, deprived of the fundamental premise, the whole structure of the theory as well as the final conclusions must fall.12 12 “The disadvantage connected with the capitalist method of production is its sacrifice of time. Analysis of the Nature of Capital and Interest 1908 Journal of Political Economy Hugo Bilgram 0.822
Is it too much to hope that the common and practical concept of capital here presented may be conducive to the attainment of such a theory? The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.819
He recognizes the scientific importance of these conceptions, which have resulted from profound analyses of economic phenomena; but he characterizes the application of the term “capital” to them as arbitrary and absolutely without justification,-as the very thing which can but vitiate their scientific usefulness. The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.817
Acceptance of the fact that neither labor nor capital need eventuate either in a material result or in a good result, but only in a price-bearing result, must greatly modify the capital concept and greatly extend the capital category. The Extent and the Significance of the Unearned Increment 1911 The American Economic Review H. J. Davenport 0.816
Yet capital, in the sense of surplus wealth as a possession, has enabled man to acquire such a knowledge of and command over his own powers and the forces of nature, such a prerequisite has it become to every industrial undertaking, that economists have been led to recognize it as a distinct factor in production, co-ordinate with man and nature. The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 0.814
So late an innovation, indeed, is this modern institution of “capitalism,”-the predominant ownership of industrial capital as we know it,-and yet so intimate a fact is it in our familiar scheme of life, that we have some difficulty in seeing it in perspective at all, and we find ourselves hesitating between denying its existence, on the one hand, and affirming it to be a fact of nature antecedent to all human institutions, on the other hand. On the Nature of Capital 1908 The Quarterly Journal of Economics Thorstein Veblen 0.812

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
Now the desirability or otherwise of this system of personal ownership of capital is an arguable subject; but it is misleading in the last degree to take one single but essential element of it and discuss that element as if it were capable of being maintained or abolished all by itself. Saving and Usury: A Symposium 1932 The Economic Journal Edwin Cannan , B. P. Adarkar , B. K. Sandwell, J. M. Keynes , K. E. Boulding 0.829
If there is any connection between reasoning and conclusions, and if ” correct” economic theory has any superiority of any kind over that which is incorrect, there can be no greater ” service ” to economic thought than that of striking any blow tending to free it from the incubus of the generally accepted theory of capital in most of its aspects. Capital, Time, and the Interest Rate 1934 Economica Frank H. Knight 0.828
Let us now consider an aspect of capitalistic production which in our inquiry must receive particular attention. The Function of the Entrepreneur 1927 The American Economic Review Charles A. Tuttle 0.813
Capital is no longer the perfect capitalist factor of production it must have been a generation or two ago; no longer as perfectly mobile, or as divisible, or as responsive to the dictation of the rate of interest. Recent Trends in the Accumulation of Capital 1935 The Economic History Review M. M. Postan 0.811
Of course, the existing stock of capital in society is not the same as the existing stock of consumers’ goods, as some loose statements of the older writers might indicate, and we cannot say that they were not misled by such careless forms of statement, but there was none the less a fundamental truth in their theory. Some Books on Fundamentals 1923 Journal of Political Economy Frank H. Knight 0.809
CAPITAL IN EVERYDAY USAGE AND IN ECONOMIC SCIENCE By way of approach to the central problem it will be useful to take some note of the connections or settings in which capital and interest have come into men’s thought and discussion. The Quantity of Capital and the Rate of Interest: I 1936 Journal of Political Economy Frank H. Knight 0.806
The argument which we have to examine falls into two parts, the former an assumption about the behaviour of capitalists, the latter an examination of the consequences of this behaviour, assuming the hypothesis to be correct, which must be worked out in the light of economic theory. Marx and the Trade Cycle 1937 The Review of Economic Studies Henry Smith 0.806
to explore shortly the question what problems of capital still exist under such an assumption. The Mythology of Capital 1936 The Quarterly Journal of Economics F. A. v. Hayek 0.805
Now, as I have tried to show in considerable detail in another place,’ the notion of maintaining capital quantitatively intact, far from being either clear or indispensable, presupposes a behavior of the capitalist-entrepreneurs which under dynamic conditions will sometimes be impossible and rarely reasonable for them to adopt. The Mythology of Capital 1936 The Quarterly Journal of Economics F. A. v. Hayek 0.804
A very short time ago these remarks would have seemed to me to be trite and unnecessary; but the curious cult of the doctrine that consumption of capital prevails, or is about to prevail, and that we ought to be much distressed about it, now appears to make it desirable to insist on the difference between capital and the economic heritage. Capital and the Heritage of Improvement 1934 Economica Edwin Cannan 0.802
From the time when commercialism first became the dominant force in western society we have been fascinated by what appeared to be the magical power of sums of money to set the wheels of industry in motion, and consequently in all our economic planning our chief solicitude had been for the accumulation of capital in the sense of funds. The Principles of Economic Strategy 1939 Southern Economic Journal C. E. Ayres 0.802
Hence, capital is a universal, eternal natural phenomenon; which is true if we disregard the specific properties which turn an “instrument of production” and “stored up labor” into capital.,5 The conditions which turn an “instrument of production” into capital arise from the institutions of property and competitive exchange. Economic Evolution: Dialectical and Darwinian 1934 Journal of Political Economy Abram L. Harris 0.802
This second factor, it may be noted, was deleted by Menger from the second edition, lest it be construed as supporting Bdhm-Bawerk’s theory of interest.32 Finally a vague and unsatisfactory definition of capital is presented: …. The Economics of Carl Menger 1937 Journal of Political Economy George J. Stigler 0.802

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Maintenance of Capital 1935 Economica F. A. von Hayek 21 0.614
“Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 13 0.630
The Mythology of Capital 1936 The Quarterly Journal of Economics F. A. v. Hayek 13 0.613
Recent Discussion of the Capital Concept 1900 The Quarterly Journal of Economics Frank A. Fetter 11 0.625
“Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 10 0.611
Marxian Economics and Modern Economic Theory 1935 The Review of Economic Studies O. Lange 10 0.600
The Quantity of Capital and the Rate of Interest: I 1936 Journal of Political Economy Frank H. Knight 10 0.608
The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 9 0.632
The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 8 0.634
The Soviet Conception of Economic Equilibrium 1939 The Review of Economic Studies E. M. Chossudowsky 8 0.609

Top articles (most sentences) of the cluster for each time window

Top articles 1900-1919

Title Year Journal Authors Number sentences Similarity
Recent Discussion of the Capital Concept 1900 The Quarterly Journal of Economics Frank A. Fetter 11 0.625
The Real Capital Concept 1903 The Quarterly Journal of Economics Charles A. Tuttle 9 0.632
Precedents for Defining Capital 1904 The Quarterly Journal of Economics Irving Fisher 5 0.627
Capital and Interest Once More: I. Capital Vs. Capital Goods 1906 The Quarterly Journal of Economics E. Böhm-Bawerk 5 0.620
The Nature of Capital and Income 1907 Journal of Political Economy Frank A. Fetter 5 0.616
Analysis of the Nature of Capital and Interest 1908 Journal of Political Economy Hugo Bilgram 5 0.594
Capital as a Competitive Concept 1904 Journal of Political Economy H. J. Davenport 4 0.640
Capital and Interest Once More: II. A Relapse to the Productivity Theory 1907 The Quarterly Journal of Economics E. Böhm-Bawerk 4 0.612
The Controversy about the Capital Concept 1908 The Quarterly Journal of Economics Frederick B. Hawley 4 0.621
Interest Theories, Old and New 1914 The American Economic Review Frank A. Fetter 4 0.602
On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 3 0.643
Concerning the Nature of Capital: A Reply 1907 The Quarterly Journal of Economics John Bates Clark 3 0.615
Capital, Interest, and Diminishing Returns 1908 The Quarterly Journal of Economics F. W. Taussig 3 0.595
Uncertainty in its Relation to the Net Rate of Interest 1912 The Economic Journal F. Lavington 3 0.615
Neglected Factors in the Problem of Normal Interest 1916 The Quarterly Journal of Economics F. H. Knight 3 0.642

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
The Maintenance of Capital 1935 Economica F. A. von Hayek 21 0.614
“Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 13 0.630
The Mythology of Capital 1936 The Quarterly Journal of Economics F. A. v. Hayek 13 0.613
“Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 10 0.611
Marxian Economics and Modern Economic Theory 1935 The Review of Economic Studies O. Lange 10 0.600
The Quantity of Capital and the Rate of Interest: I 1936 Journal of Political Economy Frank H. Knight 10 0.608
The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 8 0.634
The Soviet Conception of Economic Equilibrium 1939 The Review of Economic Studies E. M. Chossudowsky 8 0.609
Capital, Time, and the Interest Rate 1934 Economica Frank H. Knight 6 0.613
Economic Theory and Socialist Economy 1934 The Review of Economic Studies A. P. Lerner 6 0.621
Economic Evolution: Dialectical and Darwinian 1934 Journal of Political Economy Abram L. Harris 6 0.592
Professor Hayek and the Theory of Investment 1935 The Economic Journal Frank H. Knight 6 0.606
On the Economic Theory of Socialism: Part One 1936 The Review of Economic Studies Oskar Lange 6 0.607
The Entrepreneur Myth 1924 Economica M. H. Dobb 5 0.622
Inequality and Accumulation 1924 Journal of Political Economy A. F. McGoun 5 0.602

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.1781082
13: laborers, employer, employers, wages, pain 0.0880262
12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0308581
3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0129764
10: valuations, economic_values, reconsideration, judgments, valuation -0.0108412
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0550155
6: civilization, evils, enjoyment, free_competition, religion -0.0637209
9: teaching, training, student, students, induction -0.0719597
7: economy_vol, cairnes, jevons, economic_method, senior -0.0870706
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1671241
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.2140213
1: commission, tariff, mill’s, court, commerce -0.2177684

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1380087
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.0146602
10: valuations, economic_values, reconsideration, judgments, valuation -0.0038911
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0434887
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.0697330
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0827696
18: economic_laws, economic_law, liberty, court, ethical -0.1134926
8: farm, agriculture, agricultural, land, farmers -0.1172858
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.1317779
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1367095
14: rationalisation, rationalization, men’s, und, rational_action -0.1417069
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2063766

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.7236098
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.4490944
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.4339542
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3392326
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.2790340
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.2770337
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.2607216
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.2128389
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1867965
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.1841668
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1781082
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.1520566
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.1311329
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1305905
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.1171697

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.7236098
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.5321174
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.3275994
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3227862
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3081558
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.3055030
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.2385037
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.2243082
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.2221024
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.2154656
1900-1919 13: laborers, employer, employers, wages, pain 0.2049463
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.2048522
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1620890
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1590538
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1380087

Intertemporal cluster 12: wheat, quantity_theory, commodity, gold, diminishing_returns

The cluster gathers 388 sentences from our corpus. It represents 0.24% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are H. J. Davenport (28 sentences), F. Y. Edgeworth (21 sentences), Frank A. Fetter (16 sentences), A. C. Pigou (13 sentences), T. N. Carver (11 sentences), Robert F. Hoxie (10 sentences), F. W. Taussig (9 sentences), Charles A. Conant (8 sentences), J. M. Clark (8 sentences), L. L. Price (8 sentences).

The most recurring journals are The Quarterly Journal of Economics (158 sentences), Journal of Political Economy (119 sentences), The Economic Journal (71 sentences), The American Economic Review (40 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
wheat 0.0011963
quantity_theory 0.0008843
commodity 0.0007263
abstinence 0.0007215
gold 0.0006838
cheaper 0.0005565
coal 0.0005565
diminishing_returns 0.0005308
irving 0.0005294
utilities 0.0005221
pain 0.0005037
fisher’s 0.0005027
impatience 0.0004799
marginal_utility 0.0004755
senses 0.0004563
equivalence 0.0004550
food 0.0004492
eyes 0.0004439
mill’s 0.0004215
bread 0.0004173

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The extent of rational action by the individual, with reference to the actual effect of material goods upon his personal welfare may also be discounted on the same grounds. The Relations of Recent Psychological Developments to Economic Theory 1919 The Quarterly Journal of Economics Z. Clark Dickinson 0.711
Thus the coincidence of perfect competition with ideal justice is by no means evident to the impartial spectator: much less is it likely I The attribution of a portion of the product to a unit of productive factor is only significant when the unit can be treated as a final increment. The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 0.690
JOURNAL OF POLIPICAL ECONOMY sibility make a promise which might be nullified by a change in the relation of other commodities to those which he produced. Is an Ideal Money Attainable? 1903 Journal of Political Economy Charles A. Conant 0.684
The terms on which nature yields increasing supplies of some raw material, for instance, can not legitimately be regarded as the reserve prices in which she expresses her own demand I But even here in the last analysis, and when we consider the enormous range of the principle of ” substitution ” and the pressures that determine the directions taken by inventive genius, I believe we shall be thrown back in all important cases upon modifications in the demands upon human energy and expressions of human vitality and their distribution amongst all the utilities and fruitions that appeal to them. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.679
A second artificial result is that to ignore pecuniary concepts and to deal directly with imputed ideas of personal reference puts the man of today and the savage upon substantially the same footing so far as their mental attitude toward goods and labor is concerned. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.678
The treatise takes its real beginning from a discussion of “production,” a subject seemingly impossible to reduce to terms I The sentences in the text above are intended rather to characterize than to condemn texts in economics. The Place of Value Theory in Economics: II 1918 Journal of Political Economy Walton H. Hamilton 0.676
By common consent, George further argues, the lack of adjustment between production and consumption is due to specu? The Economics of Henry George’s “Progress and Poverty” 1910 Journal of Political Economy Edgar H. Johnson 0.676
It must, then, follow that the saving of funds, or the bidding for them, or the rates fixed for them, can never be explained by utilities or abstinences taken quantitatively, but only as somehow regarded as ratios, and that no price or value and no interest rate can ever express desire or marginal desire or marginal impatience or any other purely quantitative fact. Fetter’s “Economic Principles” 1916 Journal of Political Economy H. J. Davenport 0.676
And in last analysis, truly, products are not to be explained by remunerations, but by the supply of agents; the supply of products, being deteimined by the supply of agents, determines in turn-on the cost side-the value of the product; and the value of the product in turn explains the remuneration of the agent. A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.676
4 In very much the same way as Professor Clark, Butt contends that “by a -parity of reasoning we can calculate the relation between the product, whether of human labour, or of the powers of capital, and the product of a natural agent.” On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.673
In case any commodity allows more than this, the supply will naturally Claim to the original Publication of certain new Principles inz Political Economy addressed inz a Letter to E. D. Davenport, Esq. On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.673
It is said that there has been ” left on one side, as far as might be, all considerations turning on the special qualities and incidents of the agents of production “; but there is promised a”more detailed analysis in the following three groups of chapters on demand and supply in relation to labour, to capital and business power, and to land, respectively.” The Passing of the Old Rent Concept 1901 The Quarterly Journal of Economics Frank A. Fetter 0.673
The forces which influence and determine both supply and demand for a good in any market, then, are to be found in the putative psychological attitude and proprietary condition of the individuals who are supposed to be the prospective sellers and purchasers in the market, of the good in question.7 ’ The failure to understand the partly psychological character of supply, together with a failure to recognize the importance of the fact that goods in the market are wanted largely for future delivery, has lain at the foundation of a great part of the value controversy of recent years, which has consequently presented the edifying spectacle of a contest in which neither compromise nor the victory of either party could result in establishing the truth. The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 0.672
Here I must interpolate the remark that by ” satisfaction ” or “utility” in this address I merely intend a conventional objective representation of the subjective fact of preference, behind which the economist qud economist cannot penetrate. Hours of Labour 1909 The Economic Journal S. J. Chapman 0.671
Only we must remember MODERN LOGICIAN$ AND ECONOMIC METHODS 497 that when we pass from the region of the science of pure quantity into some different region, the science of which is primarily concerned with other conceptions, we are dealing with abstractions which are useful stepping-stones, but can afford us no complete or even adequate pathway to reality. Modern Logicians and Economic Methods 1905 The Economic Journal R. B. Haldane 0.671
Foregoing a detailed criticism here, let us observe that the technical productiveness is not co-ordinate with the other causes assigned, and that the words “present wants” and ” future wants” are used in the propositions in different senses. The “Roundabout Process” In the Interest Theory 1902 The Quarterly Journal of Economics Frank A. Fetter 0.667
It is surely more than merely a significant coincidence that the economics which lays almost exclusive emphasis on production as an increase in the sum total of the means of gratification should be also the economics whose formulae of demand or utility leave no room for changes in wants save as exceptions to be passively admitted, but not actively interpreted or investigated. Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.667
For, while the conception of final or marginal utility sheds an illuminati:ng light on the possibility that the gain of one party to an exchange will not involve a corresponding loss to the other, because the transaction will not be concluded- on the terms on which it is arranged, unless both parties secure an advantage which, under the existing circumstances, they could not else have obtained, it does not preclude the idea, on which Mill’s lengthy discussion was based, and the vulgar employment of military terms in commercial debates is founded, that a different distribution of the resulting benefit might have been caused by an alteration in the strength of the bargainers. Economic Theory and Fiscal Policy 1904 The Economic Journal L. L. Price 0.666
Just as Ricardo, or Mill, argued that an alteration in the price of agricultural produce would cause, or be caused by, a change in the margin of cultivation, so Jevons and the Austrians have contended that the final utility of an article or a service would affect, or be affected by, the price at which it is possible to command its possession or enjoyment. Economic Theory and Fiscal Policy 1904 The Economic Journal L. L. Price 0.666
It is the men who are hesitating whether they should or should not purchase, whether they should or should not dispose of their goods, or whether lastly they should or should not continue to render the services necessary to their production, whose action in contracting or enlarging supply on the one hand, and on the other in intensifying or relaxing demand, is held to fix the price of an article in a competitive market. Economic Theory and Fiscal Policy 1904 The Economic Journal L. L. Price 0.665

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 2% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
9-, 9.5. of value to market influences become intelligible, or a rational and detailed account of the ultimate relations of demand and supply to each other, and both of them to market prices, become possible. Proposed Modifications in Austrian Theory and Terminology 1902 The Quarterly Journal of Economics H. J. Davenport 0.781

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
There is, therefore, much to say for the view that, however fully the primal and causal nature of demand be recognized, it is yet true that, given man as he is, with his equipment of desires and tastes and habits and customs, modifications in price are most profitably studied from the point of view of variations in the supply term. Proposed Modifications in Austrian Theory and Terminology 1902 The Quarterly Journal of Economics H. J. Davenport 0.828
To be sure, there is here but a case of the general principle that no one will give more for a thing, whether article of consumption or factor of production, than the equivalent of its total utility to him, which total diminishes as the quantity of the commodity is reduced. The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 0.811
When we speak of the value of an article in the economic sense, we think not of its usefulness in general, but of the utility of a definite quantity ; and we think not of the total utility of this quantity taken by itself, but of its marginal utility as compared with that of other commodities. Social Elements in the Theory of Value 1901 The Quarterly Journal of Economics Edwin R. A. Seligman 0.811
The treatise takes its real beginning from a discussion of “production,” a subject seemingly impossible to reduce to terms I The sentences in the text above are intended rather to characterize than to condemn texts in economics. The Place of Value Theory in Economics: II 1918 Journal of Political Economy Walton H. Hamilton 0.807
This takes the form of a denial of the existence of a measurable utility prior to price determination and an insistence that theorists form their judgments of the relative utilities of commodities, not only after, but because of, a predetermined price relation between them.2 A necessary corollary of this criticism is an attack upon the com? Economic Theory and “Social Reform” 1915 Journal of Political Economy Walton H. Hamilton 0.804
In a society in which production comes about only through the individual attempt at gain, there is therefore no way of explaining the supply of any product but through the total of its price costs-no way of explaining relative supplies but through relative price costs. Fetter’s “Economic Principles” 1916 Journal of Political Economy H. J. Davenport 0.802
It is surely more than merely a significant coincidence that the economics which lays almost exclusive emphasis on production as an increase in the sum total of the means of gratification should be also the economics whose formulae of demand or utility leave no room for changes in wants save as exceptions to be passively admitted, but not actively interpreted or investigated. Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.802
The forces which influence and determine both supply and demand for a good in any market, then, are to be found in the putative psychological attitude and proprietary condition of the individuals who are supposed to be the prospective sellers and purchasers in the market, of the good in question.7 ’ The failure to understand the partly psychological character of supply, together with a failure to recognize the importance of the fact that goods in the market are wanted largely for future delivery, has lain at the foundation of a great part of the value controversy of recent years, which has consequently presented the edifying spectacle of a contest in which neither compromise nor the victory of either party could result in establishing the truth. The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 0.799
The terms on which nature yields increasing supplies of some raw material, for instance, can not legitimately be regarded as the reserve prices in which she expresses her own demand I But even here in the last analysis, and when we consider the enormous range of the principle of ” substitution ” and the pressures that determine the directions taken by inventive genius, I believe we shall be thrown back in all important cases upon modifications in the demands upon human energy and expressions of human vitality and their distribution amongst all the utilities and fruitions that appeal to them. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.798
His argument that the significant fact, however, is utility rather than cost of production, opened up a whole field of controversy which need not be surveyed here.22 It may be noted, however, that Jevons’ position on this question is completely disassociated from his general theory of exchange, and the reasons he gives for his attitude are extraneous to the general run of his analysis. Jevons’ “Theory of Political Economy.” 1912 The American Economic Review Allyn A. Young 0.797
I55 But the identification of marginal utility with market value, by no matter what analysis, calls for further attention; and for the purposes of the present question we leave entirely at one side the problem of the competing claims of demand and of supply to the determination of price; we ask ourselves merely whether it is true that “when we speak of demand we think of marginal utility,” just as “when we speak of supply we think of marginal cost.” A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.796
It is the men who are hesitating whether they should or should not purchase, whether they should or should not dispose of their goods, or whether lastly they should or should not continue to render the services necessary to their production, whose action in contracting or enlarging supply on the one hand, and on the other in intensifying or relaxing demand, is held to fix the price of an article in a competitive market. Economic Theory and Fiscal Policy 1904 The Economic Journal L. L. Price 0.793
This generalization does not, however, hold good of inventions that facilitate the production of commodities for which the elasticity of demand is less than unity; for an increase in the quantity of these commodities involves a decrease in the aggregate quantity of ” wheat value ” in existence, and so tends to lessen the quantity of ” wheat value ” that people need to keep in the form of titles to legal tender. The Value of Money 1917 The Quarterly Journal of Economics A. C. Pigou 0.790
Here again we encounter the attempt to establish two co-ordinate principles, diagrammatically represented by two intersecting curves; for though the “cost of production” theory of value is generally repudiated, we are still foo often taught to look for the forces that determine the stream of supply Y1 7 61 4 FIG.fl, 3~~~~~~ 2 along two lines, the value of the product, regulated by the law of the market, and the cost of production. The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 0.789
“4 But, continues our author,”as a rule our interest does centre in the money cost of goods rather than in the average ratio of changes in price.” The Doctrine of Index-Numbers According to Professor Wesley Mitchell 1918 The Economic Journal F. Y. Edgeworth 0.788
This part of the argument can best be presented in connection with a criticism of the application to the interest problem of the principle of the equilibrium of supply and demand used in explaining the value of commodities in general. Neglected Factors in the Problem of Normal Interest 1916 The Quarterly Journal of Economics F. H. Knight 0.788

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert F. Hoxie 8 0.613
Marginal Utility and Exchange Value 1905 Journal of Political Economy R. S. Padan 7 0.610
The Demand and Supply Concepts: An Introduction to the Study of Market Price 1906 Journal of Political Economy Robert H. Hoxie 7 0.625
The Scope and Method of Political Economy in the Light of the “Marginal” Theory of Value and of Distribution 1914 The Economic Journal P. H. Wicksteed 7 0.625
The Value of Money 1917 The Quarterly Journal of Economics A. C. Pigou 7 0.609
Proposed Modifications in Austrian Theory and Terminology 1902 The Quarterly Journal of Economics H. J. Davenport 6 0.641
The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 6 0.644
A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 6 0.636
Fetter’s “Economic Principles” 1916 Journal of Political Economy H. J. Davenport 6 0.641
Analysis of the Nature of Capital and Interest 1908 Journal of Political Economy Hugo Bilgram 5 0.613

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
10: valuations, economic_values, reconsideration, judgments, valuation 0.0390290
11: capitalistic, capitalism, capitalist, capital, marxian 0.0308581
13: laborers, employer, employers, wages, pain -0.0237576
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0396310
1: commission, tariff, mill’s, court, commerce -0.0473607
8: farm, agriculture, agricultural, land, farmers -0.0865684
7: economy_vol, cairnes, jevons, economic_method, senior -0.1240840
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1311707
6: civilization, evils, enjoyment, free_competition, religion -0.1335800
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.1716872
9: teaching, training, student, students, induction -0.1748785
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.2204606

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.5665665
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.5398677
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.4664864
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.4532345
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.4144753
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.4110118
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.3247280
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2830305
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2633455
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2491812
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2209490
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1676737
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1127887
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1042782
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.1033086

Intertemporal cluster 13: laborers, employer, employers, wages, pain

The cluster gathers 258 sentences from our corpus. It represents 0.16% of all the sentences selected over the whole period.

The community exists from 1900 to 1919.

The most recurring authors are H. J. Davenport (13 sentences), Edwin R. A. Seligman (11 sentences), F. Y. Edgeworth (11 sentences), Jacob H. Hollander (10 sentences), John Cummings (10 sentences), Walton H. Hamilton (9 sentences), Thorstein Veblen (8 sentences), Wesley C. Mitchell (8 sentences), F. W. Taussig (7 sentences), Frederick B. Hawley (7 sentences).

The most recurring journals are Journal of Political Economy (98 sentences), The Quarterly Journal of Economics (93 sentences), The Economic Journal (40 sentences), The American Economic Review (27 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
laborer 0.0045223
laborers 0.0032515
employer 0.0020926
employers 0.0012881
wages 0.0012457
pain 0.0009472
hours 0.0007026
employees 0.0006804
entrepreneur 0.0006008
subsistence 0.0005564
labour 0.0005365
real_costs 0.0004977
occupations 0.0004927
strike 0.0004927
reward 0.0004799
antecedent 0.0004736
antithesis 0.0004736
clark’s 0.0004736
factory 0.0004736
premiums 0.0004736

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
This appeal to force requires some explanation, and the conclusion appears almlost incolntrovertible that the disregard of economic principles of justice arises from changed conditionls in certain great industries, which have brought it about that a larger portion of the gains in these industries are economically indeterminate; that is to say, thev are a sort of profits to which neither labor n-or capital employed in these industries can assert a just claim. Industrial Buccaneering 1903 Journal of Political Economy John Cummings 0.719
For nature does not have separate compartments for wages and for profits; for the influence of railway and of banking systems; for the effects of monopolistic combinations, of trade unions, and of international trade competition; for credit fluctuations, and for unemployment and poor relief. A. Marshall on Economics for Business Men 1902 Journal of Political Economy NULL 0.708
It is well known that workers and men of affairs alike are wont to laugh at doctors of philosophy who, trained in the chamber to make mathematical and logical solutions of the problems of economic life, assume to teach them and their sons the complex motives and activities that govern the conduct of industry. On the Empirical Method of Economic Instruction 1901 Journal of Political Economy Robert F. Hoxie 0.693
From the present standpoint, however, he demonstrates nothing more than the proposition that at any given time a certain quantity of labor may be used as an ultimate standard of value ? Index Numbers and the Standard of Value 1902 Journal of Political Economy T. S. Adams 0.688
It comes as the result of experience of several years in trying to bring economic theory to workmen; it is a by-product of an attempt to make them see in perspective the economic world which lives about them, which hedges in their activities, and which imposes serious limi? An Appraisal of Clay’s Economics 1919 Journal of Political Economy Walton H. Hamilton 0.675
’That this is strongly reminiscent of Cairnes is by no means to be taken as condemning it; nor is there any reason why, in view of Cairnes’s now more or less antiquated position in the history and trend of economic doctrine, any further recognition should have been made of indebtedness to him than is contained in our author’s bibliography, in which the following high praise of Cairnes is set down: “Abstract but remarkably able;” it remains, however, none the less open to question whether this same-in many cases even greater and more evident-degree of indebtedness with regard to the most recent of economic thought should likewise have been left with the same lack of specific recognition.5 But however this may be, it is surely true that pain is not the antithesis of entrepreneur remuneration, in any other sense than that the laborer sweating in the field is the antithesis of the employer resting in the shade; not employer pain, but emplover expense, is the antithesis of employer remuneration. A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.672
To ascribe this division of labor to “a certain propensity in human nature to truck, barter, and exchange one thing for another”, and to regard this propensity as either “one of those original principles in human nature of which no further account can be given”, or as “the necessary consequence of the faculties of reason and speech” is a logical lapse that has excited the astonishment of all subsequent commentators. The Work and Influence of Ricardo 1911 The American Economic Review Jacob H. Hollander 0.671
And, if economics is “the reasoned activity of a people tending toward the satisfaction of its needs,” shall the economist confidently assert that the wage-earner’s ideal is one worthy only of contemptuous rejection ? Scientific Management and the Wage-Earner 1912 Journal of Political Economy Frank T. Carlton 0.669
In primitive societies this secondary principle has no application worthy of mention; among wage-earners it is unimportant, though occasionally operative; but with managers, from the apple-woman on the corner to the president of a railway system, it has a scope and effectiveness second only to the fundamental axioms of demand and supply. Trade Cycles and the Effort to Anticipate 1902 The Quarterly Journal of Economics G. C. Selden 0.666
The possibility of making such readjustments is primarily determined by the driving force among the people in question of those instincts which make for material welfare -above all the sense of workmanship and the parental bent - and the resisting force of institutional bonds. ” Human Behavior and Economics: A Survey of Recent Literature 1914 The Quarterly Journal of Economics Wesley C. Mitchell 0.665
Therefore to regulate wages by profits, it is argued, is to bring about rationally that which would result naturally. Some Theoretical Objections to Sliding-Scales 1903 The Economic Journal S. J. Chapman 0.665
If, however, it turns out that enterprise is really entitled to rank as the equal of the other productive forces,- land, labor, and capital,- its exact nature can hardly be a matter of indifference. Enterprise and Profit 1900 The Quarterly Journal of Economics Frederick B. Hawley 0.663
was devoted to a vigorous and effective criticism of the adequacy ” Of the Labour which a Commodity has cost, considered as a Measure of Exchangeable Value.” The Development of Ricardo’s Theory of Value 1904 The Quarterly Journal of Economics Jacob H. Hollander 0.662
One who wishes to discover a universal defence for labor saving will hardly be content with an argument which rests upon the effects of secondary influences of a transitory nature. The Effect of Labor-Saving Devices Upon Wages 1905 The Quarterly Journal of Economics Alvin S. Johnson 0.662
vincing plea for economic theory as the indispensable antecedent to the study of practical problems; in the second, in an account of ” the division of labor,” which, properly understood, is the basis of all organized indus? An Appraisal of Clay’s Economics 1919 Journal of Political Economy Walton H. Hamilton 0.662
That this undergrowth of utilitarianism may, like the parent tree, prove fruitful, has been argued elsewhere.2 Here it need only be repeated that, when the vidual workman as an economic atom, but rather to suppose comparatively few independent bodies, each formed by the solidification of many individual atoms. The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 0.662
With their further argument, very questionable in my judgment, that competition is, or tends to be, effectual in giving to each man or agent a share proportional to his productivity, I have at present nothing to do: I wish only to note the fatuity of their assumption. Political Economy and Social Process 1918 Journal of Political Economy Charles H. Cooley 0.661
The reader will note that my principal thesis rests, not on such extreme cases as this of the actuarial economic man, but on the static view of human nature embodied in marginal utility, the independent demand schedule, and current definitions of production. Economics and Modern Psycholoy: I 1918 Journal of Political Economy J. M. Clark 0.661
9Kennaday in Yale Review, May, 1910. as long as we delude ourselves into thinking that we can under present economic conditions find a basis for wages in any theory of ultimate reasonableness. Public Regulation of Railway Wages 1915 The American Economic Review Frank Haigh Dixon 0.656
Now since the use of pecuniary concepts has had so large a part in shaping the current economic regime, no theory can account for this regime in a fashion satisfactory to modern men so long as it slights the role of money. The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 0.655

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 2% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
If the laborer is a spendthrift and elects to expend his entire money wage at once, or if the approximate adjustment of wage to subsistence demands such immediate and complete expenditure,2 then, if we for 1 It is this fact alone that gives the word ” unemployment ” any semblance of rationality as an expression of an undesirable condition In like manner under any other point of view the phrase ” right to work ” would be utterly absurd 2 The buyer who is insistent, either because of necessity or because of spendthrift habits, thereby exerts an upward influence on prices that tends to exhaust his purchas- the moment disregard services and the existing accumulated savings fund, we must admit the approximate correctness of Professor Taussig’s argument. Present Work and Present Wages 1910 The Quarterly Journal of Economics J. G. Thompson, F. W. Taussig 0.772

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
2 ” It is by assuming perfectly free competition among employers that we are able to say that the man on the intensive margin of an agricultural force of laborers will get, as pay, the value of his product.” Specific Productivity 1914 The Quarterly Journal of Economics Walter M. Adriance 0.840
So far as anyone has shown there seems to be no objection to my distinction between, on the one hand, what a factor in industry conditions and can prevent by its withdrawal and demand as the price of its participation and, on the other hand, what it actually produces; or to my contention that what labor produces when using only no-rent land or no-rent machinery is no fair test of what it normally produces and slhould receive, and that present theories of rent, interest, and wages, while they do explain what happens, do not even by implication julstify what happens. Control of Wealth and Economic Life–Discussion 1918 The American Economic Review Frank A. Fetter , Wesley C. Mitchell, E. C. Hayes 0.838
It comes as the result of experience of several years in trying to bring economic theory to workmen; it is a by-product of an attempt to make them see in perspective the economic world which lives about them, which hedges in their activities, and which imposes serious limi? An Appraisal of Clay’s Economics 1919 Journal of Political Economy Walton H. Hamilton 0.831
observe that, though for the sake of simplicity of exposition I have assumed, all along, that the wages of labor constitute an invariable quantity, I yet conceive that, in a society making a steady and healthy progress, they BOHM-BAWERE ON RAE 411 readily admit, on the basis of the theory that labor is the ” residual claimant ” in industrial society, that ultimately the benefit of invention is perhaps entirely taken up by wages, either in the form of higher wages for the same number of laborers or in the form of the same wages for a larger number of laborers. Böhm-Bawerk on Rae 1902 The Quarterly Journal of Economics Charles W. Mixter 0.825
On all counts, therefore, the modern economist must conclude that the enforcement, throughout each particular trade, of a Legal Minimum of Wages would, like the analogous enforcement of Common Rules as to hours and sanitation by the Factory Law, be calculated to have good, and not bad, economic results on the com? The Economic Theory of a Legal Minimum Wage 1912 Journal of Political Economy Sidney Webb 0.810
It is suggested that in the present state of economic knowledge, with the present method of economic reasoning, all that can be said of actual wages is that the laborer at least produces what he gets. Paradoxes of Competition 1906 The Quarterly Journal of Economics Henry L. Moore 0.810
  • Now it is obvious that the fact of the existence of a great body of impecunious laborers, who are willing to sell the future fruits of their labor for present goods, makes possible the wage system; and the wage system, in turn, makes possible the organization and direction of industrial forces by the most capable members of the community; arnd, finally, this power of direction makes possible the earning of interest by a vast mass of capital which could not otherwise exist and functionate.
Böhm-Bawerk on Rae 1902 The Quarterly Journal of Economics Charles W. Mixter 0.809
Thus in the circumstances supposed the operative would tend to get approximately the utmost possible-apart from the question of the reaction of wages on efficiency-in an active society reposing economically on a basis of freedom of enterprise, for we may take it that in such a society the bidding of individuals against one another for labour would continue at least up to the known marginal worth of labour. Hours of Labour 1909 The Economic Journal S. J. Chapman 0.808
If this train of reasoning were correct, no “profit” would accrue to the employer from the exploitation of labor in a ” static” society, and Professor Clark would be right in his identification of “profit” as an abnormal temporary gain arising from an industrial improvement out of which the employer takes the first share. ” The Marginal Theory of Distribution: A Reply to Professor Carver 1905 Journal of Political Economy J. A. Hobson 0.808
The elements other than labor entitled to compensation may in the economic mind be subdivided, and the economist may attempt to differentiate between pure interest, compensation for risk, the reward of the entrepreneur, etc., but in the public mind and for practical purposes these elements are combined in capital. Interest on Investment as a Factor in Manufacturing Costs 1919 The American Economic Review Clinton H. Scovell, C.P.A. 0.806
“1 Hence follows the important conclusion that” wages must be paid out of the produce, or the price of the produce of their labour,” and that the real element of significance is ” the rate of profit and the productiveness of labour employed in the fabrication of those commodities in which the wages of labour are paid.” On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.805
But as the number of such instruments increases, in the hands of the same or different capitalists, other and inferior labourers nmust be employed to use them, and according to the principle which I have just laid down, the rate of profits must be determined by those cases in which the efficiency of capital is the least; that is, on the supposition I have just made, the profits of a single tool will be equal to the difference of the quantities of work which the feeblest labourer could execute with or without its use.” On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 0.805
Obviously, the increased productivity of labor, caeteris paribus, must influence its value- be it use- value or exchange-value -through the same causes and in the same direction as it influences the value of products made by labor; and just as obviously is a theory wanting which explains the formation of an interval between two quantities moved in the same direction, simply by supposing the movement of the one to be unrestrained, whereas that of the other, subject to the same cause of movement, is fixed by virtue of an arbitrary and wholly unsupported hypothesis.” Böhm-Bawerk on Rae 1902 The Quarterly Journal of Economics Charles W. Mixter 0.803
This exclusion of labor from all share in the ultimate profits in defiance of economic justice is no doubt a fundamental cause of the continued warfare between labor and capital, and a remedy would seem to lie in the direction of a return to the elementary principles of profit sharing, always having due regard to the fact that while capital may suffer a total loss labor at any rate is sure of its subsistence. The Economic Aspect of Cost Accounts and Its Application to the Accounting of Industrial Companies 1911 The American Economic Review Arthur Lowes Dickinson 0.802
’That this is strongly reminiscent of Cairnes is by no means to be taken as condemning it; nor is there any reason why, in view of Cairnes’s now more or less antiquated position in the history and trend of economic doctrine, any further recognition should have been made of indebtedness to him than is contained in our author’s bibliography, in which the following high praise of Cairnes is set down: “Abstract but remarkably able;” it remains, however, none the less open to question whether this same-in many cases even greater and more evident-degree of indebtedness with regard to the most recent of economic thought should likewise have been left with the same lack of specific recognition.5 But however this may be, it is surely true that pain is not the antithesis of entrepreneur remuneration, in any other sense than that the laborer sweating in the field is the antithesis of the employer resting in the shade; not employer pain, but emplover expense, is the antithesis of employer remuneration. A New Text: Seligman: “Social Value” 1906 Journal of Political Economy H. J. Davenport 0.801
From the present standpoint, however, he demonstrates nothing more than the proposition that at any given time a certain quantity of labor may be used as an ultimate standard of value ? Index Numbers and the Standard of Value 1902 Journal of Political Economy T. S. Adams 0.801

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Theory of Distribution 1904 The Quarterly Journal of Economics F. Y. Edgeworth 7 0.632
On Some Neglected British Economists-II 1903 The Economic Journal Edwin R. A. Seligman 6 0.624
The Development of Ricardo’s Theory of Value 1904 The Quarterly Journal of Economics Jacob H. Hollander 5 0.631
On the Nature of Capital: Investment, Intangible Assets, and the Pecuniary Magnate 1908 The Quarterly Journal of Economics Thorstein Veblen 5 0.608
The Rationality of Economic Activity 1910 Journal of Political Economy Wesley C. Mitchell 5 0.629
Specific Productivity 1914 The Quarterly Journal of Economics Walter M. Adriance 5 0.607
Enterprise and Profit 1900 The Quarterly Journal of Economics Frederick B. Hawley 4 0.635
Some Theoretical Objections to Sliding-Scales 1903 The Economic Journal S. J. Chapman 4 0.632
The Residual Claimant Theory of Distribution 1903 The Quarterly Journal of Economics Jacob H. Hollander 4 0.624
Hobson’s Theory of Distribution 1904 Journal of Political Economy J. Laurence Laughlin 4 0.631

Closest clusters of the cluster per decade

Closest clusters within the 1900-1919 decade

Cluster Name Similarity
11: capitalistic, capitalism, capitalist, capital, marxian 0.0880262
8: farm, agriculture, agricultural, land, farmers 0.0615994
1: commission, tariff, mill’s, court, commerce -0.0180587
12: wheat, quantity_theory, commodity, gold, diminishing_returns -0.0237576
6: civilization, evils, enjoyment, free_competition, religion -0.0256827
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0401916
7: economy_vol, cairnes, jevons, economic_method, senior -0.1000646
9: teaching, training, student, students, induction -0.1160194
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1310310
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1388891
10: valuations, economic_values, reconsideration, judgments, valuation -0.1538628
4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine -0.2753286

Closest clusters with all decade, for 1900-1919

Time Window Cluster Name Similarity
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.8148617
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.8069049
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.6006288
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.2049463
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1726591
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1525213
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1286716
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1023561
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0988685
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.0940268
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0880262
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.0784961
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.0753386
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0741015
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0738959

Intertemporal cluster 14: rationalisation, rationalization, men’s, und, rational_action

The cluster gathers 1373 sentences from our corpus. It represents 0.85% of all the sentences selected over the whole period.

The community exists from 1920 to 1949.

The most recurring authors are Frank H. Knight (71 sentences), Talcott Parsons (52 sentences), Alfred Schuetz (28 sentences), O. H. Taylor (27 sentences), F. A. v. Hayek (25 sentences), Paul T. Homan (20 sentences), Robert A. Brady (18 sentences), R. W. Souter (14 sentences), O. Lange (12 sentences), Kenneth H. Parsons (11 sentences).

The most recurring journals are The Quarterly Journal of Economics (274 sentences), Journal of Political Economy (205 sentences), The American Economic Review (197 sentences), Economica (192 sentences), The Economic Journal (107 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rationalisation 0.0009043
rationalization 0.0004835
professor_hayek 0.0004758
men’s 0.0004517
und 0.0004488
rational_action 0.0004059
actor 0.0003812
social_life 0.0003439
human_conduct 0.0003162
rationalism 0.0003143
instinct 0.0003011
faculties 0.0003009
humanity 0.0002992
imitation 0.0002901
social_theory 0.0002901
sciences 0.0002890
harmonious 0.0002864
social_sciences 0.0002792
human_nature 0.0002769
der 0.0002725

Top TF-IDF terms describing the community for each time window

Top terms 1920-1939

Token TF-IDF
rationalisation 0.0030514
und 0.0012870
faculties 0.0008580
men’s 0.0007937
tho 0.0007717
human_nature 0.0007561
rationalization 0.0007478
instinct 0.0007473
der 0.0007433
humanity 0.0007331
collectivism 0.0006893
social_control 0.0006655
social_change 0.0006514
die 0.0006062
rational_action 0.0005923

Top terms 1940-1949

Token TF-IDF
social_world 0.0015699
professor_hayek 0.0015103
constitutive 0.0009812
collectivism 0.0009527
actor 0.0007846
rational_human 0.0007203
sociological 0.0006064
lange’s 0.0005887
rational_action 0.0005731
unreal 0.0005486
hayek 0.0005391
social_phenomena 0.0005388
social_rationality 0.0005258
thinker 0.0005258
threatened 0.0005258

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
We have already noted that the concept of rationality has its native place not at the level of the every-day conception of the social world, but at the theoretical level of the scientific observation of it, and it is here that it finds its field of methodological application. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.813
This concept recognizes the well-known fact - well-known, in particular, to economists - that the great mass of our everyday actions is not the result of rational reasoning on rationally performed observations, but simply of habit, impulse, sense of duty, imitation and so on, although many of them admit of satisfactory rationalization ex post either by the observer or the actor. Vilfredo Pareto (1848-1923) 1949 The Quarterly Journal of Economics Joseph A. Schumpeter 0.776
In order to answer this question we must analyse the various equivocal implications which are hidden in the term ” rationality” as it is applied to the level of every-day experience. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.774
Similarly Dr. Mehmke in the Stuttgarter Neues Tagblatt argues “that we can only describe as rational what is in the interest not only of the individual, but also of the nation and of humanity. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.771
Three general sets of circumstances have to be examined: the niotive of rationalisation, the circumstances under which rationalisation takes place, and the methods of rationalisation actually adopted. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.763
The existence of society in which men can live a life of reason is dependent finally on the existence of a body of tradition, sentiments, beliefs, and personal loyalties that can be understood and shared but which are not rational, not at least in the sense that a machine is rational. Physics and Society 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Robert E. Park 0.753
Preferences which are the result of ignorance or inertia are almost entirely irrational, though the momentary inconvenience and discomfort, which a change of custom inevitably involves, entails an element of rationality, of which the magnitude is the smaller the lower the rate at which the future should be discounted from the point of view of society. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.749
And again: “The construction of a strictly rational course of action serves the sociologist in these cases, on account of its evident understandability and lack of ambiguity …. as an ideal type for the purpose of understanding real action which is influenced by irrationalities of all kinds, in terms of their ‘departure’ from what the action would be if it were purely rational.” “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.748
This short analysis shows that we cannot speak of an isolated rational act, if we mean by this an act resulting from deliberated choice, but only of a system of rational acts.’ The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.748
That would involve a wider meaning of rationality than is under consideration here. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.743
It seems that we have to distinguish between the rationality of knowledge which is a prerequisite of the rational choice and the rationality of the choice itself. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.743
On the other hand, even though certain regularities of behavior and their systematic association with market conditions may be observed, it may be that their rational necessity in terms of human motivation cannot be established, and that they will have to be accepted a priori. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.743
The modern tendency to find mental satisfaction in measuring everything by a fixed rational standard, and the way it takes for granted that everything can be related to everything else, certainly receives from the apparently objective value of money, and the universal possibility of exchange which this involves, a strong psychological impulse to become a fixed habit of thought, whereas the purely logical process itself, when it only follows its own course, is not subject to these influences, and it then turns these accepted ideas into mere probabilities.’ On the Economic Significance of Culture 1944 The Journal of Economic History Harold A. Innis 0.743
Some of the manifestations of planning and of rationalisation are of this nature. Trends in Business Administration 1932 Economica Arnold Plant 0.737
V. Another group of writers concerns itself with the methodological and epistemological implications of rationalization, conceived as the final industrial and economic triumph of science, conscious effort, reason, and creative striving, in the will to overcome the ordinary temporal and spacial limitations on the range and quality of human endeavor imposed on the species by its original subjection to the raw caprice of nature. ” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.736
The conditions now sought for under the name of rational control are between these limits of pre-assumption, and may therefore be regarded as a departure from whichever end of the scale is pre-assumed as ” natural,” in the direction of the other “C extreme.” Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 0.736
It was the view of the Physiocrats that this process would ensure the working out of all desirable adjustments in the economic system, when all individuals should have become rational or prudent men, living in a rational or just society with its “natural” scheme of 9. Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 0.734
Planning and rational action are, in fact, identical: and without a measure of rationality neither individuals nor societies of individuals could possibly persist…. Planning and Plotting: A Note on Terminology 1936 The Review of Economic Studies Henry Smith 0.732
This definition gives an excellent r6sum6 of the widely used concept of rational action in so far as it refers to the level of social theory. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.731
In other words, rationalization is one of the problems of humanity….” Quoted in the Bulletin of the International Management Institute, Vol. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.728
Similarly, the rational deliberation of an actor as to wbether the results of a given proposed course of action will or will not promote certaiin specific interests, and the correspondi dcecision, do not become one bit more understandable by taking ‘psychological’ coinsiderations into account. Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 0.728
The term ” rationality “, or at least the concept it envisages, has, within the framework of social science, the specific role of a”key concept “. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.728

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
Similarly Dr. Mehmke in the Stuttgarter Neues Tagblatt argues “that we can only describe as rational what is in the interest not only of the individual, but also of the nation and of humanity. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.771
Three general sets of circumstances have to be examined: the niotive of rationalisation, the circumstances under which rationalisation takes place, and the methods of rationalisation actually adopted. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.763
Preferences which are the result of ignorance or inertia are almost entirely irrational, though the momentary inconvenience and discomfort, which a change of custom inevitably involves, entails an element of rationality, of which the magnitude is the smaller the lower the rate at which the future should be discounted from the point of view of society. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.749
And again: “The construction of a strictly rational course of action serves the sociologist in these cases, on account of its evident understandability and lack of ambiguity …. as an ideal type for the purpose of understanding real action which is influenced by irrationalities of all kinds, in terms of their ‘departure’ from what the action would be if it were purely rational.” “Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 0.748
That would involve a wider meaning of rationality than is under consideration here. Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.743
Some of the manifestations of planning and of rationalisation are of this nature. Trends in Business Administration 1932 Economica Arnold Plant 0.737
V. Another group of writers concerns itself with the methodological and epistemological implications of rationalization, conceived as the final industrial and economic triumph of science, conscious effort, reason, and creative striving, in the will to overcome the ordinary temporal and spacial limitations on the range and quality of human endeavor imposed on the species by its original subjection to the raw caprice of nature. ” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.736
The conditions now sought for under the name of rational control are between these limits of pre-assumption, and may therefore be regarded as a departure from whichever end of the scale is pre-assumed as ” natural,” in the direction of the other “C extreme.” Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 0.736
It was the view of the Physiocrats that this process would ensure the working out of all desirable adjustments in the economic system, when all individuals should have become rational or prudent men, living in a rational or just society with its “natural” scheme of 9. Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 0.734
Planning and rational action are, in fact, identical: and without a measure of rationality neither individuals nor societies of individuals could possibly persist…. Planning and Plotting: A Note on Terminology 1936 The Review of Economic Studies Henry Smith 0.732
In other words, rationalization is one of the problems of humanity….” Quoted in the Bulletin of the International Management Institute, Vol. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.728
At this point it is vital for the reader to realize that tho the static formalist renders persistent lip-service to the conception of individual “rationality,” he is necessarily unable to provide this abstraction with even the purely formal characteristics requisite to entitle him to use the term ” rational ” at all. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.727
As to how this rationality is to be defined and superimposed on a chaotic world there is endless room for discussion. The Problem of Prices and Valuation in the Soviet System: Discussion 1936 The American Economic Review Calvin B. Hoover , William Orton , Michael T. Florinsky 0.727

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
We have already noted that the concept of rationality has its native place not at the level of the every-day conception of the social world, but at the theoretical level of the scientific observation of it, and it is here that it finds its field of methodological application. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.813
This concept recognizes the well-known fact - well-known, in particular, to economists - that the great mass of our everyday actions is not the result of rational reasoning on rationally performed observations, but simply of habit, impulse, sense of duty, imitation and so on, although many of them admit of satisfactory rationalization ex post either by the observer or the actor. Vilfredo Pareto (1848-1923) 1949 The Quarterly Journal of Economics Joseph A. Schumpeter 0.776
In order to answer this question we must analyse the various equivocal implications which are hidden in the term ” rationality” as it is applied to the level of every-day experience. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.774
The existence of society in which men can live a life of reason is dependent finally on the existence of a body of tradition, sentiments, beliefs, and personal loyalties that can be understood and shared but which are not rational, not at least in the sense that a machine is rational. Physics and Society 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Robert E. Park 0.753
This short analysis shows that we cannot speak of an isolated rational act, if we mean by this an act resulting from deliberated choice, but only of a system of rational acts.’ The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.748
It seems that we have to distinguish between the rationality of knowledge which is a prerequisite of the rational choice and the rationality of the choice itself. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.743
On the other hand, even though certain regularities of behavior and their systematic association with market conditions may be observed, it may be that their rational necessity in terms of human motivation cannot be established, and that they will have to be accepted a priori. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.743
The modern tendency to find mental satisfaction in measuring everything by a fixed rational standard, and the way it takes for granted that everything can be related to everything else, certainly receives from the apparently objective value of money, and the universal possibility of exchange which this involves, a strong psychological impulse to become a fixed habit of thought, whereas the purely logical process itself, when it only follows its own course, is not subject to these influences, and it then turns these accepted ideas into mere probabilities.’ On the Economic Significance of Culture 1944 The Journal of Economic History Harold A. Innis 0.743
This definition gives an excellent r6sum6 of the widely used concept of rational action in so far as it refers to the level of social theory. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.731
Similarly, the rational deliberation of an actor as to wbether the results of a given proposed course of action will or will not promote certaiin specific interests, and the correspondi dcecision, do not become one bit more understandable by taking ‘psychological’ coinsiderations into account. Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 0.728
The term ” rationality “, or at least the concept it envisages, has, within the framework of social science, the specific role of a”key concept “. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.728
What I wish to emphasise is only that the ideal of rationality is not and cannot be a peculiar feature of every-day thought, nor can it, therefore, be a methodological principle of the interpretation of human acts in daily life. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.726

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 19% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Instead of standing alone, it now fulfills the task of rationalizing in terms of assumed human motives the implications of certain observed “laws of behavior” which themselves do not directly concern human motivation. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.797
We have already noted that the concept of rationality has its native place not at the level of the every-day conception of the social world, but at the theoretical level of the scientific observation of it, and it is here that it finds its field of methodological application. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.796
The existence of society in which men can live a life of reason is dependent finally on the existence of a body of tradition, sentiments, beliefs, and personal loyalties that can be understood and shared but which are not rational, not at least in the sense that a machine is rational. Physics and Society 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Robert E. Park 0.775
Three general sets of circumstances have to be examined: the niotive of rationalisation, the circumstances under which rationalisation takes place, and the methods of rationalisation actually adopted. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.770
This concept recognizes the well-known fact - well-known, in particular, to economists - that the great mass of our everyday actions is not the result of rational reasoning on rationally performed observations, but simply of habit, impulse, sense of duty, imitation and so on, although many of them admit of satisfactory rationalization ex post either by the observer or the actor. Vilfredo Pareto (1848-1923) 1949 The Quarterly Journal of Economics Joseph A. Schumpeter 0.770
The modern tendency to find mental satisfaction in measuring everything by a fixed rational standard, and the way it takes for granted that everything can be related to everything else, certainly receives from the apparently objective value of money, and the universal possibility of exchange which this involves, a strong psychological impulse to become a fixed habit of thought, whereas the purely logical process itself, when it only follows its own course, is not subject to these influences, and it then turns these accepted ideas into mere probabilities.’ On the Economic Significance of Culture 1944 The Journal of Economic History Harold A. Innis 0.765
Anticipating what we shall have to prove later, we shall say that the level made accessible by the introduction of the term ” rational action ” as a chief principle of the method of social sciences is nothing else than the level of theoretical observation and interpretation of the social world. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.764
Finally, the “social context” of action presents a very distinctive problem in the relation of cause-and-effect to rationality. Immutable Law in Economics: Its Reality and Limitations 1946 The American Economic Review Frank H. Knight 0.761
The writer would merely suggest that his insights could be more fruitful if a more determined effort were made to fit them into a rational scheme, on the general lines which have here been indicated in outline, or perhaps of some different pattern. Professor Parsons on Economic Motivation 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Frank H. Knight 0.751
The fact of undesigned purpose is seen on analysis to imply a rational human nature. Professor Hayek’s Philosophy 1945 Economica A. H. Murray 0.748
Preferences which are the result of ignorance or inertia are almost entirely irrational, though the momentary inconvenience and discomfort, which a change of custom inevitably involves, entails an element of rationality, of which the magnitude is the smaller the lower the rate at which the future should be discounted from the point of view of society. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.747
In order to bring out the concealed equivocations and connotations, and to isolate the question of rationality from all the other problems surrounding it, we must go further into the structure of the social world and make more extensive inquiries into the different attitudes toward the social world adopted, on the one hand, by the actor within this world, and, on the other hand, by the scientific observer of it. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.747
In order to answer this question we must analyse the various equivocal implications which are hidden in the term ” rationality” as it is applied to the level of every-day experience. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.744
These angles of view are all necessary and pragmatically fruitful; but no one of them, nor all of them taken separately and uncoordinated, give light sufficient to guide us if we aspire to a rational direction of social processes and relations. On the Content of Welfare 1931 The American Economic Review A. B. Wolfe 0.741
Similarly Dr. Mehmke in the Stuttgarter Neues Tagblatt argues “that we can only describe as rational what is in the interest not only of the individual, but also of the nation and of humanity. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.739
This short analysis shows that we cannot speak of an isolated rational act, if we mean by this an act resulting from deliberated choice, but only of a system of rational acts.’ The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.739

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
In what follows an attempt will be made to evaluate those arguments which occupy an important place in recent and contemporary literature of the subject. Recent and Contemporary Theories of Progressive Taxation 1938 Journal of Political Economy Elmer D. Fagan 0.804
Instead of standing alone, it now fulfills the task of rationalizing in terms of assumed human motives the implications of certain observed “laws of behavior” which themselves do not directly concern human motivation. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.797
We have already noted that the concept of rationality has its native place not at the level of the every-day conception of the social world, but at the theoretical level of the scientific observation of it, and it is here that it finds its field of methodological application. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.796
The aim of the later sections of the present paper has been merely to develop a point of view from which intelligent judgment of the question is possible. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.794
2 Certain concepts are basic to the argument of this essay, and to avoid possible confusion they will be tentatively defined here. Adam Smith’s Empiricism and the Law of Nature: I 1940 Journal of Political Economy Henry J. Bittermann 0.791
The purpose of this paper is not primarily to subject these theories to a critical examination, but to put them before Ameri? “Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 0.789
The book would deserve the closest attention, even if its specific arguments were found to be either unsound or of little permanent value for further research along positive lines, by virtue of the vision of its conception, the saneness with which it sets limits to the discussion, and the boldness with which it states its conclusions. Morgenstern on the Methodology of Economic Forecasting 1929 Journal of Political Economy Arthur W. Marget 0.788
It is, however, aside from the purpose of this paper and is referred to merely to indicate the vital importance to the social sciences of clear and generally understood methods of reasoning. The Significance and Use of Data in the Social Sciences. 1928 The Economic Journal John Candler Cobb 0.784
Few of the authors have completely ignored the influence of phenomena of another order than of that in terms of which they proceed each to his distinctive interpretation of our dilemma. The Literature of the Crisis 1933 The Quarterly Journal of Economics Myron W. Watkins 0.783
The theoretical issues with which my article deals are of such controversial and complex nature that misunderstanding is almost certain to arise. Velocity Concepts: A Reply 1932 The Quarterly Journal of Economics Raymond H. Lounsbury 0.779
The object of this article is to examine how far these doubts are justified. The British Reservations to the Optional Clause 1930 Economica H. Lauterpacht 0.779
We have simply sought dispassionately to measure the thesis of this book by its own internal evidence and to test the consistency of the author’s reasoning on his own assumptions. Planning For Totalitarian Monopoly 1937 Journal of Political Economy Frank Albert Fetter 0.777
The treatment here, while less original than in other portions of the book, is marked by broad knowledge and a sense of proportion; even tho certain statements will provoke dissent it is replete with sound criticisms and suggestions. The Literature of the Agricultural Situation Once More 1929 The Quarterly Journal of Economics Joseph S. Davis 0.777
In what follows,’ I have done no more than indicate some of the limitations of our power to establish this correspondence, and traced some consequences which follow from this limitation; and have then tried to indicate, in a very tentative way, what seems to me a possible line of attack on the core-problem of this subject, the mode of formation of expectations. The Expectational Dynamics of the Individual 1943 Economica G. L. Shackle 0.777
The existence of society in which men can live a life of reason is dependent finally on the existence of a body of tradition, sentiments, beliefs, and personal loyalties that can be understood and shared but which are not rational, not at least in the sense that a machine is rational. Physics and Society 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Robert E. Park 0.775
Perhaps the explanation of the division of opinion, to which I called attention at the beginning of this paper, rests on this. The Standard of Life of the Workers in England. 1790-1830 1949 The Journal of Economic History T. S. Ashton 0.775

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
In what follows an attempt will be made to evaluate those arguments which occupy an important place in recent and contemporary literature of the subject. Recent and Contemporary Theories of Progressive Taxation 1938 Journal of Political Economy Elmer D. Fagan 0.804
The aim of the later sections of the present paper has been merely to develop a point of view from which intelligent judgment of the question is possible. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.794
The purpose of this paper is not primarily to subject these theories to a critical examination, but to put them before Ameri? “Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 0.789
The book would deserve the closest attention, even if its specific arguments were found to be either unsound or of little permanent value for further research along positive lines, by virtue of the vision of its conception, the saneness with which it sets limits to the discussion, and the boldness with which it states its conclusions. Morgenstern on the Methodology of Economic Forecasting 1929 Journal of Political Economy Arthur W. Marget 0.788
It is, however, aside from the purpose of this paper and is referred to merely to indicate the vital importance to the social sciences of clear and generally understood methods of reasoning. The Significance and Use of Data in the Social Sciences. 1928 The Economic Journal John Candler Cobb 0.784
Few of the authors have completely ignored the influence of phenomena of another order than of that in terms of which they proceed each to his distinctive interpretation of our dilemma. The Literature of the Crisis 1933 The Quarterly Journal of Economics Myron W. Watkins 0.783
The theoretical issues with which my article deals are of such controversial and complex nature that misunderstanding is almost certain to arise. Velocity Concepts: A Reply 1932 The Quarterly Journal of Economics Raymond H. Lounsbury 0.779
The object of this article is to examine how far these doubts are justified. The British Reservations to the Optional Clause 1930 Economica H. Lauterpacht 0.779
We have simply sought dispassionately to measure the thesis of this book by its own internal evidence and to test the consistency of the author’s reasoning on his own assumptions. Planning For Totalitarian Monopoly 1937 Journal of Political Economy Frank Albert Fetter 0.777
The treatment here, while less original than in other portions of the book, is marked by broad knowledge and a sense of proportion; even tho certain statements will provoke dissent it is replete with sound criticisms and suggestions. The Literature of the Agricultural Situation Once More 1929 The Quarterly Journal of Economics Joseph S. Davis 0.777

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
Instead of standing alone, it now fulfills the task of rationalizing in terms of assumed human motives the implications of certain observed “laws of behavior” which themselves do not directly concern human motivation. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.797
We have already noted that the concept of rationality has its native place not at the level of the every-day conception of the social world, but at the theoretical level of the scientific observation of it, and it is here that it finds its field of methodological application. The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 0.796
2 Certain concepts are basic to the argument of this essay, and to avoid possible confusion they will be tentatively defined here. Adam Smith’s Empiricism and the Law of Nature: I 1940 Journal of Political Economy Henry J. Bittermann 0.791
In what follows,’ I have done no more than indicate some of the limitations of our power to establish this correspondence, and traced some consequences which follow from this limitation; and have then tried to indicate, in a very tentative way, what seems to me a possible line of attack on the core-problem of this subject, the mode of formation of expectations. The Expectational Dynamics of the Individual 1943 Economica G. L. Shackle 0.777
The existence of society in which men can live a life of reason is dependent finally on the existence of a body of tradition, sentiments, beliefs, and personal loyalties that can be understood and shared but which are not rational, not at least in the sense that a machine is rational. Physics and Society 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Robert E. Park 0.775
Perhaps the explanation of the division of opinion, to which I called attention at the beginning of this paper, rests on this. The Standard of Life of the Workers in England. 1790-1830 1949 The Journal of Economic History T. S. Ashton 0.775
This concept recognizes the well-known fact - well-known, in particular, to economists - that the great mass of our everyday actions is not the result of rational reasoning on rationally performed observations, but simply of habit, impulse, sense of duty, imitation and so on, although many of them admit of satisfactory rationalization ex post either by the observer or the actor. Vilfredo Pareto (1848-1923) 1949 The Quarterly Journal of Economics Joseph A. Schumpeter 0.770
Several questions might be raised about the theoretical premises of this argument. Temporary National Economic Committee: Reviews of Monographs 1941 The American Economic Review NULL 0.769
It is the purpose of this paper to suggest that this view is based on a misapprehension. The Case for Indirect Taxation 1948 The Economic Journal A. Henderson 0.768
15 It is unfortunate that most of the disagreement expressed in this paper refers to mere questions of fact about which there should be no disagreement, and to inconsistencies in assumptions and reasoning. Marginalism and Economic Policy: A Comment 1947 The American Economic Review Fred H. Blum 0.767

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 28 0.677
The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 16 0.662
Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 15 0.613
Scientism and the Study of Society. Part III 1944 Economica F. A. v. Hayek 12 0.610
The Scope and Method of Economics 1945 The Review of Economic Studies O. Lange 12 0.659
Problems of Rationalisation 1930 The Economic Journal Stokes , Macgregor 11 0.631
“Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 10 0.650
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 9 0.644
Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 9 0.646
Fourier and Anarchism 1928 The Quarterly Journal of Economics E. S. Mason 8 0.604

Top articles (most sentences) of the cluster for each time window

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 16 0.662
Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 15 0.613
Problems of Rationalisation 1930 The Economic Journal Stokes , Macgregor 11 0.631
“Capitalism” in Recent German Literature: Sombart and Weber (Concluded) 1929 Journal of Political Economy Talcott Parsons 10 0.650
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 9 0.644
Fourier and Anarchism 1928 The Quarterly Journal of Economics E. S. Mason 8 0.604
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 8 0.632
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 8 0.617
A Functional Approach to Social-Economic Data 1920 Journal of Political Economy Leverett S. Lyon 7 0.608
The Ethics of Competition 1923 The Quarterly Journal of Economics Frank H. Knight 7 0.616
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 7 0.620
Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 7 0.637
Studies in Probability. I. Probability 1922 Economica A. Wolf 6 0.596
The Life and Work of Max Weber 1923 The Quarterly Journal of Economics Carl Diehl 6 0.648
Fact and Metaphysics in Economic Psychology 1925 The American Economic Review Frank H. Knight 6 0.611

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
The Problem of Rationality in the Social World 1943 Economica Alfred Schuetz 28 0.677
Scientism and the Study of Society. Part III 1944 Economica F. A. v. Hayek 12 0.610
The Scope and Method of Economics 1945 The Review of Economic Studies O. Lange 12 0.659
Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 9 0.646
Professor Hayek’s Philosophy 1945 Economica A. H. Murray 7 0.611
The Meaning of Rationality: A Note on Professor Lange’s Article 1946 The Review of Economic Studies K. W. Rothschild 6 0.657
Economics and Human Relations: The Presidential Address Delivered at the Annual Meeting of the Canadian Political Science Association, June 18, 1948 1948 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen 6 0.627
The Utility Analysis of Choices Involving Risk 1948 Journal of Political Economy Milton Friedman, L. J. Savage 6 0.606
Uncertainty and the Utility Function 1948 The Economic Journal W. E. Armstrong 6 0.598
Realism and Relevance in the Theory of Demand 1944 Journal of Political Economy Frank H. Knight 5 0.611
Koopmans on the Choice of Variables to be Studies and the Methods of Measurement: A Reply 1949 The Review of Economics and Statistics Tjallin C. Koopmans 5 0.635
Psychological Aspects of Economic Thought 1949 Journal of Political Economy Walter A. Weisskopf 5 0.605
The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 5 0.611
Democratic Telesis and County Agricultural Planning 1940 Journal of Farm Economics Bryce Ryan 4 0.638
The “Planning Approach” in Public Economy 1940 The Quarterly Journal of Economics Alfred C. Neal 4 0.615

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0353723
8: farm, agriculture, agricultural, land, farmers -0.0113440
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0283431
18: economic_laws, economic_law, liberty, court, ethical -0.0724577
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0763815
10: valuations, economic_values, reconsideration, judgments, valuation -0.0796512
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.0856044
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.0860715
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1115180
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1234520
11: capitalistic, capitalism, capitalist, capital, marxian -0.1417069
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.2201676

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0129770
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0177612
10: valuations, economic_values, reconsideration, judgments, valuation -0.0178227
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0487019
8: farm, agriculture, agricultural, land, farmers -0.0500529
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0660433
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0811817
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1337691
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.1445910
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1497267
36: capitalism, marx, socialist, capitalistic, soviet -0.1512071
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.2040229

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.9470770
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5998245
1900-1919 1: commission, tariff, mill’s, court, commerce 0.5897640
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.3933050
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.3576351
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3367592
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.3087732
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2734097
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2633767
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2251619
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2207674
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1940068
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1773350
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1626316
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1418798

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.9470770
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6216250
1900-1919 1: commission, tariff, mill’s, court, commerce 0.5684930
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.4515977
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.3974464
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.3654943
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.3036115
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2807067
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2554803
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.2500416
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2488282
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2256843
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1766179
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1655476
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1640062

Intertemporal cluster 15: institutional_economics, economic_science, sciences, mathematics, scientific_method

The cluster gathers 7480 sentences from our corpus. It represents 4.62% of all the sentences selected over the whole period.

The community exists from 1920 to 1979.

The most recurring authors are Frank H. Knight (114 sentences), Paul T. Homan (103 sentences), Allan G. Gruchy (72 sentences), Fritz Machlup (62 sentences), Talcott Parsons (50 sentences), Lionel Robbins (42 sentences), Harry G. Johnson (41 sentences), R. W. Souter (41 sentences), George J. Stigler (40 sentences), O. H. Taylor (40 sentences).

The most recurring journals are The American Economic Review (1239 sentences), Journal of Economic Issues (631 sentences), The Quarterly Journal of Economics (583 sentences), Journal of Political Economy (579 sentences), The Economic Journal (447 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
institutional_economics 0.0006698
economic_science 0.0004755
sciences 0.0004469
mathematics 0.0003584
scientific_method 0.0003564
teaching 0.0003485
natural_sciences 0.0003359
positive_economics 0.0003266
robbins 0.0003258
historians 0.0003167
conventional_economics 0.0003022
scientists 0.0003000
economic_history 0.0002833
social_sciences 0.0002831
methodology 0.0002823
institutionalists 0.0002704
institutionalism 0.0002647
science 0.0002630
physical_sciences 0.0002550
mathematical_economics 0.0002549

Top TF-IDF terms describing the community for each time window

Top terms 1920-1939

Token TF-IDF
institutional_economics 0.0019084
economic_science 0.0017719
natural_science 0.0011080
sciences 0.0010981
robbins 0.0010602
professor_robbins 0.0010575
scientific_method 0.0010030
science 0.0009396
institutionalism 0.0008755
natural_sciences 0.0008755
teaching 0.0008564
scientific 0.0008093
subject_matter 0.0008043
art 0.0007068
ethics 0.0007037

Top terms 1940-1949

Token TF-IDF
economic_science 0.0016693
teaching 0.0013511
natural_sciences 0.0013183
commons 0.0012942
economic_research 0.0009812
robbins 0.0009578
sciences 0.0009531
political_scientists 0.0008200
scientific_method 0.0008200
scientific 0.0007476
scientists 0.0007399
science 0.0007269
scarce_means 0.0007228
social_sciences 0.0006851
scientific_economic 0.0006821

Top terms 1950-1959

Token TF-IDF
mathematics 0.0009605
taxonomic 0.0008457
hutchison 0.0006938
mathematical_economics 0.0006696
schumpeter 0.0005939
economic_understanding 0.0005920
economic_science 0.0005559
mathematical_analysis 0.0004788
deductive 0.0004637
mathematicians 0.0004545
operationally 0.0004545
economic_phenomena 0.0004526
scientific 0.0004482
theoretical_economics 0.0004169
economic_analysis 0.0004075

Top terms 1960-1969

Token TF-IDF
economic_history 0.0011571
historians 0.0008411
positive_economics 0.0008055
institutional_economics 0.0007176
economic_philosophy 0.0006255
mathematics 0.0005976
qualitative_economics 0.0005973
economic_historians 0.0005659
conventional_economics 0.0005522
teaching 0.0005367
economic_understanding 0.0004546
ayres 0.0004244
machlup 0.0004097
practical_economic 0.0004072
myrdal 0.0003968

Top terms 1970-1979

Token TF-IDF
positive_economics 0.0009657
institutional_economics 0.0008306
conventional_economics 0.0008036
economic_science 0.0006495
neoclassical 0.0005599
paradigm 0.0005477
historians 0.0005271
institutionalists 0.0005145
epistemological 0.0005040
myrdal 0.0005015
positivist 0.0004937
physics 0.0004935
ayres 0.0004768
neoclassical_economics 0.0004739
empiricism 0.0004725

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
When it comes to economic doctrines, the individual is often not very rational. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.804
It is characteristic that Marshall insists on the irrationality of many of our actual motives, and this is a fact which psychologists are apt to underline when commenting on the severely logical nature of economic reasoning.2 But for purposes of method, there is complete common sense in the classical assumptions, so long as one remembers ” all the faults ” of the economic measure.3 *Pigou follows out Marshall’s technique. ” Choice in Psychology and as Economic Assumption 1953 The Economic Journal A. L. Macfie 0.779
The actions of economizing individuals, however important to the economic scientist, are in the concrete the actions of men whose motivation is not exhausted by economic factors and whose rational actions as human beings may seem irrational on exclusively economic grounds. “Ability to Pay” 1946 The Quarterly Journal of Economics Bernard W. Dempsey, S. J. 0.770
A complete “objective rationality” in economic conduct requires a complete economic science, which can tell one with “certainty” exactly what the effects of one decision or the other will be, and even th a sceptic can argue that it is not necessarily “rational” to act even in accordance with the most confirmed and certain of scientific prognoses. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.764
Economists have wrestled with the problem of the utilities of irrationality. The Optimal Utilization of National Resources 1949 Econometrica J. Stafford 0.763
Here, economic theory is relevant. Economic Theory of Bargaining in Agriculture 1963 Journal of Farm Economics Peter G. Helmberger, Sidney Hoos 0.760
Advocated and adopted policies often appear incongruous to economists because they sometimes actually are, but also due to their conception within a broader “rationality.” Development of Agricultural Policy 1950 Journal of Farm Economics Arnold Brekke 0.755
Sometimes economists come close to rationalizing all market results and private institutions by the argument that they would not occur and survive if they were not otpimally satisfying individuals’ preferences. Economic Growth as an Objective of Government Policy 1964 The American Economic Review James Tobin 0.755
It uses the knowledge of the nature of man’s intellect and will for the rational explanation of economic facts, but does not construct those facts themselves out of one-sided assumptions respecting the nature of man. The Role of the German Historical School in American Economic Thought 1955 The American Economic Review Joseph Dorfman 0.752
To some economists at least, it has held open the possibility and hope that important questions that had been troublesome for classical economics could now be addressed without sacrifice of the central assumption of perfect rationality, and hence also with a maximum of a priori inference and a minimum of tiresome grubbing with empirical data. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.748
The Neoclassical Revival Peering forward from the late 1950’s, it would not have been unreasonable to predict that theories of bounded rationality would soon find a large place in the mainstream of economic thought. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.748
It is likely that if economic writing placed more emphasis on the limitations of the scientific viewpoint there might be more and not less sane recognition of the place which ways and means and rational calculation must have in the ordering of human affairs, less tendency for esthetically or morally or religiously minded persons to run away from the pattern of the economic man toward the other extreme of dreaming or petulant futility. Economics At Its Best 1926 The American Economic Review Frank H. Knight 0.743
If, as seems probable, the future is likely to bring with it a diminution in the emphasis laid upon purely economic considerations and upon methods derived from the natural sciences, then it would be unwise for a society so full of energy and enterprise as this one to hitch its future, in an exclusive sense, to the study of economic phenomena and of economic thought, or to confine its members to the use of methods derived from the natural sciences. The Responsibility of Economic Historians 1941 The Journal of Economic History John U. Nef 0.743
550, 552. s In fact, there are some economists who hold the view that the tendency of using formal rationality as the exclusive perspective for the study of human behavior has unduly narrowed the scope of economic inquiry and that the assumption of rationality should be dropped from economics as a permissible assumption. In Defense of Institutional Economics 1968 The Swedish Journal of Economics K. William Kapp 0.741
Since the implications of this proposition are important for all that follows, I should like to dwell briefly on one or two variants of what may be called ” pure economics.” Economics and the Social Sciences 1950 The Economic Journal A. G. Papandreou 0.738
There are signs that some Soviet economists see this clearly enough; thus I. Malyshev has argued for a recognition of the logical connection between rationality and profitability.’ The Problem of “Success Indicators” in Soviet Industry 1958 Economica A. Nove 0.736
Even if we accept Prof. Robbins’ definition of the subject-matter of our present economics as ” the study of the behaviour of men in their attempt to dispose scarce resources between alternative uses,” neither Prof. Robbins nor any other economist would deny that such behaviour is influenced by political ideas, laws and historical traditions. Methods of Research–A Plea for Co-Operation in the Social Sciences 1938 The Economic Journal E. F. M. Durbin 0.734
As an attitude it records the belief that a more rational control of world economic life through the application of scientific method is possible and desirable. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.734
At the same time, the function of economic theory in relation to such problems is none the less important and indispensable; since the practical conclusions of the most untheoretical expert are always reached implicitly or explicitly by some kind of reasoning from some economic principles: and if the principles or reasoning be unsound the conclusions can only be right by accident. The Use of Economists in British Administration 1961 Oxford Economic Papers P. D. Henderson 0.731
XI But while I certainly do not wish to minimise this part of the economist’s task, I still thinik that our present knowledge justifies us in saying that the field for rational State activity in the service of the ethical ideals held by the majority of men is not only different from, but is also very much narrower than is often thought. The Trend of Economic Thinking 1933 Economica F. A. von Hayek 0.730
Rationality and the Individualist Exchange Economy, 387.-Ill. Scientific Precision and “the” Stationary State, 391.- IV. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.730

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
A complete “objective rationality” in economic conduct requires a complete economic science, which can tell one with “certainty” exactly what the effects of one decision or the other will be, and even th a sceptic can argue that it is not necessarily “rational” to act even in accordance with the most confirmed and certain of scientific prognoses. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.764
It is likely that if economic writing placed more emphasis on the limitations of the scientific viewpoint there might be more and not less sane recognition of the place which ways and means and rational calculation must have in the ordering of human affairs, less tendency for esthetically or morally or religiously minded persons to run away from the pattern of the economic man toward the other extreme of dreaming or petulant futility. Economics At Its Best 1926 The American Economic Review Frank H. Knight 0.743
Even if we accept Prof. Robbins’ definition of the subject-matter of our present economics as ” the study of the behaviour of men in their attempt to dispose scarce resources between alternative uses,” neither Prof. Robbins nor any other economist would deny that such behaviour is influenced by political ideas, laws and historical traditions. Methods of Research–A Plea for Co-Operation in the Social Sciences 1938 The Economic Journal E. F. M. Durbin 0.734
As an attitude it records the belief that a more rational control of world economic life through the application of scientific method is possible and desirable. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.734
XI But while I certainly do not wish to minimise this part of the economist’s task, I still thinik that our present knowledge justifies us in saying that the field for rational State activity in the service of the ethical ideals held by the majority of men is not only different from, but is also very much narrower than is often thought. The Trend of Economic Thinking 1933 Economica F. A. von Hayek 0.730
Rationality and the Individualist Exchange Economy, 387.-Ill. Scientific Precision and “the” Stationary State, 391.- IV. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.730
1 The distinction drawn here may help to solve the old difference between economists and sociologists about the rBle which ” ideal types ” play in the reasoning of economic theory. Economics and Knowledge 1937 Economica F. A. von Hayek 0.719
Thus, “in other words, rationalization should be conceived as connoting one goal of industrial economy; Scientific Management as a means to whatever goal of industrial economy. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.717
In the first place, all behaviour is far from being rational behaviour,2 and in the second, no statement about events in the real world can claim absolute validity.3 3 A less sweeping, and at first sight more plausible, scheme for formalising economics, without at the same time cutting off its connection with reality, is that developed by Professor Richard Strigl in his book, Die 6konomischen Kategorien und die Organisation der Wirtschaft.4 Professor Strigl’s basic device for freeing economics from the embarrassments of psychological and other kinds of empirical investigation is to be found in his distinction between the categories and the data of economic science. The Interpretation of Subjective Value Theory in the Writings of the Austrian Economists 1934 The Review of Economic Studies Alan R. Sweezy 0.715
The rational scrutiny of economic phenomena is an inquiry so repellant to many that there are always those who will seize upon the least dispute among economists as a sign that economic science as a whole is worthless, and that economists themselves cannot agree on the simplest propositions of their science. The Present Position of Economic Science 1930 Economica Lionel Robbins 0.714
One suspects that the advocacy of the evolutionary, or genetic, or institutional approach to economic theory as the sole defensible approach conceals a dogmatism and a naive faith as fundamental as the nineteenth-century system of natural liberty, and quite as pronounced as that entertained by any intelligent contemporary advocate of orthodox economic analysis. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.713
But in their efforts to bring greater rationality into the conduct of social affairs, economists have to face the opposition of all those who benefit from irrationality; and such people will not miss any opportunity of quoting and magnifying our disagreements so as to persuade the world that what we have to say can safely be ignored in the forming of social policies. Economists and Their Critics 1938 The Economic Journal L. M. Fraser 0.712
If these observations be just, instead of appealing to political arithmetic as a check on the conclusions of political economy, it would often be more reasonable to have recourse to political economy as a check on the extravagancies of political arithmetic.3’ While political arithmetic thus straggled on its devious, purposeless course, the main stream of economic thought and writing was taking direction and volume with the extension of philosophical speculation into the domain of economic relations. Adam Smith 1776-1926 1927 Journal of Political Economy Jacob H. Hollander 0.712

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
The actions of economizing individuals, however important to the economic scientist, are in the concrete the actions of men whose motivation is not exhausted by economic factors and whose rational actions as human beings may seem irrational on exclusively economic grounds. “Ability to Pay” 1946 The Quarterly Journal of Economics Bernard W. Dempsey, S. J. 0.770
Economists have wrestled with the problem of the utilities of irrationality. The Optimal Utilization of National Resources 1949 Econometrica J. Stafford 0.763
If, as seems probable, the future is likely to bring with it a diminution in the emphasis laid upon purely economic considerations and upon methods derived from the natural sciences, then it would be unwise for a society so full of energy and enterprise as this one to hitch its future, in an exclusive sense, to the study of economic phenomena and of economic thought, or to confine its members to the use of methods derived from the natural sciences. The Responsibility of Economic Historians 1941 The Journal of Economic History John U. Nef 0.743
Instead, I shall attempt to state the argument for the logical function of economic theory within the general conception of inquiry hypothesized in this essay. The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 0.725
The temptation to reduce the fundamental concepts or ultimate content of economic theory to propositions of the same meaning-content as those of physical science is a natural one; but it is just that-a temptation which must be resisted, as a condition of arriving at any scientifically or practically relevant truth. The Significance and Basic Postulates of Economic Theory: A Rejoinder 1941 Journal of Political Economy Frank H. Knight 0.723
This needs to be stressed bbcause some economists believe that the postulate of rationality can be used as an a priori principle, not subject to empirical verification. The Scope and Method of Economics 1945 The Review of Economic Studies O. Lange 0.722
As I have tried to analyze and understand economic theory and scientific method in economics I have become impressed by both the need for, and the possibilities of, a restatement of our problems in the light of logical theory. The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 0.722
This is a phase of the larger problem of freeing economists from attachments to traditional notions that interfere with a scientific search for economic causation and of keeping publicists, political and business leaders-and also the common manabreast of the conclusions of the best critical thinking on economic matters. Myths and Illogic in Popular Notions about Business Cycles 1943 Journal of Political Economy Richard C. Bernhard 0.721
Concrete and positive answers to questions in the field of economic science or policy depend in the first place on judgments of value and as to procedure on a broad, general education in the cultural sense, and on “insight” into human nature and social values, rather than on the findings of any possible positive science. “What is Truth” in Economics? 1940 Journal of Political Economy Frank H. Knight 0.715
As indicated above, some of us may feel that the unit of analysis and the entity the behavior of which it is of interest to study is not the individual economizer in his conscious, problem-solving state of mind.3 I believe that much of 3With reference to this inclination on the part of some to regard a quantitative work that is not built upon the neo-classical theoretical model as being essentially without a theoretical foundation at all, there is a point of moderate interest to the modern history of economic doctrines. Koopmans on the Choice of Variables to be Studies and the Methods of Measurement 1949 The Review of Economics and Statistics Rutledge Vining 0.711
The American Economic Review VOLUME XXXV SEPTEMBER, 1945 NUMBER FOUR THE USE OF KNOWLEDGE IN SOCIETY By F. A. HAYEK* I What is the problem we wish to solve when we try to construct a rational economic order? The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.708
What it is important to get the public, and the social functionaries who control action, as well as “scientists,” to understand, if economic theory is ever to play any useful role in the world, is that “of course it is unrealistic.” Professor Parsons on Economic Motivation 1940 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Frank H. Knight 0.706

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
When it comes to economic doctrines, the individual is often not very rational. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.804
It is characteristic that Marshall insists on the irrationality of many of our actual motives, and this is a fact which psychologists are apt to underline when commenting on the severely logical nature of economic reasoning.2 But for purposes of method, there is complete common sense in the classical assumptions, so long as one remembers ” all the faults ” of the economic measure.3 *Pigou follows out Marshall’s technique. ” Choice in Psychology and as Economic Assumption 1953 The Economic Journal A. L. Macfie 0.779
Advocated and adopted policies often appear incongruous to economists because they sometimes actually are, but also due to their conception within a broader “rationality.” Development of Agricultural Policy 1950 Journal of Farm Economics Arnold Brekke 0.755
It uses the knowledge of the nature of man’s intellect and will for the rational explanation of economic facts, but does not construct those facts themselves out of one-sided assumptions respecting the nature of man. The Role of the German Historical School in American Economic Thought 1955 The American Economic Review Joseph Dorfman 0.752
Since the implications of this proposition are important for all that follows, I should like to dwell briefly on one or two variants of what may be called ” pure economics.” Economics and the Social Sciences 1950 The Economic Journal A. G. Papandreou 0.738
There are signs that some Soviet economists see this clearly enough; thus I. Malyshev has argued for a recognition of the logical connection between rationality and profitability.’ The Problem of “Success Indicators” in Soviet Industry 1958 Economica A. Nove 0.736
First, following well-tried and undeniably useful habits of thought we tend, in economic argument, to assume that, even if our hypotheses are not precisely in accord with the facts, our results are still applicable in some degree. A Further Note on Factor-Commodity Price Relationships 1959 The Economic Journal I. F. Pearce 0.724
One cannot understand the meaning of certain concepts of economic analysis without considering that thought in general performs a function beyond the mere scientific one of explanation and beyond the technological one of controlling reality. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.712
To deny any influence to economic analysis is to deny any role to reason in the formation by a sensible man of his system of ends. Schumpeter’s History of Economic Analysis 1954 The American Economic Review Jacob Viner 0.707
But for the understanding of the economic system we need something more, something which does refer back, in the last resort, to the behavior of people and the motives of their conduct. Walras, Leontief, and the Interdependence of Economic Activities 1954 The Quarterly Journal of Economics Robert E. Kuenne 0.705
It teaches us that, contrary to the usual view, the true scientific handling of an economic system of many centres does not consist in taking into account jointly all the elements of the problem, but in disregarding their vast majority at each move, exactly in the way in which a system of profit-seeking individuals in fact operates in a market of resources and products. ECONOMIC AND INTELLECTUAL LIBERTIES 1950 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics MICHAEL POLANYI 0.704
The more general aim of the finely wrought piece of theoretical exposition is to demonstrate - on the basis of that particular example - what the author considers to be the nature and function of economic theory. The State of Economic Science 1958 The Review of Economics and Statistics Wassily Leontief 0.704

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Here, economic theory is relevant. Economic Theory of Bargaining in Agriculture 1963 Journal of Farm Economics Peter G. Helmberger, Sidney Hoos 0.760
Sometimes economists come close to rationalizing all market results and private institutions by the argument that they would not occur and survive if they were not otpimally satisfying individuals’ preferences. Economic Growth as an Objective of Government Policy 1964 The American Economic Review James Tobin 0.755
550, 552. s In fact, there are some economists who hold the view that the tendency of using formal rationality as the exclusive perspective for the study of human behavior has unduly narrowed the scope of economic inquiry and that the assumption of rationality should be dropped from economics as a permissible assumption. In Defense of Institutional Economics 1968 The Swedish Journal of Economics K. William Kapp 0.741
At the same time, the function of economic theory in relation to such problems is none the less important and indispensable; since the practical conclusions of the most untheoretical expert are always reached implicitly or explicitly by some kind of reasoning from some economic principles: and if the principles or reasoning be unsound the conclusions can only be right by accident. The Use of Economists in British Administration 1961 Oxford Economic Papers P. D. Henderson 0.731
The point at issue may be restated in the language of economics. What Can Regulators Regulate? The Case of Electricity 1962 The Journal of Law & Economics George J. Stigler, Claire Friedland 0.729
It might be supposed, even by economists who find the rationality assumption innocuous enough, that, if economics could have dispensed with this assumption, the epistemological foundations of the discipline would have been tightened and a considerable logical economy achieved. Rational Action and Economic Theory 1962 Journal of Political Economy Israel M. Kirzner 0.719
III We turn, finally, to argue briefly that the failure of Becker’s attempt to emancipate economic theory from the rationality assumption ought in no sense to be viewed as a matter for regret. Rational Action and Economic Theory 1962 Journal of Political Economy Israel M. Kirzner 0.715
The economic meaning of leaving other things unchanged when the degree of certainty is changed is not self-evident; although many formal constructions are possible the choice of the correct one is difficult. Uncertainty and the Precautionary Demand for Money 1967 The Journal of Finance Robert W. Resek 0.709
Since economic theory is in preponderant measure dependent upon assumed motivations, to maintain an unchanged theory must involve assumption that the motivations and possibilities of action thereon are substantially similar under present conditions as those prevailing before its development. The Impact of the Corporation on classical Economic Theory 1965 The Quarterly Journal of Economics Adolf A. Berle 0.706
It can be argued, therefore, that economic behavior is not quite analogous to physical behavior; to compare one with the other is to commit a serious logical error, for consciousness and the explication of meaning appear in the acts of humans that are not discernible in the movements of models. On the Question of Operationalism 1967 The American Economic Review Ben B. Seligman 0.700
The illogicality of orthodox economic approach is at once apparent if we consider an hypothetical example. Price Velocity and Dynamics 1961 The Economic Journal N. Labia 0.699
We are not presented with ad hoc treatments of isolated problems, but rather with an admirable endeavour which combines intelligently practical and theoretical considerations, and illustrates the scope of economics as a science distinct from the other fields of “tooled” human knowledge. Montesquieu and the Wealth of Nations 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Nicos E. Devletoglou 0.699

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
To some economists at least, it has held open the possibility and hope that important questions that had been troublesome for classical economics could now be addressed without sacrifice of the central assumption of perfect rationality, and hence also with a maximum of a priori inference and a minimum of tiresome grubbing with empirical data. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.748
The Neoclassical Revival Peering forward from the late 1950’s, it would not have been unreasonable to predict that theories of bounded rationality would soon find a large place in the mainstream of economic thought. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.748
The thesis that the validity of the behavioral foundations of economic theory could be established by observation might be relatively easy to demolish.20 The notion that there is an aspect of our behavior which corresponds to the behavioral assumptions of neoclassical economic thought and that is necessarily true cannot be so easily controverted.2’ One could ask, of course, whether this made for a disci- pline which is very meaningful or useful, but that is another question, and one to which Knight had an answer. The Heterodox Methodology of Two Chicago Economists 1975 Journal of Economic Issues Eva Hirsch , Abraham Hirsch 0.729
The preceding reasoning is that of an economist. An Economic Analysis of the Law and Politics of Non-Public School “Aid” 1976 The Journal of Law & Economics E. G. West 0.717
First, Friedman presents his methodology not only as an ideal, but also as the rationale of economic science which is implicit in work of the past.52 It is an intriguing thesis and worth more attention than can be devoted to it here. The Heterodox Methodology of Two Chicago Economists 1975 Journal of Economic Issues Eva Hirsch , Abraham Hirsch 0.716
Economics has to mediate the information that can enable us to develop the economy by observing rationality. INFLATION THEORY AND ANTI-INFLATION POLICY 1977 Acta Oeconomica B. CSIKÓS-NAGY 0.715
To many economists the crucial question is not whether some specific assumption is more realistic than another, but whether a theory that employs it generates superior explanations or predictions. Vertical Integration Revisited 1976 The Journal of Law & Economics John S. McGee , Lowell R. Bassett 0.710
Clarity on a notion such as economic rationality is something that radical economists need to achieve, and a good start has already been made by Maurice Godelier. The Problem of Heroin Addiction and Radical Political Economy 1973 The American Economic Review Raul A. Fernandez 0.710
The role of economists in helping them to choose rationally is not above criticism: far too much of the early writing suffered from a preoccupation with a single issue to the exclusion of all others, or a failure to relate the technical details to the substantive economic issues that lie behind them. Surveys in Applied Economics: International Liquidity 1973 The Economic Journal John Williamson 0.710
Individualist economic theory appears to remain stuck in a particularly old-fashioned and unsatisfactory view that all human beings experience themselves as rational, calculating entities weighing certain ends against available means and experience their behavior as rational choice. Problems vs. Conflicts: Economic Theory and Ideology 1975 The American Economic Review Ducan K. Foley 0.709
Constant rationalization is not trivial, as some might suggest; it is the only process that keeps economics, or economists, alive. Needed Redirections in Economics: Comment 1971 American Journal of Agricultural Economics Lawrence W. Libby 0.708
Economic theory should not be criticized for abstraction; rather, it should be questioned from time to time about the continuing appropriateness of its choice of premises. The Uses and Abuses of Economic Theory in the Social Control of Business 1974 Journal of Economic Issues David Dale Martin 0.707

Closest sentences from the cluster’s centroid

Among the 250 closest sentences to the cluster’s centroid, 1.6% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The rational scrutiny of economic phenomena is an inquiry so repellant to many that there are always those who will seize upon the least dispute among economists as a sign that economic science as a whole is worthless, and that economists themselves cannot agree on the simplest propositions of their science. The Present Position of Economic Science 1930 Economica Lionel Robbins 0.855
It is likely that if economic writing placed more emphasis on the limitations of the scientific viewpoint there might be more and not less sane recognition of the place which ways and means and rational calculation must have in the ordering of human affairs, less tendency for esthetically or morally or religiously minded persons to run away from the pattern of the economic man toward the other extreme of dreaming or petulant futility. Economics At Its Best 1926 The American Economic Review Frank H. Knight 0.843
First, Friedman presents his methodology not only as an ideal, but also as the rationale of economic science which is implicit in work of the past.52 It is an intriguing thesis and worth more attention than can be devoted to it here. The Heterodox Methodology of Two Chicago Economists 1975 Journal of Economic Issues Eva Hirsch , Abraham Hirsch 0.831
Not only does thought carry the birthmarks of its social origin, but also it acts back on its parent.55 But the methodological stance of economics conceals, behind the veil of objectivity, the manner and degree to which the prevailing body of economic theory influences social decisions as to what constitutes rational goals.56 Through their scientific prestige, pedagogy, and access to the media, economists exert a substantial impact on the thought processes of the polity, and since their theory is founded on a vision from the past, its influence is conservative and reactionary. Toward a Humanist Reconstruction of Economic Science 1979 Journal of Economic Issues Jon D. Wisman 0.829

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Pure economic theory is capable of demonstrating that a contention may be internally inconsistent or of revealing its hidden assumptions, and an economist armed only with such analytical equipment may play an important role in practical affairs; but this is not the whole of economics. Should Economists Pay Attention to Philosophers? 1978 Journal of Political Economy Scott Gordon 0.897
It is one of the causes of the unique position of economics that the existence of a definite object of its investigation can be realised only after a prolonged study and it is, therefore, not surprising that people who have never really studied economic theory will necessarily be doubtful of the legitimacy of its existence, as well as of the appropriateness of its method. The Trend of Economic Thinking 1933 Economica F. A. von Hayek 0.896
The temptation to reduce the fundamental concepts or ultimate content of economic theory to propositions of the same meaning-content as those of physical science is a natural one; but it is just that-a temptation which must be resisted, as a condition of arriving at any scientifically or practically relevant truth. The Significance and Basic Postulates of Economic Theory: A Rejoinder 1941 Journal of Political Economy Frank H. Knight 0.884
It must be apparent how fragile the framework of economic science is when it is realized that its alternative forms are equally dependent upon sets of ideas, or points of view, which are not themselves scientifically established in any intelligible meaning of the word. Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 0.882
This type of economic theorizing is extremely valuable, but the economic theorist should always be skeptical of his own conclusions; and failure to participate actively in the economic life about him may lead him to reach conclusions thought to be true to life though derived from premises only approximating actuality. The Public Service and the Professional Social Scientist 1937 Southern Economic Journal James W. Martin 0.881
Anyway, my task here is neither to bury theory nor to praise it, but to try to sketch the relationships between certain points of view that have been proposed for the study of economics. Institutionalism and Empiricism in Economics 1952 The American Economic Review Frank H. Knight 0.875
In this way by examining the propositions of economic science to determine to what subject-matter they actually refer, we can detect without difficulty a central body of problems, which undoubtedly belong to the subject-matter of economics and which cannot, therefore, be omitted from any correct definition of it. On the Subject-Matter and Method of Economic Science 1933 Economica Felix Kaufmann 0.873
Two thoughts contend for the uppermost place in the mind of an economist who turns aside from whatever special problems have been engaging his energies and steps away a little so as to get a general view of the present state of economic science.- In the first place there is an oppressive sense of the utter inadequacy of his own knowledge, and even of the knowledge which he could anywhere lay hold of. English Political Economy 1928 Economica Allyn A. Young 0.869
Economic theory should not be criticized for abstraction; rather, it should be questioned from time to time about the continuing appropriateness of its choice of premises. The Uses and Abuses of Economic Theory in the Social Control of Business 1974 Journal of Economic Issues David Dale Martin 0.868
In our day, when economists approach their theorizing from so many angles, when they use such varied disciplines, and arrive at such discordant conclusions, it would seem almost as important to study the economists as to study their economics. John Bates Clark: Earlier and Later Phases of his Work 1927 The Quarterly Journal of Economics Paul T. Homan 0.867
As indicated above, some of us may feel that the unit of analysis and the entity the behavior of which it is of interest to study is not the individual economizer in his conscious, problem-solving state of mind.3 I believe that much of 3With reference to this inclination on the part of some to regard a quantitative work that is not built upon the neo-classical theoretical model as being essentially without a theoretical foundation at all, there is a point of moderate interest to the modern history of economic doctrines. Koopmans on the Choice of Variables to be Studies and the Methods of Measurement 1949 The Review of Economics and Statistics Rutledge Vining 0.866
Carried beyond a certain point-a point impossible, of course, to know with any precision-the study of economic theories ceases to be an important element in acquiring the technical equipment of an economist, and becomes, according to the method pursued, an exercise in dialectics or an inquiry int o an interesting chapter in the history of human thought. English Political Economy 1928 Economica Allyn A. Young 0.863
The corollaries of economic theory do not depend upon facts of experience or of history, but ” are implicit in our definition of the subject-matter of Economic Science as a whole.” Economic Theory and the Problems of a Socialist Economy 1933 The Economic Journal Maurice Dobb 0.863
It may be agreed that it is highly desirable that economists should ask themselves more frequently than they do what is the ultimate significance of their conclusions, not only in the universe of discourse of their own sometimes narrow postulates, but also in that wider universe of discourse common to all the social sciences. The Present Position of Economic Science 1930 Economica Lionel Robbins 0.862
Economics, to a great extent even in its actual organization, has failed to recognize that the ‘theorizing’ of conceiving economic theory very likely requires for best results a dif ferent approach-a different specializa tion-from that best for the ‘theorizing’ of formulating the theory logically and mathematically. On the Use of Deductive Systems in Economics, with Special Reference to Mathematics 1962 The American Economist Stuart I. Greenbaum 0.862

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
It is one of the causes of the unique position of economics that the existence of a definite object of its investigation can be realised only after a prolonged study and it is, therefore, not surprising that people who have never really studied economic theory will necessarily be doubtful of the legitimacy of its existence, as well as of the appropriateness of its method. The Trend of Economic Thinking 1933 Economica F. A. von Hayek 0.896
It must be apparent how fragile the framework of economic science is when it is realized that its alternative forms are equally dependent upon sets of ideas, or points of view, which are not themselves scientifically established in any intelligible meaning of the word. Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 0.882
This type of economic theorizing is extremely valuable, but the economic theorist should always be skeptical of his own conclusions; and failure to participate actively in the economic life about him may lead him to reach conclusions thought to be true to life though derived from premises only approximating actuality. The Public Service and the Professional Social Scientist 1937 Southern Economic Journal James W. Martin 0.881
In this way by examining the propositions of economic science to determine to what subject-matter they actually refer, we can detect without difficulty a central body of problems, which undoubtedly belong to the subject-matter of economics and which cannot, therefore, be omitted from any correct definition of it. On the Subject-Matter and Method of Economic Science 1933 Economica Felix Kaufmann 0.873
Two thoughts contend for the uppermost place in the mind of an economist who turns aside from whatever special problems have been engaging his energies and steps away a little so as to get a general view of the present state of economic science.- In the first place there is an oppressive sense of the utter inadequacy of his own knowledge, and even of the knowledge which he could anywhere lay hold of. English Political Economy 1928 Economica Allyn A. Young 0.869
In our day, when economists approach their theorizing from so many angles, when they use such varied disciplines, and arrive at such discordant conclusions, it would seem almost as important to study the economists as to study their economics. John Bates Clark: Earlier and Later Phases of his Work 1927 The Quarterly Journal of Economics Paul T. Homan 0.867
Carried beyond a certain point-a point impossible, of course, to know with any precision-the study of economic theories ceases to be an important element in acquiring the technical equipment of an economist, and becomes, according to the method pursued, an exercise in dialectics or an inquiry int o an interesting chapter in the history of human thought. English Political Economy 1928 Economica Allyn A. Young 0.863
The corollaries of economic theory do not depend upon facts of experience or of history, but ” are implicit in our definition of the subject-matter of Economic Science as a whole.” Economic Theory and the Problems of a Socialist Economy 1933 The Economic Journal Maurice Dobb 0.863
It may be agreed that it is highly desirable that economists should ask themselves more frequently than they do what is the ultimate significance of their conclusions, not only in the universe of discourse of their own sometimes narrow postulates, but also in that wider universe of discourse common to all the social sciences. The Present Position of Economic Science 1930 Economica Lionel Robbins 0.862
Historically, the scientific pretensions of economics have been mainly in the first field, or that of “pure” economics, and in this field the explanatory generalizations have been of a rather abstract character, achieved by a severe isolation of economic forces and a rigid use of logical deduction. Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 0.860

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
The temptation to reduce the fundamental concepts or ultimate content of economic theory to propositions of the same meaning-content as those of physical science is a natural one; but it is just that-a temptation which must be resisted, as a condition of arriving at any scientifically or practically relevant truth. The Significance and Basic Postulates of Economic Theory: A Rejoinder 1941 Journal of Political Economy Frank H. Knight 0.884
As indicated above, some of us may feel that the unit of analysis and the entity the behavior of which it is of interest to study is not the individual economizer in his conscious, problem-solving state of mind.3 I believe that much of 3With reference to this inclination on the part of some to regard a quantitative work that is not built upon the neo-classical theoretical model as being essentially without a theoretical foundation at all, there is a point of moderate interest to the modern history of economic doctrines. Koopmans on the Choice of Variables to be Studies and the Methods of Measurement 1949 The Review of Economics and Statistics Rutledge Vining 0.866
If, as seems probable, the future is likely to bring with it a diminution in the emphasis laid upon purely economic considerations and upon methods derived from the natural sciences, then it would be unwise for a society so full of energy and enterprise as this one to hitch its future, in an exclusive sense, to the study of economic phenomena and of economic thought, or to confine its members to the use of methods derived from the natural sciences. The Responsibility of Economic Historians 1941 The Journal of Economic History John U. Nef 0.860
The use of economic theory as a device for economizing knowledge should be extended and not used to destroy other subjects or an interest in them. On the Economic Significance of Culture 1944 The Journal of Economic History Harold A. Innis 0.859
48 An economic theorist is justified on many occasions in oversimplifying facts to clarify in his own mind what he believes to be significant relationships.49 He is likewise justified in bringing the results of his speculative inquiries before his colleagues, whether to seek their critical appraisal before going further or to stimulate them by his work. Keynesian Economics Once Again 1947 The Review of Economics and Statistics Arthur F. Burns 0.859
This is a phase of the larger problem of freeing economists from attachments to traditional notions that interfere with a scientific search for economic causation and of keeping publicists, political and business leaders-and also the common manabreast of the conclusions of the best critical thinking on economic matters. Myths and Illogic in Popular Notions about Business Cycles 1943 Journal of Political Economy Richard C. Bernhard 0.853
An Essay on the Nature and Significance of Economic Science, p.  Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.846
Our task is to try to state what men who have some standing as economists mean in practice by economic behavior, insofar as they try to think and write in terms that define “economics” in a reasonable relation to other recognized disciplines. Immutable Law in Economics: Its Reality and Limitations 1946 The American Economic Review Frank H. Knight 0.844
Does recognition of the limitations of economics as a body of knowledge imply that, in this agitated world, we economists are to remain aloof, detached and indifferent, content to point out to bewildered men the inconsistenucies of their various actions, but never taking part in the grand debate of what those actions should be. The Economist in the Twentieth Century: An Oration Delivered on the 53rd Anniversary of the Foundation of the London School of Economics 1949 Economica Lionel Robbins 0.844
Following this conclusion, I shall outline some consequences which the use of our definition is expected to have upon the study of economic science, on the study of the history of economic thought, and on the application of economic science to practice. Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 0.844

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Anyway, my task here is neither to bury theory nor to praise it, but to try to sketch the relationships between certain points of view that have been proposed for the study of economics. Institutionalism and Empiricism in Economics 1952 The American Economic Review Frank H. Knight 0.875
But if it be once admitted that a theory which we take invariably, absolutely, and unquestioningly for granted, and which we regard ourselves as having explored to the uttermost so that all its implications, and the consequences of acting on it, are known, could have no power of stimulating thought and indeed would be incapable of being any longer the object of thought, it follows of necessity that all the theories which have any active role in an economist’s mental life and in his work must be ones that he can still cast doubt upon, can question and suspect, can feel to be incompletely worked out, and to hold unknown possibilities for good or evil when used as the basis of policy. Economics and Sincerity 1953 Oxford Economic Papers G. L. S. Shackle 0.860
The process of development of economic theory has been, and must tend still more to be, a more complicated one than the movement back and forth between the real world and hypothesis or theory that characterizes the physical sciences. The Taxonomic Approach to the Study of Economic Policies 1955 The American Economic Review A. C. L. Day 0.854
Now, at the level of the treatise and the journal article, economic theory struts across the page clad only in matrices; now the fundamental tools of theory are separated from their applications; statics are kept distinct from dynamics of various kinds; and the thin line that separates description from praise, blame, or exhortation, has been emphasized by controversy; preaching is practically out. On Some Fashions in Economic Theory 1954 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique G. A. Elliott 0.852
Economics is not timeless and placeless and is more than an exercise in logic or a mathematical problem. Economics and Public Policy 1957 The American Economic Review Edwin E. Witte 0.846
The role of economic theory is as a tool of such understanding, not as a mechanical device into which data can be inserted and out of which emerge the sausages of prediction, unsullied by the subje’ctivity of the human mind. The Pragmatic Basis of Economic Theory 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique H. Scott Gordon 0.845
If this interpretation is adopted, the declarations as to the scientific character of economics amount to no more than a convenient classification into “pure” or “theoretical,” and “applied” or “practical,” economics.2 The difficulty that stands in the way of accepting this interpretation is the extreme importance which authors attach to the value-free character of economics, and the fervor with which they denounce in their methodological introductions any attempts to derive recommendations from the analysis of facts. Programs and Prognoses 1954 The Quarterly Journal of Economics Paul Streeten 0.844
Diverse ideals and philosophies, which influence perspectives on and studies of reality and resulting contributions to economic science, may result in different, valuable insights as well as biases and blind spots; and we need to learn to appreciate impartially and combine the valid elements of all such contributions, and eliminate the illusions, exaggerations, distortions, etc. Economic Science Only–Or Political Economy? 1957 The Quarterly Journal of Economics O. H. Taylor 0.843
There is one other matter regarding the study of Economics to which I should like to refer. Address Delivered at the Annual Foundation Day of the Delhi School of Economics on Thursday, the 25th February, 1954 1954 Indian Economic Review John Matthai 0.843
Economics, like other fields of knowledge, does not develop evenly; certain areas of research progress faster and farther than others, so that they acquire a separate identity of their own. The Value of Value Theory 1954 The American Economic Review Richard Ruggles 0.843

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Economics, to a great extent even in its actual organization, has failed to recognize that the ‘theorizing’ of conceiving economic theory very likely requires for best results a dif ferent approach-a different specializa tion-from that best for the ‘theorizing’ of formulating the theory logically and mathematically. On the Use of Deductive Systems in Economics, with Special Reference to Mathematics 1962 The American Economist Stuart I. Greenbaum 0.862
What is currently called “economic theory” is nothing but a series of such abstractions, some more atemporal or aspacial than others, but all exposed to modifications imposed by changes of circumstances, and all of relative explanatory and operative validity, so that any dogmatic affirmation or transference derived from them may give rise to major confusions and to grave errors in policy. Latin American Economists in the United States 1966 Economic Development and Cultural Change Aníbal Pinto , Osvaldo Sunkel 0.857
We are not presented with ad hoc treatments of isolated problems, but rather with an admirable endeavour which combines intelligently practical and theoretical considerations, and illustrates the scope of economics as a science distinct from the other fields of “tooled” human knowledge. Montesquieu and the Wealth of Nations 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Nicos E. Devletoglou 0.856
The book argues that economics has developed under the impact of a variety of forces: ideological debates, practical economic and political problems, the climate of opinion, and the drive to achieve scientific validity. Short Notices 1967 Journal of Political Economy NULL 0.854
Here, economic theory is relevant. Economic Theory of Bargaining in Agriculture 1963 Journal of Farm Economics Peter G. Helmberger, Sidney Hoos 0.843
While this contention is often rejected, at least implicitly, by many modern critics of economic theory, it will be contended in what follows that the distinction is valid and important to economic theory, both from the standpoint of its method and its goals. An Empirical Principle for Deductive Theory in Economics 1967 Southern Economic Journal Robert G. Fabian 0.840
When we begin to ask our students to adopt a critical attitude toward economic theory, I believe in the future, economic science shall emerge with its own eclectic methods under a philosophy of science similar to other empirical sciences. ” Reply to “Philosophy, Method and Status of Agricultural Economics” 1962 Journal of Farm Economics A. N. Halter 0.839
When we begin to ask our students to adopt a critical attitude toward economic theory, I believe in the future, economic science shall emerge with its own eclectic methods under a philosophy of science similar to other empirical sciences. ” “The Farm: The Misused Income Expansion Base of Emerging Nations”: A Commentary 1962 Journal of Farm Economics Lorand D. Schweng 0.839
“22 Such views betray not only insufficient appreciation of the complexity of the subject matter of economic an- thropologNy but also gross misunderstanding of conventional economics, which until recently was concerned exclusively with our own type of economy. Economics, Economic Development, and Economic Anthropology 1968 Journal of Economic Issues George Dalton 0.839
Without some restriction of this kind, economic philosophy is liable to roam erratically around the philosophical aspects of a puzzling galaxy of minor and major economic problems and to be as vague and diffuse as in a case in which satisfaction of our first and necessary condition is ignored for the sake of an overrated worldview cult. SCOPE AND PROBLEMS OF ECONOMIC PHILOSOPHY 1960 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics THEO SURANYI-UNGER 0.838
With the growth in numbers of the economists from, say, the 1880’s on, and the emergence of a variety of kinds of economists, so that no layman needed to be at a loss in finding some school of economics which provided him with professional justification for whatever policies he was attached to, methodological controversy has now largely ceased to be one between economists and the outside public and has become almost wholly a private dispute within our professional ranks, except that our sister disciplines continue to take pleasure in demonstrating that the motes in our eyes are of larger dimensions than the beams in their own. The Economist in History 1963 The American Economic Review Jacob Viner 0.838
As has often been remarked, economists of all epochs have been compelled by the social environment to be far more opportunistic than their colleagues in other scientific fields, with the result that their attention has been concentrated upon the economic problems of their own time.’ Economic Theory and Agrarian Economics 1960 Oxford Economic Papers N. Georgescu-Roegen 0.838
Some Preliminary Remarks “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. The Structural Background of Development Problems in Latin America 1966 Weltwirtschaftliches Archiv Osvaldo Sunkel 0.838
Such men have set themselves to work to make and to perfect such machinery; but neither by their precept nor by their practice have they given support to the doctrine that the student of economic science should rest content there with. Two Early Articles by Alfred Marshall 1963 The Economic Journal Alfred Marshall, Royden Harrison 0.838

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
Pure economic theory is capable of demonstrating that a contention may be internally inconsistent or of revealing its hidden assumptions, and an economist armed only with such analytical equipment may play an important role in practical affairs; but this is not the whole of economics. Should Economists Pay Attention to Philosophers? 1978 Journal of Political Economy Scott Gordon 0.897
Economic theory should not be criticized for abstraction; rather, it should be questioned from time to time about the continuing appropriateness of its choice of premises. The Uses and Abuses of Economic Theory in the Social Control of Business 1974 Journal of Economic Issues David Dale Martin 0.868
Because, as noted earlier, economics cannot accurately blueprint economic reality and lacks the degree of finality- producing power characteristic of some nonlife sciences, every economist is in some degree a prisoner of his own ideology, an unfounded belief in questionable tenets, and the results of a somewhat solipsistic ratiocinative process. Was 1922-1972 a Golden Age in the History of Economics? 1974 Journal of Economic Issues Joseph Spengler 0.861
The language of economic theory, like any language, provides a framework for thought; but at the same time, it constrains thought to remain within that framework. Positive Economics 1972 The Canadian Journal of Economics / Revue canadienne d’Economique A. Coddington 0.858
“and”The Preconceptions of Economic Science: I, II, and III.” Veblen as Teacher and Thinker in 1896-97: The Hagerty Notes on How the Economist Derived His Criticism of the Structure of Classical Economic Theory 1976 The American Journal of Economics and Sociology Paul Uselding 0.858
Even should economists recognize that if economic science is to express its full potential for bettering the human condition it must respond not just to the technical, but to the practical and emancipatory interests as well, the question remains as to how the body of economic theory might be restructured. Toward a Humanist Reconstruction of Economic Science 1979 Journal of Economic Issues Jon D. Wisman 0.856
In the process, it reveals some widespread misconceptions among economists about the nature of economic science, and shows how these misconceptions have not only been responsible for much confusion but have also critically influenced the development of economic theory. Hypothesis and Paradigm in the Theory of the Firm 1971 The Economic Journal Brian J. Loasby 0.855
The subject is not new to economists. Impact of Population on Resources and the Environment 1971 The American Economic Review Joseph L. Fisher 0.851
6 “To accept the distinction between ‘pure’ and ‘applied’ economics as generally valid and fundamental is not only to accept the view that ‘theory’ in its pure form can have an independent career but that it can be validated in some way other than by ‘application’ . Needed Redirections in Economic Analysis for Agricultural Development Policy 1971 American Journal of Agricultural Economics Peter Dorner 0.851
The thesis that the validity of the behavioral foundations of economic theory could be established by observation might be relatively easy to demolish.20 The notion that there is an aspect of our behavior which corresponds to the behavioral assumptions of neoclassical economic thought and that is necessarily true cannot be so easily controverted.2’ One could ask, of course, whether this made for a disci- pline which is very meaningful or useful, but that is another question, and one to which Knight had an answer. The Heterodox Methodology of Two Chicago Economists 1975 Journal of Economic Issues Eva Hirsch , Abraham Hirsch 0.849

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 30 0.629
Explanation and Value in Economics 1979 Journal of Economic Issues Timothy J. Brennan 30 0.624
John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 29 0.621
Toward a Humanist Reconstruction of Economic Science 1979 Journal of Economic Issues Jon D. Wisman 28 0.609
“The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 26 0.633
The Pragmatic Basis of Economic Theory 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique H. Scott Gordon 26 0.628
The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 25 0.641
In Defense of Institutional Economics 1968 The Swedish Journal of Economics K. William Kapp 25 0.615
On the Possibility of a Political Economics 1970 Journal of Economic Issues Robert L. Heilbroner 24 0.611
The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 22 0.613

Top articles (most sentences) of the cluster for each time window

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 30 0.629
“The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 26 0.633
The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 25 0.641
The Scope and Definition of Economics 1939 Journal of Political Economy Raymond T. Bye 17 0.618
The Trend of Economics, as seen by Some American Economists 1925 The Quarterly Journal of Economics Allyn A. Young 16 0.607
How Do We Want Economists to Behave? 1932 The Economic Journal Lindley M. Fraser 16 0.629
Some Positive Contributions of the Institutional Concept 1927 The Quarterly Journal of Economics Lionel D. Edie 15 0.632
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 15 0.623
Does Institutionalism Complement or Compete with “Orthodox Economics”? 1931 The American Economic Review E. M. Burns 14 0.622
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 13 0.614
Nassau Senior’s Contribution to the Methodology of Economics 1936 Economica Marian Bowley 13 0.629
Economic Theory in the Calculable Future 1925 The American Economic Review Thorstein Veblen 12 0.623
Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 12 0.618
Werner Sombart and the “Natural Science Method” in Economics 1933 Journal of Political Economy Leo Rogin 12 0.609
Economists and Their Critics 1938 The Economic Journal L. M. Fraser 12 0.628

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 29 0.621
Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 19 0.631
The Welfare Economics of Heinrich Pesch 1949 The Quarterly Journal of Economics Richard E. Mulcahy, S.J. 19 0.609
The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 18 0.634
Economic Research in the Federal Government 1941 The American Economic Review Morris A. Copeland 15 0.614
Isolationism in Economic Method 1949 The Quarterly Journal of Economics George J. Schuller 12 0.629
Economics and Anthropology: A Rejoinder 1941 Journal of Political Economy Melville J. Herskovits 11 0.605
“What is Truth” in Economics? 1940 Journal of Political Economy Frank H. Knight 10 0.631
The Economist in the Twentieth Century: An Oration Delivered on the 53rd Anniversary of the Foundation of the London School of Economics 1949 Economica Lionel Robbins 10 0.625
Social Biases and Recent Theories of Competition 1943 The Quarterly Journal of Economics William H. Nicholls 9 0.625
Professor Robbins’ Definition of Economics 1943 Journal of Political Economy Robert Scoon 9 0.614
Economic Planning and the Science of Economics 1941 The American Economic Review Dudley F. Pegrum 8 0.612
The Present Position of Economics 1944 The American Economic Review Arthur Salz 8 0.622
A Neglected Point in the Training of Agricultural Economists 1947 Journal of Farm Economics Howard E. Conklin 8 0.627
Toward Understanding Economic Behavior: The Contribution of Sociological and Psychological Research Methods to Economic Anaysis 1949 The American Journal of Economics and Sociology Kurt Mayer 8 0.620

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
The Pragmatic Basis of Economic Theory 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique H. Scott Gordon 26 0.628
The Methodology of Schumpeter’s „History of Economic Analysis“ 1958 Zeitschrift für Nationalökonomie / Journal of Economics Hans Aufricht 22 0.613
Economic Theory as a Guide to Policy: Some Suggestions for Re-Appraisal 1955 The Economic Journal H. Tyszynski 20 0.604
The Taxonomic Approach to the Study of Economic Policies 1955 The American Economic Review A. C. L. Day 19 0.616
The Problem of Verification in Economics 1955 Southern Economic Journal Fritz Machlup 16 0.624
Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 14 0.640
Illustrations of Degrees of Validity in Economics 1952 Southern Economic Journal Ewing P. Shahan 12 0.629
Schumpeter’s History of Economic Analysis 1955 Oxford Economic Papers G. B. Richardson 12 0.610
Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 11 0.621
Social Accounting in Relation to Economic Theory 1954 The Economic Journal D. K. Burdett 10 0.615
The Orientation of Agricultural Economics 1955 Journal of Farm Economics Karl Brandt 10 0.614
Economic Understanding: Why and What 1957 The American Economic Review Ben W. Lewis 9 0.613
Public Policy and Political Considerations 1957 The Review of Economics and Statistics Betty G. Fishman, Leo Fishman 9 0.624
Schumpeter’s History of Economic Analysis 1954 The American Economic Review Jacob Viner 8 0.648
The Methodology of Henry George and Carl Menger 1954 The American Journal of Economics and Sociology Leland B. Yeager 8 0.626

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
In Defense of Institutional Economics 1968 The Swedish Journal of Economics K. William Kapp 25 0.615
Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 21 0.627
SCOPE AND PROBLEMS OF ECONOMIC PHILOSOPHY 1960 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics THEO SURANYI-UNGER 19 0.626
On the Use of Deductive Systems in Economics, with Special Reference to Mathematics 1962 The American Economist Stuart I. Greenbaum 17 0.625
An Economist’s Image of History 1968 Southern Economic Journal Werner Hochwald 17 0.626
Neoinstituionalism and the Economics of Dissent 1969 Journal of Economic Issues Allan G. Gruchy 17 0.601
Friedman and Machlup on the Significance of Testing Economic Assumptions 1965 Journal of Political Economy Jack Melitz 16 0.624
On the Scientific Foundations of Marginalism 1962 The American Journal of Economics and Sociology Adamantia Pollis , Bertram L. Koslin 15 0.620
The Role of Authority in the Development of British Economics 1964 The Journal of Law & Economics A. W. Coats 14 0.607
An Empirical Principle for Deductive Theory in Economics 1967 Southern Economic Journal Robert G. Fabian 14 0.620
Methodology in Economics: Part I 1961 Southern Economic Journal Frank H. Knight 12 0.619
On the Question of Operationalism 1967 The American Economic Review Ben B. Seligman 12 0.608
The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 12 0.610
Toward a Philosophy of Science for Agricultural Economic Research 1961 Journal of Farm Economics A. N. Halter, H. H. Jack 11 0.633
Value Theory as a Key to the Interpretation of the Development of Economic Thought 1965 The American Journal of Economics and Sociology Richard L. Porter 11 0.605

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Explanation and Value in Economics 1979 Journal of Economic Issues Timothy J. Brennan 30 0.624
Toward a Humanist Reconstruction of Economic Science 1979 Journal of Economic Issues Jon D. Wisman 28 0.609
On the Possibility of a Political Economics 1970 Journal of Economic Issues Robert L. Heilbroner 24 0.611
Economics: Allocation or Valuation? 1974 Journal of Economic Issues Philip A. Klein 17 0.604
The Heterodox Methodology of Two Chicago Economists 1975 Journal of Economic Issues Eva Hirsch , Abraham Hirsch 16 0.624
Values, Facts, and Science: On the Problem of Objectivity in Economics 1975 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics WILLI MEYER 16 0.623
Should Economists Pay Attention to Philosophers? 1978 Journal of Political Economy Scott Gordon 14 0.632
Was 1922-1972 a Golden Age in the History of Economics? 1974 Journal of Economic Issues Joseph Spengler 13 0.615
On the Explanation of Rules Using Rational Choice Models 1979 Journal of Economic Issues Alexander James Field 13 0.615
Cultural Influences on Economic Theory 1971 Journal of Economic Issues Robert G. Fabian 12 0.612
American Institutionalism: Premature Death, Permanent Resurrection 1978 Journal of Economic Issues Philip A. Klein 12 0.609
Positive Economics 1972 The Canadian Journal of Economics / Revue canadienne d’Economique A. Coddington 11 0.617
Empiricism and Economic Method: Several Views Considered 1973 Journal of Economic Issues Eugene Rotwein 11 0.621
Comte, Mill, and Cairnes: The Positivist-Empiricist Interlude in Late Classical Economics 1973 Journal of Economic Issues Robert B. Ekelund, Jr., Emilie S. Olsen 11 0.602
The Methodological Basis of Institutional Economics: Pattern Model, Storytelling, and Holism 1978 Journal of Economic Issues Charles K. Wilber , Robert S. Harrison 11 0.627

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0451295
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0439797
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0792034
8: farm, agriculture, agricultural, land, farmers -0.1047645
14: rationalisation, rationalization, men’s, und, rational_action -0.1115180
18: economic_laws, economic_law, liberty, court, ethical -0.1116100
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1306124
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.1689966
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.1754291
10: valuations, economic_values, reconsideration, judgments, valuation -0.1878994
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.2051804
11: capitalistic, capitalism, capitalist, capital, marxian -0.2063766

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0166774
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0068410
8: farm, agriculture, agricultural, land, farmers -0.0434156
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0718678
10: valuations, economic_values, reconsideration, judgments, valuation -0.1046162
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1159558
14: rationalisation, rationalization, men’s, und, rational_action -0.1337691
36: capitalism, marx, socialist, capitalistic, soviet -0.1439236
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1772511
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1825812
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.1906755
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.2660719

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0394754
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0053413
8: farm, agriculture, agricultural, land, farmers -0.0686495
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0737487
10: valuations, economic_values, reconsideration, judgments, valuation -0.0769944
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0933428
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1023217
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1076140
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1558754
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1781973
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1803866
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1828371
53: social_choice, decision_maker, maker, decisions, rational_choice -0.2357204

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0118189
8: farm, agriculture, agricultural, land, farmers -0.0600079
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.0640441
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1073829
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1276856
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1623225
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1771792
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.2042793
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.2184577
53: social_choice, decision_maker, maker, decisions, rational_choice -0.2248108
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.2283488

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0107427
74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.0004656
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0973316
72: model, models, modeling, rational_expectations, economic_models -0.1003469
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1322427
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1324523
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1401355
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.1411400
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1462453
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1604981
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1623455
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.2080325

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.9321626
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7470105
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7067345
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6404758
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.6292056
1900-1919 9: teaching, training, student, students, induction 0.4912166
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3145447
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2859603
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2448423
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1821347
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1767485
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1144393
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0964625
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0688149
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0519581

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.9321626
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7780095
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7565760
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6740682
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.5602414
1900-1919 9: teaching, training, student, students, induction 0.4688010
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3229302
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3106810
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2621981
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2001716
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1298159
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1240723
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0844039
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0661468
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0537643

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.8073210
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7565760
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7067345
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6406522
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.6299964
1900-1919 9: teaching, training, student, students, induction 0.4172182
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.4131630
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3836138
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3658283
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3418763
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2862814
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2254649
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1558681
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1091363
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.0907022

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.8073210
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7569260
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6740682
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6404758
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.5732866
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.4692027
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.4235191
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.4176874
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.3976000
1900-1919 9: teaching, training, student, students, induction 0.3942285
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.3379895
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.3334057
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3332141
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.3002639
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.3000065

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7780095
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7569260
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.7470105
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.6406522
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.5434859
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.5214067
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.4535586
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.4442504
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3599051
1900-1919 9: teaching, training, student, students, induction 0.3328040
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.2368912
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.2191932
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1938144
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1831540
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1065669

Intertemporal cluster 18: economic_laws, economic_law, liberty, court, ethical

The cluster gathers 681 sentences from our corpus. It represents 0.42% of all the sentences selected over the whole period.

The community exists from 1920 to 1939.

The most recurring authors are O. H. Taylor (34 sentences), Frank H. Knight (28 sentences), Talcott Parsons (22 sentences), John R. Commons (17 sentences), Raymond T. Bye (16 sentences), Paul T. Homan (15 sentences), Jacob Viner (13 sentences), Felix Kaufmann (11 sentences), Frank A. Fetter (11 sentences), E. S. Mason (10 sentences).

The most recurring journals are The American Economic Review (163 sentences), The Quarterly Journal of Economics (142 sentences), Journal of Political Economy (134 sentences), Economica (67 sentences), The Economic Journal (61 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_laws 0.0016350
professor_commons 0.0010143
economic_law 0.0009509
liberty 0.0008537
court 0.0008183
moral_sentiments 0.0007900
ethical 0.0007774
natural_law 0.0007472
economic_principle 0.0006762
ethics 0.0006701
laws 0.0006429
economic_freedom 0.0006407
lawyers 0.0006086
natural_laws 0.0005796
ideals 0.0005219
prudent 0.0004999
sentiments 0.0004999
commons 0.0004923
supreme 0.0004918
rights 0.0004842

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Marshall’s conception of rationality is much more absolute, but his ruling out the rational satisfaction of those wants which he calls “artificial” from a role in social progress, clearly shows the relation of rationality to activities in his doctrine. Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.727
This dictum is an obvious application to the institutions of primitive man of the criterion of pure rational utility, a principle which is not always valid as a determinant factor even in our own society. The Study of Primitive Economics 1927 Economica Raymond Firth 0.726
The long gropings of economic thinking have at length resulted in isolating from its ethical and historical complex the logico-mathematical concept of the equilibrium of price relationships which would result if man were guided wholly by intelligent individualistic self-interest in a market milieu where land, capital, and personal services constituted the objects and agents of his acquisitive activities. Economic Equilibrium and Friction 1934 The American Economic Review George R. Davies 0.726
was based upon the idea that economic phenomena are governed by natural law and that efforts to control them are attempts to interfere with the inexorable working of nature; that, at the best, such efforts are bound to be futile, at the worst they may do much harm. The Newer Economics and the Control of Economic Activity 1932 Journal of Political Economy Frank H. Knight 0.724
Since orderly action is made paramount and since the legal system and processes are made the main custodians of orderly change and action, the rationalization and justification motif which accompanies Professor Commons’ excellent description of present economic practices is explicable.21 Pragmatism is the philosophy of experience, practical results and experimentation. Commons on Institutional Economics 1937 The American Economic Review Clifford L. James 0.709
And by way of special warning to the living and unborn men who were to ponder his words, our author inserted here a footnote: “The clearly understanding this principle is, I am persuaded, of the utmost importance to the science of political economy.”’ Land Rent and the Prices of Commodities 1927 The American Economic Review H. Gordon Hayes 0.709
The foregoing paragraphs are ventured as a tentative essay in economico-ethical thought. Price and Cost in Entrepreneurs’ Policy 1939 Oxford Economic Papers R. F. Harrod 0.709
how much significance is to be assigned to the economic principle and its corollaries. On the Subject-Matter and Method of Economic Science 1933 Economica Felix Kaufmann 0.706
This circumstance leads one to raise some questions as to the nature of such a statement considered as an economic law or principle and as to its significance and usefulness. On the Relation of Yields to Incomes 1930 Journal of Farm Economics John D. Black 0.705
If we are to believe Pareto’s original statemen’t that men’s economic actions are logical, then it follows that logical actions are at least as important as non-logical actions in determining the form and changes of society. Pareto’s “General Sociology”: The Problem of Method in the Social Sciences 1937 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. B. Macpherson 0.705
  • Economic law and the realm of the “irrational,” 538.- Precision, Dynamics, 540.
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.699
It has the same limitations in a much more pro- FRANK H. KNIGHT 429 nounced degree, notably because economic behavior has no partially definite objective, instrumentality, and procedure, corresponding to cure, medicine, and taking medicine, in the illustration. Pseudo-Scientific Method in Economics: A Reply 1933 Econometrica Frank H. Knight 0.699
The great names in the history of economic thought are to a remarkable extent prominent also in the history of moral science and of logic, and it is no more probable, than from the standpoint of economics it is desirable, that this condition of affairs will be greatly changed in the future. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.697
A contrast is implied between the “natural” or spontaneous tendencies which are there at work and are described by economic “laws,” and the ” artificial ” or deliberate regulation of economic life by the state or by some other authority. Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 0.697
In both cases, however, the argument presupposed the possibility of the achievement, by rulers and by ruled, of a level of intelligence or rationality at which conduct would be determined, not by the immediate and particular environments and interests of the actors, but by those “real” interests which were held to be identical with the general interest of society. Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 0.697
18 Knight’s remarks on this point are cogent: “It is worth repeating that the notion of perfectly economic behaviour involves contradiction or antimony. Rejoinder to Professor Schultz’s Reply 1938 Journal of Farm Economics Walter A. Morton 0.695
This approach is all the more indispensable because of the fact that the notions here in question - namely, those connected with the particular significance then attached to the idea of “natural laws,” in the minds both of economists and of contemporary workers in other sciences - were not adequately thought out and expressed by anyone, but were merely an elusive part of the “mental climate” or “atmosphere.” Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 0.693
Many of these measures are no longer regarded in civilized nations as lying within the field of economic policy, in consequence of the fact that our refined ethical sense leads us to consider as unmoral conduct of an opposing tendency; but one who recalls the laws of antiquity and takes into consideration the habits of primitives, and even the feelings of the lower classes of our own time, will be convinced that even today some of these principles, and at other times a greater number of them, find or have found their justification in considerations of economic advantage. The Theoretical Bases of Economic Policy 1929 Journal of Political Economy Corrado Gini 0.692
If the various constituent elements out of which such pseudo-principles are made up be separated from each other, if the general proposition be carefully distinguished from all kinds of working hypotheses concerning the facts, then the limitations of the generality of the law will disappear, and the general principle will be reached ” on which each individual, deliberately, blindly, or impulsively, adapts his conduct to the terms on which alternatives are offered to him by nature or by man,” and it will 1 Of wide scope is here the assumption that an individual chooses his objectives in a ” rational way ” as a ” normal business man ” does. What has Philosophy to Contribute to the Social Sciences, and to Economics in Particular? 1936 Economica Harro Bernadelli 0.690
When Carlyle accused them of being fatalists, he was mistaken; but he was not so far wrong when he criticized them for supposing that all society’s problems could be solved by tinkering with mechanisms, and insisted that a change in the spirit and ideals of the nation might be far more important.8 To return to my original proposition in this whole part of the discussion, we have to conclude, I think, that in more ways than one the “laws” of economic theory are far from being “inexorable.” Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 0.689

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
The foregoing paragraphs are ventured as a tentative essay in economico-ethical thought. Price and Cost in Entrepreneurs’ Policy 1939 Oxford Economic Papers R. F. Harrod 0.844
Many of these measures are no longer regarded in civilized nations as lying within the field of economic policy, in consequence of the fact that our refined ethical sense leads us to consider as unmoral conduct of an opposing tendency; but one who recalls the laws of antiquity and takes into consideration the habits of primitives, and even the feelings of the lower classes of our own time, will be convinced that even today some of these principles, and at other times a greater number of them, find or have found their justification in considerations of economic advantage. The Theoretical Bases of Economic Policy 1929 Journal of Political Economy Corrado Gini 0.838
When, then, an economist-like Professor Commons- spends half a life-time wrestling with the law, it comes as a shock to find law not only an obstruction, but a tool; not only a brake, but a lubricant; not only conditioned by, but itself conditioning economic life. The Effect of Legal Institutions Upon Economics 1925 The American Economic Review K. N. Llewellyn 0.824
As economics progresses in the direction of a description of economic behavior, serious questions are raised, not only as to the vitality of the older types of economic law, but whether anything deserving the name “economic law” can survive. Institutional Economics 1932 The American Economic Review W. H. Kiekhofer , John Maurice Clark, Paul T. Homan , Hugh M. Fletcher , Max J. Wasserman , Willard E. Atkins , Francis D. Tyson , William W. Hewett , R. T. Ely 0.819
The great names in the history of economic thought are to a remarkable extent prominent also in the history of moral science and of logic, and it is no more probable, than from the standpoint of economics it is desirable, that this condition of affairs will be greatly changed in the future. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.816
was based upon the idea that economic phenomena are governed by natural law and that efforts to control them are attempts to interfere with the inexorable working of nature; that, at the best, such efforts are bound to be futile, at the worst they may do much harm. The Newer Economics and the Control of Economic Activity 1932 Journal of Political Economy Frank H. Knight 0.816
In the present instance, our author, though he wisely avoids any far-flung excursion into the field of discussions as to the precise nature of “economic laws,” is careful to distinguish26 between at least two types of “law”: the term “law,” in the one instance, being equivalent to the notion of a “rule of adequate causation,” and, in the other, to a tendency to continuouss7 repetition.” Morgenstern on the Methodology of Economic Forecasting 1929 Journal of Political Economy Arthur W. Marget 0.816
May I suggest also that this ethical theory is of great importance for understanding the doctrine of the economic harmony between the interests of the individual and the interests of the public which we found maintained in the Wealth of Nations? Adam Smith: Moralist and Philosopher 1927 Journal of Political Economy Glenn R. Morrow 0.816
how much significance is to be assigned to the economic principle and its corollaries. On the Subject-Matter and Method of Economic Science 1933 Economica Felix Kaufmann 0.815
A quotation in greater length from Principles of Economics, by Alfred Marshall, professor of political economy in the University of Cambridge, will also be submitted. Value for Taxation and for Rate Making 1927 Journal of Political Economy George G. Tunell 0.813
DISCUSSION ABRAHAM BERGLUND: There are two tendencies often marking the formulation of economic laws or theories which expose them to much justifiable criticism. Monopolistic Competition and Public Policy: Discussion 1936 The American Economic Review Abraham Berglund , Arthur Robert Burns 0.813
An economic inquiry may be colored and shaped by an ethical interest, even when the inquiry is kept free of formal ethical postulates.6 Economics may be made to deal only with “what is,” as distinct from “what ought to be”; and yet the particular report it makes, the precise aspects of “what is” to which it attends, may be determined by an interest in “what ought to be.” The Trend of Economics, as seen by Some American Economists 1925 The Quarterly Journal of Economics Allyn A. Young 0.813
If you study speeches in Parliament, the pamphlet literature, the language of Committees, the play of mind in enlightened circles, you find everywhere this continual refrain; the argument that each man pursues his own interest, that economic laws show how surely that pursuit promotes the public good and how dangerous it is to try to regulate it. The Industrial Revolution and Discontent 1930 The Economic History Review J. L. Hammond 0.810
The long gropings of economic thinking have at length resulted in isolating from its ethical and historical complex the logico-mathematical concept of the equilibrium of price relationships which would result if man were guided wholly by intelligent individualistic self-interest in a market milieu where land, capital, and personal services constituted the objects and agents of his acquisitive activities. Economic Equilibrium and Friction 1934 The American Economic Review George R. Davies 0.807
Modern view of the nature of economic laws, 16. Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 0.804
This circumstance leads one to raise some questions as to the nature of such a statement considered as an economic law or principle and as to its significance and usefulness. On the Relation of Yields to Incomes 1930 Journal of Farm Economics John D. Black 0.804

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 17 0.633
Economics and the Idea of Jus Naturale 1930 The Quarterly Journal of Economics O. H. Taylor 17 0.626
The Scope and Definition of Economics 1939 Journal of Political Economy Raymond T. Bye 12 0.616
On the Subject-Matter and Method of Economic Science 1933 Economica Felix Kaufmann 9 0.628
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 9 0.632
Adam Smith: Moralist and Philosopher 1927 Journal of Political Economy Glenn R. Morrow 8 0.627
Religious Thought on Social and Economic Questions in the Sixteenth and Seventeenth Centuries: I 1923 Journal of Political Economy R. H. Tawney 7 0.621
Institutional Economics 1936 The American Economic Review John R. Commons 7 0.622
Nassau Senior’s Contribution to the Methodology of Economics 1936 Economica Marian Bowley 7 0.614
Commons on Institutional Economics 1937 The American Economic Review Clifford L. James 7 0.623

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0453495
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0010058
8: farm, agriculture, agricultural, land, farmers -0.0062374
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0358425
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.0397251
10: valuations, economic_values, reconsideration, judgments, valuation -0.0420483
14: rationalisation, rationalization, men’s, und, rational_action -0.0724577
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1116100
11: capitalistic, capitalism, capitalist, capital, marxian -0.1134926
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.1240189
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1400163
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.1712483

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1900-1919 1: commission, tariff, mill’s, court, commerce 0.4004070
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.3492695
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.2116834
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1707590
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1454864
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.1349047
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1229230
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1166097
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.1139048
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1115328
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1043574
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1034882
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.1000341
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0862523
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0832615

Intertemporal cluster 20: velocity, circulation, economic_equilibrium, walras, quantity_theory

The cluster gathers 1436 sentences from our corpus. It represents 0.89% of all the sentences selected over the whole period.

The community exists from 1920 to 1939.

The most recurring authors are Arthur W. Marget (50 sentences), Frank H. Knight (45 sentences), F. A. von Hayek (31 sentences), R. F. Harrod (23 sentences), Simon Kuznets (23 sentences), D. H. Robertson (21 sentences), R. W. Souter (21 sentences), Lionel Robbins (20 sentences), Henry Schultz (19 sentences), A. B. Wolfe (17 sentences).

The most recurring journals are The Quarterly Journal of Economics (278 sentences), The American Economic Review (249 sentences), Journal of Political Economy (214 sentences), The Economic Journal (183 sentences), Economica (176 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
velocity 0.0011300
circulation 0.0010207
economic_equilibrium 0.0005646
walras 0.0005474
quantity_theory 0.0005270
price_level 0.0004838
real_costs 0.0003736
investment 0.0002930
dynamic_economics 0.0002895
bread 0.0002749
metaphysics 0.0002746
equilibrium_economics 0.0002546
barter 0.0002489
equilibrium 0.0002477
liquidity 0.0002419
purchasing_power 0.0002415
wheat 0.0002412
liquidity_preference 0.0002374
exchanged 0.0002356
numeraire 0.0002356

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Judgments as to the “objective rationality” or “irrationality” of economic conduct can only be fragmentary and negative, apart from the cases where people act in a way which according to their own stated expectations, or the direct logical implications ex definitione contained in them, will lead to less than maximum possible returns, - in which case they may be said not even to be acting with what we have called subjective rationality. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.827
14”The Rationality of Economic Activity,” Journal of Political Economy, XVIII, 108. Fifty Years’ Developments in Ideas of Human Nature and Motivation 1936 The American Economic Review C. E. Ayres 0.825
8 “The Rationality of Economic Activity,” Journal of Political Economy, vol.  The Trend of Economics, as seen by Some American Economists 1925 The Quarterly Journal of Economics Allyn A. Young 0.796
They may explain the behaviour of economic subjects in terms of rational conduct. Notes on the Period of Production. — Part II 1938 Zeitschrift für Nationalökonomie / Journal of Economics H. T. N. Gaitskell 0.792
In distilling from our reasoning about the facts of economic life those parts which are truly a priori, we not only isolate one element of our reasoning as a sort of Pure Logic of Choice in all its purity, but we also isolate, and emphasise the importance of, another element which has been too much neglected. Economics and Knowledge 1937 Economica F. A. von Hayek 0.781
To say that this sort of conceptual marionette manipulated by the theoretical economist as a preliminary thought-clearing exercise is “rational” or has perfect foresight may be misleading. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.779
By rational economic behavior we mean the allocation of resources between alternative uses subject to diminishing returns measured in some common unit of value, in such a way as to realize maximum total return in value units to the choosing economic subject. The Quantity of Capital and the Rate of Interest: II 1936 Journal of Political Economy Frank H. Knight 0.762
But instead of accepting the next postulate, that of rationality in economic behavior, it must proceed to formulate a more realistic assumption, one that would allow the recognition of the extreme diversity of forms of behavior which we observe in reality, and would permit a deduction of both secular movements and cyclical fluctuations as parts of a normal state of economic phenomena. Equilibrium Economics and Business-Cycle Theory 1930 The Quarterly Journal of Economics Simon Kuznets 0.761
One cannot quarrel with this procedure, except that preoccupation over and satisfaction with our economic reasoning under these conditions may blind us to the fascinating areas of queer and strange economic behavior opened up by the very complexities which have been ruled out. Price Theories and Market Realities 1936 The American Economic Review Willard L. Thorp 0.756
It may be noticed in passing that economic theory should have no qualms in using conceptions based on such factors, since the very notion of reason implies that they can and should be taken into account. Observation in Economics 1936 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique A. F. McGoun 0.752
Preferences which are the result of ignorance or inertia are almost entirely irrational, though the momentary inconvenience and discomfort which a change of custom inevitably involves, entails an element of rationality…. ” Imperfection of the market is purely rational if it takes its basis in preferences which correspond to real satisfactions. Rational and Irrational Consumer Preference 1938 The Economic Journal J. K. Galbraith 0.735
Further, the whole tendency of modern economic reasoning is to lay less stress on the effects of this or that action in stimulating or checking the Imotives for displaying this or that kind of activity, and more stress on its effects in expanding or contracting the sources from which that activity emanates. The Colwyn Committee, The Income Tax and the Price Level 1927 The Economic Journal D. H. Robertson 0.733
The deliberations which form the practical aid in every kind of business naturally take the form of probability judgments, and why should not this be reflected in the very basis of the pure theory that tries to interpret the realities of economic action? Pure Economics as a Stochastical Theory 1938 Econometrica K.-G. Hagstroem 0.732
The sheer volume of literature which has appeared on the matter in every European language during the past decade2 - much of it from the pens of economists of high professional standing such as Professors Bonn, Sombart, Gottl-Ottlillienfeld, Herbert von Beckerath, Hirsch - will not permit “rationalization” to be dismissed, however convenient it may be, as a mere catch-word, tho many writers, particularly the German, have been wont to do so more recently. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.729
In such cases, therefore, it may be an essential part of the problem to study the ways, rational or irrational, in which consumers’ decisions are, in fact, reached; if desirable, it may then be possible to modify the existing procedure by means of education 1 Mrs. Robinson, EcoNoMIo JOURNAL, Sept. 1935. Irrationality in Consumers’ Demand 1936 The Economic Journal W. B. Reddaway 0.728
Their support of the logical method of analysis that accompanied the earlier naive acceptance of the analogy depends upon a much more modest belief - that freedom of economic action and a rational regard for personal self-interest are still sufficiently active forces in the world to lead to enlightening generalizations. Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 0.726
It is, then, precisely the element of “rational” or mathematical necessity, which Lederer and Dr. Kuznets regard as inconsistent with the nature of Economic Dynamics, that justifies, in “statics” and in “dynamics” alike, the so-called “mechanical analogy.” Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 0.726
How far people act in an “objectively” rational way must remain quite indefinite; because, in the first place, in a world full of uncertainty, and with economic science still able to afford very little guidance, most decisions in economic life have to be taken without recourse to anything which can suitably be called “objective rationality” - though it is in accordance with some such objective criterion or other that the term is applied to expectations, or the process of arriving at them, in every day life. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.725
THE ECONOMIC JOURNAL SEPTEMBER, 1930 PROBLEMS OF RATIONALISATION AT the Annual Meeting of the Royal Economic Society, held on Wednesday, 28th May, 1930, at 5 p.m., at the London School of Economics, with Professor A. C. Pigou in the Chair, a discussion was held on the above topic, of which the following is a slightly curtailed report. Problems of Rationalisation 1930 The Economic Journal Stokes , Macgregor 0.725
I am certain there are many who regard with impatience and distrust the whole tendency, which is inherent in all modern equilibrium analysis, to turn economics into a branch of pure logic, a set of self-evident propositions which, like mathematics or geometry, are subject to no other test but internal consistency. Economics and Knowledge 1937 Economica F. A. von Hayek 0.721

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Further, the whole tendency of modern economic reasoning is to lay less stress on the effects of this or that action in stimulating or checking the Imotives for displaying this or that kind of activity, and more stress on its effects in expanding or contracting the sources from which that activity emanates. The Colwyn Committee, The Income Tax and the Price Level 1927 The Economic Journal D. H. Robertson 0.822
If economic theory is to be brought closer to the actual conditions which it sets out to explain, it must, in one way or another, develop an apparatus which displays and can handle the dependence of cost upon the character of the market and the closely connected phenomenon that ” demand ” is not simply a datum to which the producers adjust themselves, but, in large measure, created and moulded by them. The Imperfection of the Market 1933 The Economic Journal G. F. Shove , Joan Robinson 0.820
That for all investigators of economic phenomena it keeps in view by way of caveat the fact that the demand and the supply of everything bought and sold, and all the relations between quantities that are exchanged and quantities into which things are mutually transformed, are interdependent. Pareto and Pure Economics 1933 The Review of Economic Studies Umberto Ricci 0.813
In distilling from our reasoning about the facts of economic life those parts which are truly a priori, we not only isolate one element of our reasoning as a sort of Pure Logic of Choice in all its purity, but we also isolate, and emphasise the importance of, another element which has been too much neglected. Economics and Knowledge 1937 Economica F. A. von Hayek 0.813
It is a remarkable fact that economic reasoning, whenever consistent attempts are made to arrive at an understanding of the ever-changing phenomena of economic life, is bound to adopt some sort of equilibrium concept as an indispensable guide to the perplexing variety of economic magnitudes and their interrelations in space and in time. A Unified Program for the Unemployed 1935 The American Economic Review Karl Pribram 0.812
One cannot quarrel with this procedure, except that preoccupation over and satisfaction with our economic reasoning under these conditions may blind us to the fascinating areas of queer and strange economic behavior opened up by the very complexities which have been ruled out. Price Theories and Market Realities 1936 The American Economic Review Willard L. Thorp 0.807
It is curious that the author of this passage and the distinguished eontribution to the applied theory of money in which it occurs, should have recently been singled out for public censure for ” unscientific” methods of procedure, a very general character-the so-called economic principle, the assumption of an order of preference, etc. Live and Dead Issues in the Methodology of Economics 1938 Economica Lionel Robbins 0.803
It seems to the writer that a critique of the theory can be simplified by considering the problems of the price level and of the direction of change. The Purchasing Power Parity Theory Reexamined 1939 Southern Economic Journal Frederick H. Bunting 0.801
It will have served its purpose if it calls to the attention of students who may be discouraged by the difficulties and disagreements of equilibrium theory, by the apparent emptiness of its acknowledged conclusions and the apparent dubiety of its important conclusions, that there exists in the body of economic theory a system of propositions and conclusions on the subject of wealth which can claim without question to give us an insight into the processes of social life possessed perhaps by no other of the social sciences. Equilibrium and Wealth: A Word of Encouragement to Economists 1939 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique K. E. Boulding 0.794
I am certain there are many who regard with impatience and distrust the whole tendency, which is inherent in all modern equilibrium analysis, to turn economics into a branch of pure logic, a set of self-evident propositions which, like mathematics or geometry, are subject to no other test but internal consistency. Economics and Knowledge 1937 Economica F. A. von Hayek 0.793
Ignoring all economic arguments in connection with this subject, and confining it strictly to its relation to the fixing of a selling price, the writer is firmly of the opinion that it is necessary to consider interest in this connection in order to determine what would be a fair profit in a given case.5 It is hard to understand such a position unless a partial explanation be found in the first participial phrase of the last sentence of the quotation, “ignoring all economic arguments.” Interest, Rent, and Normal Return on Capital Investment in their Relation to Manufacturing Costs 1920 The American Economic Review Stanley E. Howard 0.791
It would be well if our discussion could start from a concept which is used with some precision by economists and which, though too abstract to be of concern to accountants, is intelligible to them. Economic and Accounting Concepts 1937 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique R. G. H. Smails 0.790
In so far as one is dissatisfied with “static”, a-monetary analysis, omitting the uncertainty factor, - which alone may be said to create any problems of conduct, economic or otherwise, - the method of deduction from some “Fundamental Assumption” or “principle” concerning economic conduct is more or less useless, because no relevant “Fundamental Assumption” can, on our present knowledge, be made. Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 0.789
It is especially important to do this because most of the criticisms of the theory which have been made up to the present have sought the solution of the alleged dilemma chiefly in a proportional adjustment of the supply of money to the enlarged volume of production.43 To me, at any rate, the fundamental error of the theory seems to arise rather in the presentation of the origin of the dilemma, the supply of money remaining unchanged. The “Paradox” of Saving 1931 Economica F. A. von Hayek 0.785
If, however, one of a continuous series of money prices is differentiated from its immediate neighbors by circumstances which make it difficult for any other price to be substituted for this one without “calculating things or making close comparisons” then one may expect the result of any upward price change to be a greater diminution of demand than would be the case if only a greater money expenditure and not an increased expenditure of both “trouble” and money was involved. Discontinuous Demand Curves and Monopolistic Competition: A Special Case 1935 The Quarterly Journal of Economics Henry Smith 0.785

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 15 0.618
The Relation between the Velocity of Circulation of Money and the “Velocity of Circulation of Goods:” II 1932 Journal of Political Economy Arthur W. Marget 15 0.609
The Monetary Aspects of the Walrasian System 1935 Journal of Political Economy Arthur W. Marget 15 0.607
Economics and Knowledge 1937 Economica F. A. von Hayek 15 0.633
Expectation and Rational Conduct 1937 Zeitschrift für Nationalökonomie / Journal of Economics T. W. Hutchison 14 0.661
Annual Survey of Economic Theory: The Setting of the Central Problem 1936 Econometrica Johan Åkerman 12 0.622
Scope and Method of Economics 1938 The Economic Journal R. F. Harrod 11 0.617
Static and Dynamic Economics 1930 The American Economic Review Simon Kuznets 10 0.615
The Relation Between the Velocity of Circulation of Money and the “Velocity of Circulation of Goods” 1932 Journal of Political Economy Arthur W. Marget 10 0.603
Equilibrium Economics and Business-Cycle Theory 1930 The Quarterly Journal of Economics Simon Kuznets 9 0.639

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
10: valuations, economic_values, reconsideration, judgments, valuation 0.0455139
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0263906
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.0681701
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0849405
14: rationalisation, rationalization, men’s, und, rational_action -0.0856044
8: farm, agriculture, agricultural, land, farmers -0.1156873
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1192439
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.1296037
11: capitalistic, capitalism, capitalist, capital, marxian -0.1317779
18: economic_laws, economic_law, liberty, court, ethical -0.1712483
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1754291
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.2342756

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.5652900
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.4494930
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.4265732
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.4144753
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.3751546
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.3664639
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.3026038
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2546714
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.2523102
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.2462059
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.2313089
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1782324
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1726931
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1549579
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1492416

Intertemporal cluster 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition

The cluster gathers 434 sentences from our corpus. It represents 0.27% of all the sentences selected over the whole period.

The community exists from 1920 to 1939.

The most recurring authors are R. F. Kahn (26 sentences), Nicholas Kaldor (19 sentences), Frank H. Knight (14 sentences), C. L. Paine (11 sentences), F. H. Knight (11 sentences), J. K. Galbraith (11 sentences), Paul T. Homan (11 sentences), A. J. Nichol (10 sentences), Edward H. Chamberlin (10 sentences), Frank Albert Fetter (9 sentences).

The most recurring journals are The Quarterly Journal of Economics (96 sentences), The American Economic Review (95 sentences), The Economic Journal (90 sentences), Economica (52 sentences), Journal of Political Economy (46 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
free_competition 0.0032242
imperfection 0.0025036
imperfect_competition 0.0016396
monopolistic 0.0011107
perfect_competition 0.0009744
entrepreneur 0.0009192
price_competition 0.0008370
monopolies 0.0007747
competitive_system 0.0007670
rationalisation 0.0007424
imperfect 0.0007036
entrepreneurs 0.0006399
monopolistic_competition 0.0006045
price_control 0.0005715
market_imperfection 0.0005624
pure_competition 0.0005562
reproduction 0.0004943
monopoly 0.0004700
purely_rational 0.0004675
robinson’s 0.0004675

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The imperfection of the market is purely irrational if it takes its origin in preferences which obtain no justification, when they are satisfied, in actual enjoyment, and the thwarting of which causes no loss of satisfaction. ” Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.765
Here is an argument for ” rationalisation ” which, deriving its strength from the absolute, rather than the relative, degree of imperfection of competition ruling in the industry, should make a strong appeal to Mr. Paine’s common sense. Mr. Paine and Rationalisation: A Note 1936 Economica R. F. Kahn 0.764
We must surely fall back on the commonsense view that if competition would not be imperfect but for the imperfection of knowledge, then the reproduction of the conditions of perfect competition ought to be the objective of any scheme of intervention.2 We may now pass on to consider the case for rationalisation which is based on the existence of consumer’s inertia. Rationalisation and the Theory of Excess Capacity 1936 Economica C. L. Paine 0.735
Furthermore, it is demonstrable that under our ideal conditions rational economic behavior on the part of the entrepreneur is independent of his own preferences as to time of consumption.9 8. The Rate of Interest Under Ideal Conditions 1939 The Quarterly Journal of Economics Paul A. Samuelson 0.727
Turning his guns upon the postulates which support schematic systems of economic theory, deriding in particular the rational character of consumers’ choices, the regulatory effect of competition, and the coincidence between personal acquisition and physical production, for every economic thesis he propounds a contradictory antithesis, leaving the bewildered reader to effect such synthesis as his predilections suggest. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.723
But any kind of natural unit from which to a preponderating extent the entrepreneur ranks are recruited will, if imperfection is on the whole irrational rather than rational, be supplied under conditions of laissez-faire on a scale which exceeds the social optimum. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.720
1 The most obvious example of rational imperfection of competition is that provided by what is ordinarily called a ” monopoly,” where the whole of the production of a ” commodity ” is in the hands of a single entrepreneur, though even here Marshall’s distinction 2 between long- and short-period elasticity of demand reminds us, that ” as if increase of appetite had grown by what it fed on,” an element of irrationality is often present. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.715
In the absence of any attempt whatever at a rational separation of market spheres in terms of the best social results achievable, a chaotic, wasteful, specious competition may persist for a long time in an economic system wherein concern for efficiency and economy is incidental to the pursuit of profits. Competitive Significance of Substitutes for Public Utility Service 1937 The American Economic Review B. N. Behling 0.714
We are now left with the case where the services of the entrepreneur cannot be varied in amount, and where, in spite of the fact that the 1 I prefer to use the term ” imperfect knowledge,” since the ” irrational preference ” seems to imply an element of judgment on consumers’ preferences which is not necessarily associated with this kind of analysis at all. A Rejoinder to Mr. Kahn 1936 Economica C. L. Paine 0.712
Irrationality of imperfection is to be detected by imagining that each consumer in turn is forcibly removed from the firm with which he is accustomed to deal to some other firm which meets the same want at a cost which, according to the general consensus of the market, is the same as that incurred hitherto. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.712
The compatibility of such conditions with long-period equilibrium, which the theory of imperfect competition demonstrates, might be a valid ground for compulsory “rationalization.” Doctrines of Imperfect Competition 1934 The Quarterly Journal of Economics R. F. Harrod 0.711
If it is possible to distinguish between rational and irrational preference, it is clearly an important step in the analysis of under-utilisation of factors and excess capacity under conditions of imperfect or monopolistic competition.3 And if the distinction is clear cut, then it is known, in -a rationalisation scheme, where entrepreneurs might profitably be retired. Rational and Irrational Consumer Preference 1938 The Economic Journal J. K. Galbraith 0.708
It is said that economic theory rests on assumptions contrary to fact, such as the “economic man” and perfect competition in free markets; whereas motives are not always economic, and competition is limited in many ways. The Significance of Economic Law 1931 The American Economic Review G. R. Davies 0.708
In so far as the forcible transfer of a consumer from one firm to another has no effect on his scale of preferences for the products of the different firms, the imperfection of the market may be said to be rational.” Rational and Irrational Consumer Preference 1938 The Economic Journal J. K. Galbraith 0.708
It should either be compared with the rationale of a competitive society-with the implications for possible constructive reform which it would imply- or a realistic effort should be made to imagine the impact upon the rationale of a planned society of the various drives and pressures of actual operation. Nationalist Collectivism and Charles A. Beard 1935 Journal of Political Economy Harry D. Gideonse 0.706
Imperfection of the market is purely rational if it takes its basis in preferences which correspond to real satisfactions. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.704
It is necessary to distinguish between two extreme types of market imperfection,3 the purely rational 1 Mrs. Robinson’s treatment is based on the tacit assumption that each entrepreneur competes for his factors with similar entrepreneurs. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.703
Historically, as well as analytically, it is conceivable that we might have worked downwards from monopolies, instead of upwards from competition, in order to obtain the position now called rational administration. Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 0.701
One is left with the impression that, as soon as we go beyond cartels of conditions, and consider cartels of restriction, there is a conflict between two ideas of rationalisation. Recent Papers on Cartels 1927 The Economic Journal D. H. MacGregor 0.699
Ix The idea of a rational administration, in its relation to the competitive war” and to the monopoly ” problem,” may be otherwise illustrated. Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 0.694

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 8% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
In the absence of any attempt whatever at a rational separation of market spheres in terms of the best social results achievable, a chaotic, wasteful, specious competition may persist for a long time in an economic system wherein concern for efficiency and economy is incidental to the pursuit of profits. Competitive Significance of Substitutes for Public Utility Service 1937 The American Economic Review B. N. Behling 0.847
We must surely fall back on the commonsense view that if competition would not be imperfect but for the imperfection of knowledge, then the reproduction of the conditions of perfect competition ought to be the objective of any scheme of intervention.2 We may now pass on to consider the case for rationalisation which is based on the existence of consumer’s inertia. Rationalisation and the Theory of Excess Capacity 1936 Economica C. L. Paine 0.824
Turning his guns upon the postulates which support schematic systems of economic theory, deriding in particular the rational character of consumers’ choices, the regulatory effect of competition, and the coincidence between personal acquisition and physical production, for every economic thesis he propounds a contradictory antithesis, leaving the bewildered reader to effect such synthesis as his predilections suggest. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.798
If all industries were being rationalised the reproduction of the conditions of the average degree of imperfection of competition would be one criterion, the uniform reproduction of the conditions of any other degree of imperfection of competition would be another criterion, which would lead, as a limiting case, to-simplest of all-the uniform reproduction of the conditions of perfect competition. Mr. Paine and Rationalisation: A Note 1936 Economica R. F. Kahn 0.789

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
In the absence of any attempt whatever at a rational separation of market spheres in terms of the best social results achievable, a chaotic, wasteful, specious competition may persist for a long time in an economic system wherein concern for efficiency and economy is incidental to the pursuit of profits. Competitive Significance of Substitutes for Public Utility Service 1937 The American Economic Review B. N. Behling 0.847
Economic theory grew up largely, and rightly so, in terms of an assumed free competition, a condition which no doubt described more truly the conditions from which the classicals drew their observations than is the case for conditions surrounding us at the present time. The Significance of Transportation Rate Policies in the Marketing Problem 1931 Journal of Farm Economics M. R. Benedict 0.838
This would enable us to look upon the “limited competition” of the real world as a blend, in different degrees, between the limiting cases of purely imperfect and purely monopolistic competitions; and it would also be in accordance with the relative importance the authors of the two expressions now seem to attach to these two forces in causing the phenomena they describe. Professor Chamberlin on Monopolistic and Imperfect Competition 1938 The Quarterly Journal of Economics Nicholas Kaldor 0.830
and Economics of Imperfect Competition. Monopoly and Competition: A Classification of Market Positions 1937 The American Economic Review Fritz Machlup 0.827
We must surely fall back on the commonsense view that if competition would not be imperfect but for the imperfection of knowledge, then the reproduction of the conditions of perfect competition ought to be the objective of any scheme of intervention.2 We may now pass on to consider the case for rationalisation which is based on the existence of consumer’s inertia. Rationalisation and the Theory of Excess Capacity 1936 Economica C. L. Paine 0.824
We are thus led to believe that when production is in the hands of a large number of concerns entirely independent of one another as regards control, the conclusions proper to competition may be applied even if the market in which the goods are exchanged is not absolutely perfect, for its imperfections are in general constituted by frictions which may simply retard or slightly modify the effects of the active forces of competition, but which the latter ultimately succeed in substantially overcoming. The Laws of Returns under Competitive Conditions 1926 The Economic Journal Piero Sraffa 0.822
II Much additional evidence serving further to contradict the author’s conclusions in chapter i, but not so recognized by him, is contained in his next nine chapters which he intends and believes to answer only a different question: “How does the resulting imperfectly or monopolistically competitive system work?” Planning For Totalitarian Monopoly 1937 Journal of Political Economy Frank Albert Fetter 0.819
It is my purpose in the following pages to set out what appear to me to be the principal points of significance for economic theory in the doctrines relating to Imperfect Competition that have been recently evolved.’ Doctrines of Imperfect Competition 1934 The Quarterly Journal of Economics R. F. Harrod 0.817
Many of the obstacles which break up that unity of the market which is the essential condition of competition are not of the nature of ” frictions,” but are themselves active forces which produce permanent and even cumulative effects. The Laws of Returns under Competitive Conditions 1926 The Economic Journal Piero Sraffa 0.816
It would seem to follow that whatever economic evils there may be arise not from the excess but fromthe defect of free competition, and that whatever we may seek to do by way of remedy must lie- some exceptional cases apart-not in an endeavour to control the industrial system in the general interest, but in the removal of obstructions to the free disposal of our faculties and our belongings. Competitive and Social Value 1924 Economica L. T. Hobhouse 0.815
While we may readily admit that economic competition needs at times to be controlled in its own interest, that is, in order to preserve that freedom which is its very foundation stone, it is equally true that economic forces are at times called upon to preserve society from modes of conflict which have their origin in other than economic motives, where the struggle is more harmful and unless checked will completely destroy the weaker contestants. Economic Conflict as a Regulating Force in International Affairs 1931 The American Economic Review Matthew B. Hammond 0.815
Some of the attempts to define a “perfect competitive market” would assuredly involve their authors in paradoxes from which they could extricate themselves only by admitting that “free,” competition is, if not impossible, at least humanly very improbable.8 Not to go into the difficulties involved in the concept of a perfect competitive market, however, we may gather from the texts that the two main features of what is commonly called a competitive market are, first, a certain contact and “organization” between all the traders; and second, one price, at a given time, for all. “Competitive” Costs and the Rent of Business Ability 1924 The Quarterly Journal of Economics A. B. Wolfe 0.815
At the outset the author stated his thesis to be that current monopolistic conditions “arose out of contradictions deep in the very nature of competitive individualism . Planning For Totalitarian Monopoly 1937 Journal of Political Economy Frank Albert Fetter 0.814
“The theory of free competition developed by economists is not a natural tendency towards equilibrium of forces but is an ideal of public purpose adopted by the courts, to be attained by restraints 4. Commons’s Institutionalism in Relation to Problems of Social Evolution and Economic Planning 1936 The Quarterly Journal of Economics Morris A. Copeland 0.813
It is said that economic theory rests on assumptions contrary to fact, such as the “economic man” and perfect competition in free markets; whereas motives are not always economic, and competition is limited in many ways. The Significance of Economic Law 1931 The American Economic Review G. R. Davies 0.810
Having now admitted a certain element of imperfect competition into our imaginary system, we should logically be obliged to defer further treatment of this portion of our subject until we had dealt with imperfect competition in the later stages of this article. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.810
The economic process, therefore, does not take place in large unform markets, but by a multifarious interaction between concrete productive units, now by substantially free competition, now by a partly monopolistic price policy, sometimes by combination and occasionally by warfare. Theoretical Remarks on Price Policy Hotelling’s Case with Variations 1933 The Quarterly Journal of Economics F. Zeuthen 0.810

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 20 0.653
Rational and Irrational Consumer Preference 1938 The Economic Journal J. K. Galbraith 11 0.647
The Ethics of Competition 1923 The Quarterly Journal of Economics Frank H. Knight 9 0.616
A Generalization of the Theory of Imperfect Competition 1937 Journal of Farm Economics G. J. Stigler 8 0.603
Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 7 0.644
Rationalisation and the Theory of Excess Capacity 1936 Economica C. L. Paine 7 0.645
Professor Chamberlin on Monopolistic and Imperfect Competition 1938 The Quarterly Journal of Economics Nicholas Kaldor 7 0.611
Robinson’s Economics of Imperfect Competition 1934 Journal of Political Economy Joseph A. Schumpeter, A. J. Nichol 5 0.627
Market Imperfection and Excess Capacity 1935 Economica Nicholas Kaldor 5 0.592
Competitive Significance of Substitutes for Public Utility Service 1937 The American Economic Review B. N. Behling 5 0.630

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
11: capitalistic, capitalism, capitalist, capital, marxian 0.0146602
23: rationalisation, productive_capacity, productive_resources, productive, industry 0.0092862
18: economic_laws, economic_law, liberty, court, ethical -0.0010058
8: farm, agriculture, agricultural, land, farmers -0.0261817
14: rationalisation, rationalization, men’s, und, rational_action -0.0283431
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0290214
10: valuations, economic_values, reconsideration, judgments, valuation -0.0551078
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0635130
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.0681701
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1052291
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1094050
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1689966

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.9250544
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.7931762
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.3614604
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.3342786
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.2494723
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.2250026
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.2011002
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1944762
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1880944
2000-2009 101: players, games, game_theory, player, game 0.1552111
2010-2019 101: players, games, game_theory, player, game 0.1506509
1990-1999 101: players, games, game_theory, player, game 0.1438536
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1025161
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0864808
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0741283

Intertemporal cluster 23: rationalisation, productive_capacity, productive_resources, productive, industry

The cluster gathers 797 sentences from our corpus. It represents 0.49% of all the sentences selected over the whole period.

The community exists from 1920 to 1939.

The most recurring authors are Frank H. Knight (45 sentences), T. E. Gregory (17 sentences), Nicholas Kaldor (13 sentences), Arthur W. Marget (12 sentences), F. A. von Hayek (12 sentences), R. F. Harrod (12 sentences), A. B. Wolfe (10 sentences), Macgregor (10 sentences), Stokes (10 sentences), Abram L. Harris (9 sentences).

The most recurring journals are The Economic Journal (155 sentences), The American Economic Review (152 sentences), Journal of Political Economy (136 sentences), The Quarterly Journal of Economics (131 sentences), Economica (84 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rationalisation 0.0013681
productive_capacity 0.0010060
productive_resources 0.0008768
productive 0.0006697
industry 0.0005955
wheat 0.0005683
industries 0.0005542
laborers 0.0005391
laborer 0.0005142
employer 0.0004626
real_costs 0.0004401
technical_progress 0.0004401
labour 0.0004179
finished 0.0003772
steel 0.0003657
diminishing_returns 0.0003603
human_activity 0.0003590
industrial_society 0.0003590
inventions 0.0003590
productive_process 0.0003590

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
All rational economic initiative is taken in the light of a whole chain of values attaching to the services of the different productive resources which work together to produce the final product; and the determinateness of such values under ideal discrimination is nothing more than a theoretical abstraction. Discriminating Monopoly and the Consumer 1936 The Economic Journal W. H. Hutt 0.746
As distinct, therefore, from the pure desire to rationalis that is, to organise industry in a systematic way under some kind of unified control, it is not easy to assign its right place to the ” revulsion against risk,” on which also the desire for combination has rested its case. Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 0.734
It is conceivable that “a completely rationalized world might turn out to be one in which, if organized so as to obtain their de facto economic worth, a certain proportion of workpeople could find employment at very high wages, while the remainder could hardly find it on any terms at all. Wage-Rates, Investment, and Employment 1939 Journal of Political Economy E. M. Bernstein 0.731
To attempt to direct the economic system toward human welfare without understanding human nature would be quite as futile as the attempt to cure disease without a preliminary study of physiology, or to do-what no skilled worker will defend-work in any material without an intimate understanding of its composition, its workability, and its amenability to different modes of manipulation. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.728
I assume that it would be generally agreed that no effective program of rationalization could be carried on in any economic field which was not in a high state of organization or which lacked leadership at the top or discipline in the mass. Some Economic and Social Accompaniments of the Mechanization of Agriculture 1930 The American Economic Review E. G. Nourse 0.726
The indication of an irrational element in our industrial development, of a “tendency to increase” which cannot be harmonized with classical doctrines of profit and loss, is worth attention. The Early Development of the American Cotton Manufacture 1925 The Quarterly Journal of Economics Clive Day 0.725
It would hardly be necessary to stress this point, if it were not that the economies of large-scale operations and of ” mass-production ” are often referred to as though they could be had for the taking, by means of a ” rational ” reorganisation of industry. Increasing Returns and Economic Progress 1928 The Economic Journal Allyn A. Young 0.718
In considering the relations between rationalisation, the market and unemployment, there is one obvious point which tends to be lost sight of in popular discussion. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.713
And again, “rationalization is the systematically and deliberately forced competition between machines, made out of flesh and blood, and machines made out of steel and iron, in order that the cumulating return will fall singly and solely into the lap of the entrepreneur.” The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.707
Or must we argue with Mr. G. D. H. Cole that rationalisation ” might succeed in lowering substantially the cost of producing each unit of the national output: but it would only find itself unable to make use of the great new productive power of which it had become the master. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.705
Always every change, every alternative, every device, every proposal shall be tested for conformity in production, distribution, and consumption with the principle of the maximum of output from the at-present-conceivable minimum of energy and materials input.7 In common with its cultural antecedent - the age of the Aufkldrung - the “rationalization era ’ has been essentially rationalistic, egalitarian, secular, and naively optimistic. The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 0.704
In other words, I think one may say that the great economy of rationalisation is to put business-for the first time possibly-in the hands of rational people. Problems of Rationalisation 1930 The Economic Journal Stokes , Macgregor 0.703
The greater part of that activity which may be described as economic in character, because its effect is the production of new wealth, may, therefore, be regarded, from the point of view of the individual, as uneconomic in character, inasmuch as it does not give the economic return which ought in reason to be its justification. The Theoretical Bases of Economic Policy 1929 Journal of Political Economy Corrado Gini 0.700
A. Hobson’s Rationalisation and Unemployment is another restatement of his well-known views on underconsumption and overproduction. Unemployment: Its Literature and Its Problems 1931 The Quarterly Journal of Economics R. S. Meriam 0.700
Whilst the foregoing analysis may be sufficient to establish a presumption that in recent years the process of rationalisation has been responsible for the creation of part of the existing volume of unemployment, in the end one is forced back upon general economic reasoning. Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 0.696
Rationality is a necessary condition of the development of modern large-scale industry. “Capitalism” In Recent German Literature: Sombart and Weber 1928 Journal of Political Economy Talcott Parsons 0.694
The productive capacity of any concrete agent may be more or less realistically analysed into qualities resulting from previous human activity and those given by nature, and the previous human activity will have been more or less “economic” in intention and result. The Ricardian Theory of Production and Distribution 1935 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Frank H. Knight 0.694
It is not” rationalisation “but just” ration “of production that is in view, and what is that but restriction? Recent Papers on Cartels 1927 The Economic Journal D. H. MacGregor 0.691
Rationalisation represents the idea of enlightened leadership embracing an entire industry in its relation to other industries and to the national economy.”’ Saint-Simonism and the Rationalisation of Industry 1931 The Quarterly Journal of Economics E. S. Mason 0.689
It may be suggested too that for the economist who seriously intends the construction of a theory of production and who intends to treat production as something more dignified than as a source of supply for the market, a field of theory entitled to separate endeavor and understanding, the questions of human nature will be found to be the most difficult and the most immediate. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.688

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 4% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
It would hardly be necessary to stress this point, if it were not that the economies of large-scale operations and of ” mass-production ” are often referred to as though they could be had for the taking, by means of a ” rational ” reorganisation of industry. Increasing Returns and Economic Progress 1928 The Economic Journal Allyn A. Young 0.776
All rational economic initiative is taken in the light of a whole chain of values attaching to the services of the different productive resources which work together to produce the final product; and the determinateness of such values under ideal discrimination is nothing more than a theoretical abstraction. Discriminating Monopoly and the Consumer 1936 The Economic Journal W. H. Hutt 0.772

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
If a certain good formerly produced in limited amounts by a scarce group of workers can be produced equally well by a more plentiful and therefore less expensive group, there will be -a difference between its market value and the cost of the labor required to produce it, until the supply is increased beyond its former proportions. Investment and Saving: A Genetic Analysis 1929 The Quarterly Journal of Economics A. E. Monroe 0.821
The indication of an irrational element in our industrial development, of a “tendency to increase” which cannot be harmonized with classical doctrines of profit and loss, is worth attention. The Early Development of the American Cotton Manufacture 1925 The Quarterly Journal of Economics Clive Day 0.819
Of course recognition of the fact that there is a limit to the desirable expansion of the production in every industry is inherent in the theory of marginal utility, but that theory has never made much way among the general public, simple as it is, because instead of being expressed in plain language understood by the people, it has been treated as a classroom plaything to be illustrated by lines and curves on a blackboard, which, like the stone and wooden idols of the more degraded religions, come to be revered for themselves rather than for the things they were originally intended only to represent. The Need for Simpler Economics 1933 The Economic Journal Edwin Cannan 0.810
The results may be very simply described without any concept of freedom or restriction of entry - without even the concept of an “industry”: some firms in the economic system earn no profits in excess of the minimum counted as a cost, others earn more than this, and in various degrees.7 Last among the misconceptions must be mentioned Mrs. Robinson’s attempt to show that “imperfection” is not to be associated with differentiation of the product. Monopolistic or Imperfect Competition? 1937 The Quarterly Journal of Economics Edward H. Chamberlin 0.801
There is coming into existence an economics of capacity to produce, of adequate resources, of advancing techniques, of organizations of industries which are subject to man’s control. Agricultural Research in a Changing Order 1926 Journal of Farm Economics Walton H. Hamilton 0.797
A given amount of money will purchase relatively a much larger amount of capital equipment than of labor, hence the shift of production wherever possible to plants which use the least labor and the change to methods of production which involve the use of least labor. Unemployment–Discussion 1929 The American Economic Review Isador Lubin , B. M. Squires 0.796
The treatment of the history of the analysis of value, cost and interest affords examples in point,2 and it must be left to the reader to form his own opinion about the correctness or otherwise of our thus formulating what seems to us to be received doctrine: Industrial expansion, automatically incident to, and moulded by, general social growth-of which the most important purely economic forces are growth of population and of savings-is the basic fact about economic change or evolution or ” progress “; wants and possibilities develop, industry expands in response, and this expansion, carrying automatically in its wake increasing specialisation and environmental facilities, 1 As a matter of fact, this is what the position of our highest authorities comes to. The Instability of Capitalism 1928 The Economic Journal Joseph Schumpeter 0.795
Hence the high cost of production of a certain commodity is to be attributed not to the great amount of labor-effort which it requires, but to the scarcity of the type of worker; and if the cost of some other commodity is low, it is not because it took very little labor to produce it, but because the type of worker employed is very abundant, and, therefore, cheap. The Nature and Fundamental Elements of Costs 1926 The Quarterly Journal of Economics Raymond T. Bye 0.793
As an example of the influence of the conditions of supply, it may be noted that while the fact of ” scarcity ” of factors of production-the fact that the factors of production are not all of them in perfectly elastic supply’o the industry-has nothing whatever to do with the question of whether it is socially desirable to alter the industry’s output, it does affect the amount of the alteration, if any, which it is socially most desirable to bring about. Some Notes on Ideal Output 1935 The Economic Journal R. F. Kahn 0.793
It may be suggested too that for the economist who seriously intends the construction of a theory of production and who intends to treat production as something more dignified than as a source of supply for the market, a field of theory entitled to separate endeavor and understanding, the questions of human nature will be found to be the most difficult and the most immediate. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.792
Will Mr. Harrod upon reconsideration not agree that the output which in present circumstances it is desirable to aim at is inevitably that which corresponds to the complex moving equilibrium of utilities and costs’ in which the adjustments that appeal to the other agents of production although logically coordinate are dynamically subordinate to those which appeal to the entrepreneurs with whom the direct initiative in industry rests ? Mr. Robertson’s Views on Banking Policy: A Reply to Mr. Harrod 1928 Economica M. Tappan 0.792
Water power, huge plants, marvelous machinery, and perfect management are all of little value, unless they can be operated; and they cannot be used continuously for purposes of production unless there is a market in which their product can be sold; and this market cannot exist unless sufficient wages are paid to the workers. The Consuming Power of Labor and Business Fluctuations 1926 The American Economic Review Herbert Feis , John P. Frey , Waddill Catchings, W. A. Berridge 0.792
The alternative proposition is that the most important subjects of economic study, while useful and limited in supply, are not appropriable and not fully exchangeable, and thus are not wealth in the full sense.1 Since the consequences of this have been devreloped by a number of writers, I will merely mention one very interesting corollary: namely, that in the marginal-productivity economics power to produce cannot exist apart from power to withhold. Soundings in Non-Euclidean Economics 1921 The American Economic Review John Maurice Clark 0.790
We find in more than one place the statement that the relative values of commodities are “regulated” or “governed” by the “relative quantities of labor bestowed on their production.” A Re-Interpretation of Ricardo on Value 1935 The Quarterly Journal of Economics John M.Cassels 0.789
The direction of demand, the distribution of resources among industries, even the level of incomes are now substantially determined, and tend more and more to be determined, with the progressive concentration of industrial control, by the deliberate, calculated decisions of individuals and groups of individuals, in whom happens to be vested the management of modern industry. Trustification and Economic Theory 1931 The American Economic Review Myron W. Watkins 0.786
Economic theory does not and cannot show a priori that it must be so; but the unanimous experience of all the technique of production teaches us that it is so.” Capital and the Growth of Knowledge 1933 The Economic Journal Allan G. B. Fisher 0.786

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Rationalisation and Technological Unemployment 1930 The Economic Journal T. E. Gregory 14 0.638
Problems of Rationalisation 1930 The Economic Journal Stokes , Macgregor 10 0.628
Professor Fisher’s Interest Theory: A Case in Point 1931 Journal of Political Economy Frank H. Knight 9 0.606
The Meaning of Rationalization: An Analysis of the Literature 1932 The Quarterly Journal of Economics Robert A. Brady 9 0.642
Rationalisation of Industry 1927 The Economic Journal D. H. MacGregor 8 0.650
Saint-Simonism and the Rationalisation of Industry 1931 The Quarterly Journal of Economics E. S. Mason 8 0.613
“The Common Sense of Political Economy” (Wicksteed Reprinted) 1934 Journal of Political Economy Frank H. Knight 8 0.627
The Entrepreneur Myth 1924 Economica M. H. Dobb 7 0.616
Increasing Returns and Economic Progress 1928 The Economic Journal Allyn A. Young 7 0.623
The “Paradox” of Saving 1931 Economica F. A. von Hayek 7 0.607

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
11: capitalistic, capitalism, capitalist, capital, marxian 0.1380087
8: farm, agriculture, agricultural, land, farmers 0.1197716
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.0092862
10: valuations, economic_values, reconsideration, judgments, valuation -0.0243606
14: rationalisation, rationalization, men’s, und, rational_action -0.0860715
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1233587
18: economic_laws, economic_law, liberty, court, ethical -0.1240189
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.1296037
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1475954
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1541197
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1557959
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2051804

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1900-1919 13: laborers, employer, employers, wages, pain 0.6006288
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.5023489
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.4897483
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.4532345
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.3837424
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.2269706
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.1812512
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1739873
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1441165
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1382774
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.1380087
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1236826
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.1204372
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1197716
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1012817

Intertemporal cluster 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process

The cluster gathers 2793 sentences from our corpus. It represents 1.72% of all the sentences selected over the whole period.

The community exists from 1920 to 1949.

The most recurring authors are Frank H. Knight (152 sentences), Talcott Parsons (99 sentences), Paul T. Homan (62 sentences), R. W. Souter (44 sentences), Simon Kuznets (44 sentences), Trygve Haavelmo (43 sentences), Allan G. Gruchy (36 sentences), Oskar Morgenstern (33 sentences), Frederick C. Mills (31 sentences), A. B. Wolfe (28 sentences).

The most recurring journals are The American Economic Review (663 sentences), The Quarterly Journal of Economics (484 sentences), Journal of Political Economy (389 sentences), Economica (209 sentences), Journal of Farm Economics (197 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_reality 0.0004089
pure_economic 0.0003470
economic_planning 0.0003379
economic_phenomena 0.0003329
economic_process 0.0003004
economic_life 0.0002977
economic_laws 0.0002898
economic_thinking 0.0002887
economic_theorist 0.0002845
economic_relations 0.0002746
generalizations 0.0002726
positivistic 0.0002558
economic_unit 0.0002507
orthodox_economic 0.0002461
economic_doctrine 0.0002441
theoretical_economics 0.0002430
economic_society 0.0002322
social_economy 0.0002228
economic_dynamics 0.0002195
economic_organization 0.0002190

Top TF-IDF terms describing the community for each time window

Top terms 1920-1939

Token TF-IDF
economic_planning 0.0010171
economic_life 0.0007900
economic_phenomena 0.0006765
economic_society 0.0006348
economic_forces 0.0005768
social_economy 0.0005694
economic_system 0.0005578
economic_organization 0.0005468
economic_thinking 0.0005468
called_economic 0.0005195
economic_processes 0.0005124
orthodox_economic 0.0005064
economic_arrangements 0.0005039
positivistic 0.0005039
economic_unit 0.0004982

Top terms 1940-1949

Token TF-IDF
economic_reality 0.0009993
economic_laws 0.0007732
economic_life 0.0006306
pure_economic 0.0005888
economic_law 0.0005479
economic_quantities 0.0004870
contemporary_economic 0.0004836
economic_dynamics 0.0004833
basic_concepts 0.0004789
theoretical_economics 0.0004585
pure_theory 0.0004566
economic_relationships 0.0004487
economic_principles 0.0004305
economic_relations 0.0004119
economic_thinking 0.0004035

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Economic theory which is, I would remind you, only a part of economics, a small but important part, has been built around the assumption of “rational” behaviour. Economics and Human Relations: The Presidential Address Delivered at the Annual Meeting of the Canadian Political Science Association, June 18, 1948 1948 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen 0.812
Rationality in the wide sense in which Professor Lange defines it, is a necessary condition for the economic theory we are used to, but it is not a sufficient condition. The Meaning of Rationality: A Note on Professor Lange’s Article 1946 The Review of Economic Studies K. W. Rothschild 0.810
The concept of the economic man, or of instrumentally rational behavior, is valid and important, but only within limits set by these considerations, and others of a similar character. Immutable Law in Economics: Its Reality and Limitations 1946 The American Economic Review Frank H. Knight 0.790
Economic action is moreover in principle rational, tho it may in practice be tinged with traditionalism or other non-rational factors. Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.778
It is to the general effect that man, in his working behaviour, is a rational-economic animal. The Hawthorne Experiments 1943 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. W. M. Hart 0.771
The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.768
In order to substantiate and support the doctrine thus sketched we turn to consider briefly the opposite view, which is that of the “economic interpretation.” Ethics and the Economic Interpretation 1922 The Quarterly Journal of Economics Frank H. Knight 0.763
To say that economic activity-or the conduct of the economic man-is rational behavior raises the quite relevant question: In what measure are men rational? Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 0.762
Economic rationality thus assumes different forms or is subordinated to the mores of different areas. National Patterns of Union Behavior 1948 Journal of Political Economy Adolf Sturmthal 0.761
But this is not an “economic” doctrine; and in any case the application of the term “economy” to each individual is still unintelligible unless it implies an “end” which is not merely “positive,” but is the result of a process whereby the individual has criticized and moulded his mere “given,” unrelated “impulses” and “tendencies to action” into a unitary rational system of preferences or relative valuations. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.760
It may be the case that one cannot afford to ignore the irrational aspects of economic life if one is to secure a well-rounded interpretation of economic activity. John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 0.758
The failure to separate this assumption from the general principle-under which, of course, irrational valuations fall too-leads naturally to the opinion that economic reasoning is restricted to ” rational ” behaviour and that an economist can only shrug his shoulders if he has to investigate the behaviour of individuals who in political, racial or religious fervour turn the traditional economic universe upside dowln. What has Philosophy to Contribute to the Social Sciences, and to Economics in Particular? 1936 Economica Harro Bernadelli 0.755
We should not, through too critical use of the theoretical-equilibrium method of approaching our problem for analysis, beg this strategic area of investigation by covering all individual action under universal assumptions which give highly particular meanings to rational conduct and to the nature of individual choice. [Reflections on Poverty within Agriculture]: Discussion 1949 Journal of Farm Economics Erven J. Long , Herman M. Southworth, John W. White 0.754
A rational economic case can be made for it under particular fact-situations; the factual conditions for its applicability are perfectly conceivable in circumstances past and future if not present. Price Control under Imperfect Competition 1947 The American Economic Review M. Bronfenbrenner 0.753
the author’s “Rationalite ou Irrationalite des Mouvements economiques de longue Dutee,” in Annales Sociologiques, Serie D, Fasc. Long Cycles in Capital Intensity in the French Coal Mining Industry, 1840 to 1914 1941 The Review of Economics and Statistics Robert Marjolin 0.752
Several explanations have been suggested, some of which are incompatible with rational economic behavior. Long Cycles in Capital Intensity in the French Coal Mining Industry, 1840 to 1914 1941 The Review of Economics and Statistics Robert Marjolin 0.748
E W new framework of economic life on the ‘natural rationality’ of the market mechanism. Political and Social Consequences of the Great Depression of 1873-1896 in Central Europe 1943 The Economic History Review Hans Rosenberg 0.747
If one attempts to unite all, or a large group of economic factors, into a single system of explanation, the judgment on what is “important” and “realistic” must, of course, be different from what it will be when some specific economic factor is considered from a narrow angle. The Responsibility of the Econometrician 1946 Econometrica Ragnar Frisch 0.746
A few remarks may be made as to the common sense of this type of economic theory. The Probability Approach in Econometrics 1944 Econometrica Trygve Haavelmo 0.745
Of one thing at least I am certain: whatever we may think of the present state of ’economic knowledge, whatever interpretation MAY we may put upon the fairly well attested fact that in certain circumstances it has proved to have practical utility, the nature of contemporary problems is such that they are not going to be solved satisfactorily without a good deal of economic reasoning. The Economist in the Twentieth Century: An Oration Delivered on the 53rd Anniversary of the Foundation of the London School of Economics 1949 Economica Lionel Robbins 0.744

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
Economic action is moreover in principle rational, tho it may in practice be tinged with traditionalism or other non-rational factors. Economics and Sociology: Marshall in Relation to the Thought of His Time 1932 The Quarterly Journal of Economics Talcott Parsons 0.778
In order to substantiate and support the doctrine thus sketched we turn to consider briefly the opposite view, which is that of the “economic interpretation.” Ethics and the Economic Interpretation 1922 The Quarterly Journal of Economics Frank H. Knight 0.763
But this is not an “economic” doctrine; and in any case the application of the term “economy” to each individual is still unintelligible unless it implies an “end” which is not merely “positive,” but is the result of a process whereby the individual has criticized and moulded his mere “given,” unrelated “impulses” and “tendencies to action” into a unitary rational system of preferences or relative valuations. “The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 0.760
The failure to separate this assumption from the general principle-under which, of course, irrational valuations fall too-leads naturally to the opinion that economic reasoning is restricted to ” rational ” behaviour and that an economist can only shrug his shoulders if he has to investigate the behaviour of individuals who in political, racial or religious fervour turn the traditional economic universe upside dowln. What has Philosophy to Contribute to the Social Sciences, and to Economics in Particular? 1936 Economica Harro Bernadelli 0.755
Of course this is not to say that all action is actually rational even in such a limited sense, but only that its rationality is one principal criterion of the abstract type of action called “economic.” Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 0.743
lieved are sustained by economic reasoning and which we believe conclude LL the question, we shall give most attention to the lines of reasoning com? Value for Rate Making and Recapture of Excess Income 1928 Journal of Political Economy George G. Tunell 0.740
In order to give a complete explanation, however theoretical, of man’s economic behaviour, we must see it in its institutional setting, no matter if that involves us in excursions into ” history,” past or contemporary. How Do We Want Economists to Behave? 1932 The Economic Journal Lindley M. Fraser 0.737
There certainly is little consistency to be found within a scheme of thought which criticizes one kind of economics for an unseemly insistence upon human rationality, and thereupon constructs another making quite as great demands upon the rational faculties. Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 0.735
There is the same insistence that economic theory must be built upon a correct view of human nature, the same attack upon economic laws which represent no more than competitive normality, the same appeal to the evolutionary viewpoint. John Bates Clark: Earlier and Later Phases of his Work 1927 The Quarterly Journal of Economics Paul T. Homan 0.735
If it be a false goal to seek to excogitate a body of theory from a single principle, in terms of which all economic phenomena are to be explained, it is inadequate and altogether unsatisfactory to seek to interpret a body of obviously related phenomena in terms of separate and unrelated hypotheses. The Theory of Economic Dynamics as Related to Industrial Instability 1930 The American Economic Review Frank W. Taussig , Frederick C. Mills, F. B. Garver , Frank H. Knight , R. W. Souter , Lewis L. Lorwin , Mordecai Ezekiel 0.732
THE JOURNAL OF POLITICAL ECONOMY VOLUME 30 lurne 1922 NUMBER 3 HUMAN NATURE IN ECONOMIC THEORY I One criticism brought against conscious economic theory is that it fails to take advised and realistic account of human nature. Human Nature in Economic Theory 1922 Journal of Political Economy Rexford G. Tugwell 0.732
The necessity for a thorogoing acceptance of this point of view has been established by an examination of the perplexities of economic methodology. Economic Psychology and the Value Problem 1925 The Quarterly Journal of Economics Frank H. Knight 0.731

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
Economic theory which is, I would remind you, only a part of economics, a small but important part, has been built around the assumption of “rational” behaviour. Economics and Human Relations: The Presidential Address Delivered at the Annual Meeting of the Canadian Political Science Association, June 18, 1948 1948 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen 0.812
Rationality in the wide sense in which Professor Lange defines it, is a necessary condition for the economic theory we are used to, but it is not a sufficient condition. The Meaning of Rationality: A Note on Professor Lange’s Article 1946 The Review of Economic Studies K. W. Rothschild 0.810
The concept of the economic man, or of instrumentally rational behavior, is valid and important, but only within limits set by these considerations, and others of a similar character. Immutable Law in Economics: Its Reality and Limitations 1946 The American Economic Review Frank H. Knight 0.790
It is to the general effect that man, in his working behaviour, is a rational-economic animal. The Hawthorne Experiments 1943 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. W. M. Hart 0.771
The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.768
To say that economic activity-or the conduct of the economic man-is rational behavior raises the quite relevant question: In what measure are men rational? Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 0.762
Economic rationality thus assumes different forms or is subordinated to the mores of different areas. National Patterns of Union Behavior 1948 Journal of Political Economy Adolf Sturmthal 0.761
It may be the case that one cannot afford to ignore the irrational aspects of economic life if one is to secure a well-rounded interpretation of economic activity. John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 0.758
We should not, through too critical use of the theoretical-equilibrium method of approaching our problem for analysis, beg this strategic area of investigation by covering all individual action under universal assumptions which give highly particular meanings to rational conduct and to the nature of individual choice. [Reflections on Poverty within Agriculture]: Discussion 1949 Journal of Farm Economics Erven J. Long , Herman M. Southworth, John W. White 0.754
A rational economic case can be made for it under particular fact-situations; the factual conditions for its applicability are perfectly conceivable in circumstances past and future if not present. Price Control under Imperfect Competition 1947 The American Economic Review M. Bronfenbrenner 0.753
the author’s “Rationalite ou Irrationalite des Mouvements economiques de longue Dutee,” in Annales Sociologiques, Serie D, Fasc. Long Cycles in Capital Intensity in the French Coal Mining Industry, 1840 to 1914 1941 The Review of Economics and Statistics Robert Marjolin 0.752
Several explanations have been suggested, some of which are incompatible with rational economic behavior. Long Cycles in Capital Intensity in the French Coal Mining Industry, 1840 to 1914 1941 The Review of Economics and Statistics Robert Marjolin 0.748

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
THE object of this essay 1 is not to make any original contribution to knowledge, but to bring together as it were into one picture a number of phenomena which meet with individual discussion in the accepted expositions of economic theory, but whose interconnection is not always made sufficiently plain, and whose accumulated importance is perhaps greater than used to be supposed. Economic Incentive 1921 Economica D. H. Robertson 0.885
If it be a false goal to seek to excogitate a body of theory from a single principle, in terms of which all economic phenomena are to be explained, it is inadequate and altogether unsatisfactory to seek to interpret a body of obviously related phenomena in terms of separate and unrelated hypotheses. The Theory of Economic Dynamics as Related to Industrial Instability 1930 The American Economic Review Frank W. Taussig , Frederick C. Mills, F. B. Garver , Frank H. Knight , R. W. Souter , Lewis L. Lorwin , Mordecai Ezekiel 0.877
Economic theory must isolate the ideal tendencies with which it can deal most readily; but no practical conclusions as to the real beneficence of the system can be drawn until the actual relative importance of the tendencies recognized by the general theory-which in endeavoring to explain always seems to justify-are measured in comparison with divergent tendencies and taken into account. The Ethics of Competition 1923 The Quarterly Journal of Economics Frank H. Knight 0.873
If economic theory is to be used in solving real problems it must be extended and and elaborated “so that it fits the actual conditions which one finds in economic; society, and so that it can be combined with the facts and phenomena and principles of the natural sciences and the other social sciences.” The Use of the Quantitative Method in the Study of Economic Theory 1927 The American Economic Review Holbrook Working 0.861
Again and again in the history of economic thought, the apparent contradiction between different usages has come to be seen to rest not upon deficiencies of logic on the one side or the other, but upon differences of assumption concerning the problem to be solved. Remarks Upon Certain Aspects of the Theory of Costs 1934 The Economic Journal Lionel Robbins 0.854
Let us suppose there were a recognized body of economic doctrine the truth and relevancy of which perpetually revealed itself to all who looked below the surface, which taught men what to expect and how to analyze their experience; which insisted at every turn on the illuminating relation between our conduct in life and our conduct in business; which drove the analysis of our daily administration of our individual resources deeper, and thereby dissipated the mist that hangs about our economic relations, and concentrated attention upon the uniting and all-penetrating principles of our study. John Law and John Keynes 1948 The Quarterly Journal of Economics Edwin B. Wilson 0.854
In brief, I would suggest that, although there is much in current theory which furnishes material assistance in such a study of economic processes, the doctrines of classical and mathematical theory are inadequate to our present needs. The Theory of Economic Dynamics as Related to Industrial Instability 1930 The American Economic Review Frank W. Taussig , Frederick C. Mills, F. B. Garver , Frank H. Knight , R. W. Souter , Lewis L. Lorwin , Mordecai Ezekiel 0.851
One element in the situation is of especial interest both to men of affairs and to economic theorists. Government Debt and Private Investment Policy 1949 The Review of Economics and Statistics Charles C. Abbott 0.851
If one attempts to unite all, or a large group of economic factors, into a single system of explanation, the judgment on what is “important” and “realistic” must, of course, be different from what it will be when some specific economic factor is considered from a narrow angle. The Responsibility of the Econometrician 1946 Econometrica Ragnar Frisch 0.851
Economic theory requires, nay necessarily is, generalization; but fruitful abstraction, to be valid and not merely logical, must meet certain tests of specificity.’ Price Dispersion and Aggregative Analysis 1947 The American Economic Review Ralph C. Epstein 0.850
They will thus emphasize the continuity of economic thought, the persistent search for real laws, the supremacy of sensationalistic psychology in methodological questions, and the abstract nature of the generalizations reached on the basis of the theory of an “economic man.” A Unique Situation in Economic Theory 1922 The American Economic Review O. Fred Bouke 0.848
Economic theory alone can only partially solve such problems.8 To summarize the main argument of this paper. Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.847
Since there exists such unanimity of opinion that economists may best be occupied during the present generation in providing a more thorough knowledge of the nature and social effects of the economic environment, one is forced to the opinion that the unsettled state in which economic theory finds itself arises, not merely out of the complexity of the facts with which it deals- though this no doubt adds to the confusion-but more particularly out of the confused currents of thought which prevail in the modern world at large. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.846
Of one thing at least I am certain: whatever we may think of the present state of ’economic knowledge, whatever interpretation MAY we may put upon the fairly well attested fact that in certain circumstances it has proved to have practical utility, the nature of contemporary problems is such that they are not going to be solved satisfactorily without a good deal of economic reasoning. The Economist in the Twentieth Century: An Oration Delivered on the 53rd Anniversary of the Foundation of the London School of Economics 1949 Economica Lionel Robbins 0.846
The purpose of this paper is not to attempt to predict the place in the history of economic thought which it will eventually occupy but rather to point out some of the fields in which its effects are already obvious and important. The Significance of the General Theory of Employment, Interest, and Money 1947 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique G. A. Elliott 0.845

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1920-1939

Sentence Title Year Journal Authors Centroid Similarity
THE object of this essay 1 is not to make any original contribution to knowledge, but to bring together as it were into one picture a number of phenomena which meet with individual discussion in the accepted expositions of economic theory, but whose interconnection is not always made sufficiently plain, and whose accumulated importance is perhaps greater than used to be supposed. Economic Incentive 1921 Economica D. H. Robertson 0.885
If it be a false goal to seek to excogitate a body of theory from a single principle, in terms of which all economic phenomena are to be explained, it is inadequate and altogether unsatisfactory to seek to interpret a body of obviously related phenomena in terms of separate and unrelated hypotheses. The Theory of Economic Dynamics as Related to Industrial Instability 1930 The American Economic Review Frank W. Taussig , Frederick C. Mills, F. B. Garver , Frank H. Knight , R. W. Souter , Lewis L. Lorwin , Mordecai Ezekiel 0.877
Economic theory must isolate the ideal tendencies with which it can deal most readily; but no practical conclusions as to the real beneficence of the system can be drawn until the actual relative importance of the tendencies recognized by the general theory-which in endeavoring to explain always seems to justify-are measured in comparison with divergent tendencies and taken into account. The Ethics of Competition 1923 The Quarterly Journal of Economics Frank H. Knight 0.873
If economic theory is to be used in solving real problems it must be extended and and elaborated “so that it fits the actual conditions which one finds in economic; society, and so that it can be combined with the facts and phenomena and principles of the natural sciences and the other social sciences.” The Use of the Quantitative Method in the Study of Economic Theory 1927 The American Economic Review Holbrook Working 0.861
Again and again in the history of economic thought, the apparent contradiction between different usages has come to be seen to rest not upon deficiencies of logic on the one side or the other, but upon differences of assumption concerning the problem to be solved. Remarks Upon Certain Aspects of the Theory of Costs 1934 The Economic Journal Lionel Robbins 0.854
In brief, I would suggest that, although there is much in current theory which furnishes material assistance in such a study of economic processes, the doctrines of classical and mathematical theory are inadequate to our present needs. The Theory of Economic Dynamics as Related to Industrial Instability 1930 The American Economic Review Frank W. Taussig , Frederick C. Mills, F. B. Garver , Frank H. Knight , R. W. Souter , Lewis L. Lorwin , Mordecai Ezekiel 0.851
They will thus emphasize the continuity of economic thought, the persistent search for real laws, the supremacy of sensationalistic psychology in methodological questions, and the abstract nature of the generalizations reached on the basis of the theory of an “economic man.” A Unique Situation in Economic Theory 1922 The American Economic Review O. Fred Bouke 0.848
Economic theory alone can only partially solve such problems.8 To summarize the main argument of this paper. Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 0.847
Since there exists such unanimity of opinion that economists may best be occupied during the present generation in providing a more thorough knowledge of the nature and social effects of the economic environment, one is forced to the opinion that the unsettled state in which economic theory finds itself arises, not merely out of the complexity of the facts with which it deals- though this no doubt adds to the confusion-but more particularly out of the confused currents of thought which prevail in the modern world at large. The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 0.846
A proposition of economic theory may, first, be practical for the economic theorist qua theorist, in that it enables him to find neater formulations for old propositions or even to deduce additional new propositions which fit nicely into the accepted conceptual scheme; it may, second, be practical for the economic analyst as observer of concrete situations, in that it aids him in understanding and ex- plaining what is going on in the real world at a particular place arid a particular time; it may, third, be practical for the political economist as government official, in that it helps him to design plans for controlling what is going on; it may, fourth, be practical for the business-man, in that it assists him in shaping a more successful business policy of a firm, in making better forecasts, or in improving internal management. Evaluation of the Practical Significance of the Theory of Monopolistic Competition 1939 The American Economic Review Fritz Machlup 0.843

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
Let us suppose there were a recognized body of economic doctrine the truth and relevancy of which perpetually revealed itself to all who looked below the surface, which taught men what to expect and how to analyze their experience; which insisted at every turn on the illuminating relation between our conduct in life and our conduct in business; which drove the analysis of our daily administration of our individual resources deeper, and thereby dissipated the mist that hangs about our economic relations, and concentrated attention upon the uniting and all-penetrating principles of our study. John Law and John Keynes 1948 The Quarterly Journal of Economics Edwin B. Wilson 0.854
One element in the situation is of especial interest both to men of affairs and to economic theorists. Government Debt and Private Investment Policy 1949 The Review of Economics and Statistics Charles C. Abbott 0.851
If one attempts to unite all, or a large group of economic factors, into a single system of explanation, the judgment on what is “important” and “realistic” must, of course, be different from what it will be when some specific economic factor is considered from a narrow angle. The Responsibility of the Econometrician 1946 Econometrica Ragnar Frisch 0.851
Economic theory requires, nay necessarily is, generalization; but fruitful abstraction, to be valid and not merely logical, must meet certain tests of specificity.’ Price Dispersion and Aggregative Analysis 1947 The American Economic Review Ralph C. Epstein 0.850
Of one thing at least I am certain: whatever we may think of the present state of ’economic knowledge, whatever interpretation MAY we may put upon the fairly well attested fact that in certain circumstances it has proved to have practical utility, the nature of contemporary problems is such that they are not going to be solved satisfactorily without a good deal of economic reasoning. The Economist in the Twentieth Century: An Oration Delivered on the 53rd Anniversary of the Foundation of the London School of Economics 1949 Economica Lionel Robbins 0.846
The purpose of this paper is not to attempt to predict the place in the history of economic thought which it will eventually occupy but rather to point out some of the fields in which its effects are already obvious and important. The Significance of the General Theory of Employment, Interest, and Money 1947 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique G. A. Elliott 0.845
generalizations which were once useful and meritorious as first attempts to discover causes and sequence among economic phenomena, but which have long since ceased to afford either light or fruit, and become part of the solemn humbug of ‘economic orthodoxy.’ An Appraisal of Keynesian Economics 1948 The American Economic Review John H. Williams 0.841
This review will have to cover ground which is quite familiar to economists; it is not so well known to other social scientists, however, and it is necessary to have some conception of the development and the present status of economic theory to understand what these recent developments mean and just where they fit into economic analysis. Toward Understanding Economic Behavior: The Contribution of Sociological and Psychological Research Methods to Economic Anaysis 1949 The American Journal of Economics and Sociology Kurt Mayer 0.839
The author prepares his answer by reviewing various schools of economic thought from this particular standpoint. History and Theory in Economics 1944 Economica F. A. Lutz 0.839
  • Bearing of this upon the possibility of a theoretical economic dynamics, 12.
The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 0.837
Wherefore it will be reasoned that economic theory, if too narrowly defined, cannot, however useful and precise it may be within the limits set by its definition, yield an adequate picture or explanation of the socio-economic world about us. Sociological Presuppositions in Economic Theory 1940 Southern Economic Journal Joseph J. Spengler 0.837
A few remarks may be made as to the common sense of this type of economic theory. The Probability Approach in Econometrics 1944 Econometrica Trygve Haavelmo 0.837
if, instead of attempting to derive the nature of Economic Generalizations from the pure categories of our subject-matter, we commence by examining a typical specimen. The Need for a Concept of Value in Economic Theory 1940 The Quarterly Journal of Economics Karl H. Niebyl 0.837

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Probability Approach in Econometrics 1944 Econometrica Trygve Haavelmo 36 0.615
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 31 0.646
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 21 0.632
The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 20 0.636
Static and Dynamic Economics 1930 The American Economic Review Simon Kuznets 20 0.630
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 20 0.642
Immutable Law in Economics: Its Reality and Limitations 1946 The American Economic Review Frank H. Knight 19 0.630
The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 19 0.635
The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 17 0.624
Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 15 0.636

Top articles (most sentences) of the cluster for each time window

Top articles 1920-1939

Title Year Journal Authors Number sentences Similarity
Sociological Elements in Economic Thought 1935 The Quarterly Journal of Economics Talcott Parsons 31 0.646
Issues in Economic Theory: an Attempt to Clarify 1928 The Quarterly Journal of Economics Paul T. Homan 21 0.632
The Impasse in Economic Theory 1927 Journal of Political Economy Paul T. Homan 20 0.636
Static and Dynamic Economics 1930 The American Economic Review Simon Kuznets 20 0.630
Some Reflections on “The Nature and Significance of Economics” 1934 The Quarterly Journal of Economics Talcott Parsons 20 0.642
Equilibrium Economics and Business-Cycle Theory: A Commentary 1930 The Quarterly Journal of Economics R. W. Souter 15 0.636
Equilibrium Economics and Business-Cycle Theory 1930 The Quarterly Journal of Economics Simon Kuznets 15 0.623
“The Nature and Significance of Economic Science” in Recent Discussion 1933 The Quarterly Journal of Economics R. W. Souter 15 0.642
Economics and the Idea of Natural Laws 1929 The Quarterly Journal of Economics O. H. Taylor 14 0.631
The Theory of Economic Dynamics as Related to Industrial Instability 1930 The American Economic Review Frank W. Taussig , Frederick C. Mills, F. B. Garver , Frank H. Knight , R. W. Souter , Lewis L. Lorwin , Mordecai Ezekiel 14 0.651
Economic Regulation and Economic Planning 1939 The American Economic Review Karl W. Kapp 13 0.610
The Trend of Economic Thinking 1933 Economica F. A. von Hayek 11 0.629
Sociological Elements in Economic Thought: II. The Analytical Factor View^1 1935 The Quarterly Journal of Economics Talcott Parsons 11 0.650
The Study of Primitive Economics 1927 Economica Raymond Firth 10 0.621
Wants and Activities in Marshall 1931 The Quarterly Journal of Economics Talcott Parsons 10 0.639

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
The Probability Approach in Econometrics 1944 Econometrica Trygve Haavelmo 36 0.615
Immutable Law in Economics: Its Reality and Limitations 1946 The American Economic Review Frank H. Knight 19 0.630
The Logical Foundations of Economic Research 1949 Journal of Farm Economics Kenneth H. Parsons 19 0.635
The Impossibility of a Theoretical Science of Economic Dynamics 1941 The Quarterly Journal of Economics F. S. C. Northrop 17 0.624
“What is Truth” in Economics? 1940 Journal of Political Economy Frank H. Knight 15 0.647
Psychological Aspects of Economic Thought 1949 Journal of Political Economy Walter A. Weisskopf 15 0.634
Sociological Presuppositions in Economic Theory 1940 Southern Economic Journal Joseph J. Spengler 12 0.626
J. M. Keynes’ Concept of Economic Science 1949 Southern Economic Journal Allan G. Gruchy 12 0.616
Economics in a Time of Change 1941 The American Economic Review Frederick C. Mills 11 0.645
Neoclassical Economics and Monetary Problems 1949 The American Economic Review Paul B. Simpson 11 0.603
Unemployment: Analysis of Factors 1941 The American Economic Review Oskar Morgenstern 10 0.622
Professor Hicks on Value and Capital 1941 Journal of Political Economy Oskar Morgenstern 10 0.609
Croce and the Nature of Economic Science 1945 The Quarterly Journal of Economics Giorgio Tagliacozzo 10 0.642
The Theory of Economic Behavior 1945 The American Economic Review Leonid Hurwicz 10 0.619
The Theory of Economic Change 1945 The Quarterly Journal of Economics Sidney Merlin 10 0.600

Closest clusters of the cluster per decade

Closest clusters within the 1920-1939 decade

Cluster Name Similarity
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0439797
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0245678
18: economic_laws, economic_law, liberty, court, ethical -0.0397251
11: capitalistic, capitalism, capitalist, capital, marxian -0.0697330
21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition -0.1094050
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1123389
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1153812
20: velocity, circulation, economic_equilibrium, walras, quantity_theory -0.1192439
8: farm, agriculture, agricultural, land, farmers -0.1245751
23: rationalisation, productive_capacity, productive_resources, productive, industry -0.1557959
10: valuations, economic_values, reconsideration, judgments, valuation -0.1800589
14: rationalisation, rationalization, men’s, und, rational_action -0.2201676

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0166774
8: farm, agriculture, agricultural, land, farmers -0.0748490
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0759629
10: valuations, economic_values, reconsideration, judgments, valuation -0.1049064
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1090228
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1141117
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.1257364
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1469748
36: capitalism, marx, socialist, capitalistic, soviet -0.1915686
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1990000
14: rationalisation, rationalization, men’s, und, rational_action -0.2040229
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.2350975

Closest clusters with all decade, for 1920-1939

Time Window Cluster Name Similarity
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.7393758
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.5200749
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.4879378
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.4270550
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.3302407
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2887374
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2637170
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2592562
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2453705
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2254649
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2057722
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.2037359
1900-1919 9: teaching, training, student, students, induction 0.1203470
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1128451
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.1072044

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.7393758
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.5890142
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.4397129
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4131630
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3334057
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2208628
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2184096
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.2106473
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2053570
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1806001
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1783396
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1568853
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1473012
1900-1919 9: teaching, training, student, students, induction 0.0944897
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0869850

Intertemporal cluster 28: price_expectations, expectations, rational_expectations, price_level, price_policy

The cluster gathers 4299 sentences from our corpus. It represents 2.65% of all the sentences selected over the whole period.

The community exists from 1940 to 1989.

The most recurring authors are Robert J. Gordon (35 sentences), William Fellner (33 sentences), E. G. Nourse (19 sentences), Fritz Machlup (17 sentences), Joe S. Bain (17 sentences), Joseph E. Stiglitz (17 sentences), Paul A. Samuelson (17 sentences), William J. Baumol (17 sentences), F. H. Hahn (16 sentences), E. J. Mishan (15 sentences).

The most recurring journals are The American Economic Review (538 sentences), Journal of Political Economy (255 sentences), The Quarterly Journal of Economics (254 sentences), The Economic Journal (233 sentences), Econometrica (178 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
price_expectations 0.0017292
expectations 0.0012730
rational_expectations 0.0011978
price_level 0.0009071
price_policy 0.0008832
pricing 0.0008721
price_theory 0.0007527
factor_prices 0.0006263
cost_pricing 0.0005602
current_prices 0.0005507
price_determination 0.0005014
future_prices 0.0004812
model 0.0004649
livingston 0.0004602
price_discrimination 0.0004571
price_behavior 0.0004496
rational_price 0.0004492
relative_prices 0.0004485
price_adjustment 0.0004457
price_system 0.0004428

Top TF-IDF terms describing the community for each time window

Top terms 1940-1949

Token TF-IDF
price_policy 0.0044949
price_control 0.0028866
price_system 0.0021256
pricing_system 0.0017809
executive 0.0015207
price_discrimination 0.0014591
price_behavior 0.0012127
pricing 0.0012031
price_theory 0.0011671
administered 0.0009892
average_cost 0.0009428
price_relationships 0.0009223
discrimination 0.0009215
steel 0.0009119
demand_curve 0.0008830

Top terms 1950-1959

Token TF-IDF
price_policy 0.0024908
pricing 0.0017619
cost_pricing 0.0017431
pricing_system 0.0014803
price_system 0.0014652
soviet 0.0012845
price_mechanism 0.0012384
planners 0.0009881
price_level 0.0009747
price_theory 0.0009701
market_prices 0.0009511
price_ratio 0.0007934
price_relationships 0.0007666
marginal_cost 0.0007660
soviet_economists 0.0007419

Top terms 1960-1969

Token TF-IDF
price_theory 0.0016913
factor_prices 0.0014263
price_system 0.0013870
price_ratio 0.0012767
price_policy 0.0012527
price_formation 0.0010994
pricing 0.0009963
cost_price 0.0009926
price_stability 0.0009459
price_determination 0.0009232
price_structure 0.0009010
price_mechanism 0.0008636
cost_pricing 0.0008416
ratios 0.0008315
product_prices 0.0007711

Top terms 1970-1979

Token TF-IDF
price_system 0.0015377
price_expectations 0.0014667
price_level 0.0014315
natural_price 0.0012931
current_prices 0.0012432
normal_prices 0.0012338
relative_prices 0.0011487
price_theory 0.0010756
factor_price 0.0010236
price_discrimination 0.0010085
pricing 0.0009936
price_uncertainty 0.0009781
factor_prices 0.0008934
pricing_policy 0.0008434
price_taking 0.0008105

Top terms 1980-1989

Token TF-IDF
price_expectations 0.0045355
rational_expectations 0.0035056
expectations 0.0026116
livingston 0.0015800
price_level 0.0014769
livingston_price 0.0013965
price_adjustment 0.0012751
model 0.0011805
current_prices 0.0010902
expectations_data 0.0009921
price_behavior 0.0009647
pricing 0.0009570
agents 0.0009248
price_variability 0.0009170
relative_prices 0.0008972

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The rational expectations proposition that most prices in the economy will conform to the public’s expectations of demand and supply is contrary to a long-standing interpretation of prices as being unresponsive in the short run to changes in demand. Reflections on Rational Expectations 1980 Journal of Money, Credit and Banking Phillip Cagan 0.816
‘Rational expectations and the theory of price movements.’ The Performance of Rice Markets in Bangladesh During the 1974 Famine 1985 The Economic Journal Martin Ravallion 0.813
‘Rational expectations and the theory of price movements.’ The Economic Role of Commodity Storage 1982 The Economic Journal Brian D. Wright , Jeffrey C. Williams 0.812
‘Rational expectations and the theory of price movements.’ Are UK Stock Prices Excessively Volatile? Trading Rules and Variance Bound Tests 1989 The Economic Journal George Bulkley, Ian Tonks 0.798
As a digression, we also point out that rational expectations models14 in which quantity is assumed to respond only to current perceived relative prices, presuppose that there is no period of production or adjustment cost. On the Firm’s Short-Run Quantity Adjustment: “q” Theory of Goods in Process 1982 Economica Hiroshi Yoshikawa 0.793
We assume that agents’ expectations are rational, which in the context of our information set and in the absence of any further restrictions, identifies price expectations with the projection of future prices on current and lagged endogenous variables. Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data 1985 Econometrica Robert B. Litterman, Laurence Weiss 0.791
Price expectations may be either adaptive or rational. Price Expectations and the Interest Rate in an Open Economy: Germany, 1960-72 1977 Journal of Money, Credit and Banking Manfred J. M. Neumann 0.789
A corresponding assumption in the model of this paper would be that agents hold rational expectations on the mean of the equilibrium price. Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.788
Conclusions The main conclusion which emerges from the empirical analysis in this paper is that neither price nor demand expectations are rational. Price and Demand Expectations in the Swedish Manufacturing Industry 1988 The Scandinavian Journal of Economics Nils-Olov Stålhammar 0.787
“On Testing for Rationality: Another Look at the Livingston Price Expectations Data.” An Empirical Analysis of Expected Stock Price Movements 1984 Journal of Money, Credit and Banking Douglas K. Pearce 0.779
“On Testing for Rationality: Another Look at the Livingston Price Expectations Data.” An Empirical Note on the Foundations of Rational Expectations 1985 Journal of Post Keynesian Economics Andrew J. Buck 0.779
Rational expectations and the theory of price movements. The Gibson Paradox: A Cross-Country Analysis 1984 Economica Gerald P. Dwyer, Jr. 0.779
Not only does this argument suggest something about the necessity of replication for the existence of a rational expectations equilibrium, it also suggests something about the time path of prices through which the equilibrium will be attained. Asset Valuation in an Experimental Market 1982 Econometrica Robert Forsythe , Thomas R. Palfrey, Charles R. Plott 0.778
If the preferences are ” rational,” ” the State must then determine whether the position is one of sufficient gravity to take the drastic measures of price control or socialization.” Professor Meade on Planning 1949 The Economic Journal R. F. Kahn 0.777
Rational expectations and the theory of price movements. Rational and Non-Rational Expectations of Inflation in Wage Equations for the United Kingdom 1982 Economica Paul Ormerod 0.776
Price expectations are rational. The Need for Policy Coordination under Alternative Types of Macroeconomic Theory 1985 Recherches Économiques de Louvain / Louvain Economic Review G. Illing 0.774
“On Testing for Rationality: Another Look at the Livingston Price Expectations Data.” The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.774
“On Testing for Rationality: Another Look at the Livingston Price Expectations Data.” Consensus and Uncertainty in Economic Prediction 1987 Journal of Political Economy Victor Zarnowitz, Louis A. Lambros 0.774
However, the way price expectations are formed within their theory is consistent with rational expectations only under restrictive assumptions, and one purpose of this paper is to relax those assumptions. Rational Expectations and Competitive Pricing and Storage 1982 American Journal of Agricultural Economics Peter G. Helmberger, Robert D. Weaver , Kathleen T. Haygood 0.773
Since McCallum argues that rational expectations models can accommodate various kinds of price stickiness, it is desirable to clarify this issue in the debate. Reflections on Rational Expectations 1980 Journal of Money, Credit and Banking Phillip Cagan 0.770

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
If the preferences are ” rational,” ” the State must then determine whether the position is one of sufficient gravity to take the drastic measures of price control or socialization.” Professor Meade on Planning 1949 The Economic Journal R. F. Kahn 0.777
The argument only indicates that we cannot coordinate economic facts by the rationality of pure economics; and it suggests that the price calculus should be understood as just one of the various devices of rational management.9 As far as the coordination of economic facts is concerned, it is clear that where there is no self-regulating economic system there can be no equilibrium in purely economic terms. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.746
The rational conduct which it presupposes is often absent in businessmen, and it is particularly admitted that its force is weakest under the extreme conditions of either depressions or booms where other considerations often take precedence.28 Under this aspect, it is likely that the case for the effects of marginal costs on prices is overstated when one assumes unimpaired rational behavior on the part of those concerned. Marginal Cost Constancy and Its Implications 1948 The American Economic Review Hans Apel 0.715
This reasoning differs from that of organized society partly in that it considers future value in terms of the effect on market prices of the small segment of the supply which is controlled, consciously or unconsciously accepting the process of marginal utility valuation. Needed Points of Development and Reorientation in Land Economic Theory 1940 Journal of Farm Economics L. C. Gray, Mark Regan 0.714
Neither do they encourage us to proceed as if all the relevant aspects of cost and satisfaction could be expressed in money units, that everything desirable but scarce could be given a price tag, everything undesirable but required, a cost tag, and finally that rational choice could be made on the basis of this system of prices alone., Moreover, nothing but the fiction of market economy permits the s’tudent of economic life to reduce the rationality of producers and consumers to that of buyers and sellers. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.713
In fact, the problems of choice which arise in ordinary private and business life, even in a highly controlled society, are very numerous; though they are nothing like as numerous as the problems which might arise, if they were not settled decisively, by a subconscious appeal to the price criterion, without, so to speak, coming into court. The Price System 1948 The Economic Journal H. D. Henderson 0.706
It may therefore be charged in a good many cases with selecting for definitive rationalization a much simpler sort of behavior than occurs in fact, or alternatively with rationalizing observed behavior in terms of an inadequate sample of the variables and environmental factors which condition price making. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.702
This reasoning differs from that of organized society partly in that it considers future value in terms of the effect on market price of the small segment of the supply which is controlled, . Time Preference and Conservation 1940 Journal of Farm Economics Arthur C. Bunce 0.700
Pricing by custom, in this case, is a clear-cut atrophy of market motivations; it can properly be termed a decadent alternative to what economists once called rational behavior. Reflections on Price Control 1946 The Quarterly Journal of Economics J. K. Galbraith 0.700
Not only, therefore, have we separated out of the chaos of causes the price-determining and the quantity-determining factors; in the price- determining factors themselves we have distinguished between those that operate from the results of the past and those that operate from the expectations of the future. A Liquidity Preference Theory of Market Prices 1944 Economica K. E. Boulding 0.691
VII It is in many ways fortunate that the dispute about the indispensability of the price system for any rational calculation in a complex society is now no longer conducted entirely between camps holding different political views. The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.686
Consumers’ irrationalities and ignorance of what is good for them; wastes due to imperfections in competitive markets; external economies and diseconomies which necessitate a divergence between the private and social interest; the evils of unemployment; the difficulty of improving the distribution of income without interfering with the price systemthe realisation of all these phenomena has led some people to the view that the price mechanism is a snare and a delusion and that the quantitative planning of production and consumption by the State provides the answer to our economic discontents. Mr. Lerner on “The Economics of Control” 1945 The Economic Journal J. E. Meade 0.683

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
‘8 Milder forms of the hypothesis, on the other hand, are essentially a reiteration of J. M. Clark’s remark about the irrational pursuit of rationality:’” there may be a “zone of indeterminacy” within whose limits cost pushes can increase velocity and the price level. Cost-Push versus Demand-Pull Inflation, 1955-57 1959 Journal of Political Economy Richard T. Selden 0.740
He then goes on to argue that the pricing-rules which Mr. Andrews describes are, on certain assumptions, consistent with profit-maximisation; that Mr. Andrews in fact describes not an irrational ritual, but ” rational action for long-term profit-maximisation in industries possessing certain characteristics.” The Case Against the Imperfect Competition Theories 1951 The Economic Journal M. J. Farrell 0.709
If managers were allowed to pursue maximum profits, it is clear that their choices between alternative inputs of materials and output of commodities would be highly irrational in relation to the requirements of the economy-unless and until there is a major overhaul of the theory and practice of pricing. The Problem of “Success Indicators” in Soviet Industry 1958 Economica A. Nove 0.709
The net profit arising out of such, a system would have, accordingly, a strong flavour of social irrationality; given the fundamental assumptions, prices would have no necessary normal relation to costs, and the incentives to restrict output would, the greater the competition in the industry, result in businesses being too small, and enabled to survive by profits which were higher than unrestricted competition would find necessary, and therefore greater than it was in the social interest to allow. Some Aspects of Competition in Retail Trade 1950 Oxford Economic Papers P. W. S. Andrews 0.699
In this way, we are told, a rational price policy would become possible. ” Full Employment in Retrospect 1952 The Economic Journal D. T. Jack 0.698
Rationality of pricing policy, as the economist has traditionally defined it, is suggested also in the divergences of actual company returns from their respective targets-above it for extended periods of time, where the market permits; below it where the market requires. Pricing Objectives in Large Companies: Comment 1959 The American Economic Review Alfred E. Kahn 0.689
Furthermore, if the decision is one of detail it will have been decentralized in the first place, so that profitability will affect output more quickly.1 Another misunderstanding must always be guarded against when it is asserted that Soviet prices and outputs are in actual practice irrational. Scarcity, Marxism, and Gosplan 1953 Oxford Economic Papers P. J. D. Wiles 0.687
It cannot, it would seem, be regarded, in this context, as anything but a somewhat fanciful possibility, but it is difficult to see how else, in a perfectly competitive economy, entrepreneurs would be entitled to entertain rational and certain expectations that all prices would stay the same.’ Equilibrium, Expectations and Information 1959 The Economic Journal G. B. Richardson 0.679
As is usual in such cases, the criticism of the classical conception of human nature has developed bit by bit and has seemed to apply to the details of price behavior: the excessive rationality which classical price theory has seemed to postulate, the hedonistic flavor of the traditional conception of wants, the teleological implications of the “invisible hand,” and all that sort of thing. The Co-Ordinates of Institutionalism 1951 The American Economic Review Clarence E. Ayres 0.674
Thus the principal problem is not perceived, and the solution preferred-if we can speak of the solution to an unperceived problem-is mistaken.2 The arbitrariness of prices in general is stated quite openly by Soviet economists, who regard it as one of the advantages of ‘socialism’ over ‘capitalism’, in that it gives an extra degree of freedom.3 That this freedom is the freedom of the boat without-the compass is not, of course, perceived. Scarcity, Marxism, and Gosplan 1953 Oxford Economic Papers P. J. D. Wiles 0.674
Mr. Farrell, if I understand him right, goes much further than I would in the direction of saying that the pricing- rules describe generally-and not only in particular cases-the most rational behaviour. The Pricing of Manufactured Products and the Case Against Imperfect Competition: A Rejoinder 1951 The Economic Journal Austin Robinson 0.674
“One is that the problem of collective efficiency of private enterprise involves quantities and qualities, of which actual market prices are not the only measure, and, I would add, some of which command no market price at all under present conditions. Wilderness Areas: An Extra-Market Problem in Resource Allocation 1951 Land Economics L. Gregory Hines 0.671
generally to every rational process of price formation.” The “Product” and “Price” In Distribution 1957 The American Economic Review M. A. Adelman 0.671
If it is possible to work out anything like a rational theory of the price of living, we must take account of the fact that in an ordinary market quantities will change when prices change-in particular, when relative prices change. Some Basic Principles of Price of Living Measurements: A Survey Article 1954 Econometrica Ragnar Frisch 0.671

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Some of the problems which are treated in the paper would be absent with a more rational price system. Soviet Mathematical Economics 1966 The Economic Journal Leif Johansen 0.735
These are often contrasted with consumers’ preferences, and we are told that Soviet prices could be, or should be, rational in terms of planners’ preferences. Planners’ Preferences, Priorities and Reforms 1966 The Economic Journal A. Nove 0.722
Just as a theory of price based on ordinal utility is logically more streamlined than one based on unneeded cardinal properties of utility, it might be argued, so too would a theory of price for which rationality assumptions are not required have been superior to one which does depend on such somewhat embarrassing pieces of baggage. Rational Action and Economic Theory 1962 Journal of Political Economy Israel M. Kirzner 0.718
Before turning to the argument proper, it is worth restating the well-known fact that relative prices of most commodities in the centrally planned economies have been very far from “rational,” and this is admitted by them. Comparison of Different Forms of Trade Barriers 1969 The Review of Economics and Statistics Franklyn D. Holzman 0.718
Therefore, this is the price system with the aid of which - under these conditions - management can be “rational” or “optimal”. DUAL CONCEPT OF THE ECONOMY IN MARX’S “CAPITAL” 1967 Acta Oeconomica A. Bródy 0.709
Instead, the planners’ preferences must be formulated on the basis of other economic and political considerations.49 By the test of market-clearing prices, Soviet state retail prices are rational at least in principle if not completely in practice, and collective-farm market prices surely are rational. The Soviet Price System 1962 The American Economic Review Morris Bornstein 0.708
The relatively slight quantitative importance of the effects may afford a rational justification of these policies: by making careful allowance for these effects, a modest but useful saving in costs of production can be made, compared with less enlightened production planning, whereas the trouble required to estimate opportunity cost for individual increments of production is so great as to make it not worth while to vary prices in the light of these effects. Uncertainty, Cost Interdependence and Opportunity-Cost Pricing 1965 The Journal of Industrial Economics G. Mills 0.705
Case 6 Muth argues that if one assumes rational behavior on the part of producers, their informed guess of future price will be the same as that suggested by economic theory.8 He considers price to be a weighted linear combination of the disturbances affecting supply. Price Behavior under Alternative Forms of Price Expectations 1964 The Quarterly Journal of Economics George S. Fishman 0.699
After allowing an entirely artificial price system to emerge from uncoordinated ad hoc decrees, shifting fiscal and administrative requirements, or simple historical accident, they are increasingly feeling the lack of rational economic criteria for investment choice, import policy, modernization measures, and similar decisions requiring some objective balancing of economic advantage against economic cost. Aggregation in Leontief Matrices and the Labour Theory of Value 1961 Econometrica M. Morishima, F. Seton 0.698
Much of the economic theory which has evolved since, up to and including the mathematical investigations of price systems, is concerned with the problem of rationalizing the combined and interdependent effects of a set of independent individual choices each based upon conflicting preferences. The Role of Conflict in Economic Decision Making Groups: Some Empirical Results 1965 The Quarterly Journal of Economics Joseph L. Bower 0.698
Second, as far as rational price policy is concerned, based o0l the recognition of illusory profits, this usually presents political difficulties. Profit Illusion and Policy-Making in an Inflationary Economy 1965 Oxford Economic Papers Werner Baer , Mario Henrique Simonsen 0.692
If the former ideological obstacles to rational pricing have been eroded, the political difficulties have become much more important, and the sensitivity of this issue is well shown in the reluctance with which it is discussed. Economic Reform in the U.S.S.R. 1968 The American Economic Review Robert Campbell 0.689

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
Price expectations may be either adaptive or rational. Price Expectations and the Interest Rate in an Open Economy: Germany, 1960-72 1977 Journal of Money, Credit and Banking Manfred J. M. Neumann 0.789
On the contrary, given a rational world, economic agents make plans regarding relative prices; since the agent controls his own price, but not the price of other agents, he may still be disappointed ex post with relative prices, despite equality of ex ante and ex post nominal prices. Inflationary Tales Told by Static Models: The Case of Price Setters 1976 The American Economic Review George A. Akerlof 0.760
Deliberate price deviations, social preferences must be realized for stimulation and social policy purposes within a rational scope and to a rational extent. SOME LESSONS FROM THE MODIFICATIONS OF THE SYSTEM OF ECONOMIC REGULATION IN HUNGARY 1977 Acta Oeconomica B. SZIKSZAY 0.759
Furthermore, one would like to consider only “rational expectations equilibria”: agents must not only know the prices that will prevail in the future; they must be able to indeed carry out, during the second period of their life, the plans they had formulated when they were young. Incomplete Markets, Price Regulation, and Welfare 1979 The American Economic Review H. M. Polemarchakis 0.755
The models postulate further that expectations about the price level are “rational,” i.e., Ft1 Pt - Et ’s1 where t+1P* are the subjective expectations of the price level and EPt+1 is the mathematically optimum forecast of the price level at time t + 1 conditional on all that is known about the determination of prices. Rational Expectations and Economic Thought 1979 Journal of Economic Literature Brian Kantor 0.740
In the apparent absence of the usual sorts of pricing, it is natural to ask what power economic theory in general retains for explaining behavior. A Production Function for Dental Services: Estimation and Economic Implications 1977 Southern Economic Journal Richard M. Scheffler, John E. Kushman 0.733
We have seen how the idea that there existed an association between the rational allocation of resources and a price system was increasingly refined, purged of purely extraneous interpretations such as any necessary association with private ownership of property, and rigorously proved. Prices, Markets and Planning 1972 The Economic Journal C. J. Bliss 0.732
Where we have not been engaged simply in justifying the ways of the price system to man, we have been engaged in measuring the acts of man against the high standard of optimality established for us by that amazing marriage between protestant asceticism and catholic rationalism which goes by the name of economic theory. From Old to New to Old in Economic History 1971 The Journal of Economic History William N. Parker 0.723
“The coexistence of these two sets of prices must be a characteristic of a rationally managed economy.” Some Further Comments on Drewnowski’s Economic Theory of Socialism 1970 Journal of Political Economy Jørn Henrik Petersen 0.719
CONCLUSION The preceding sections have attempted to establish the basic compatibility of sluggish price adjustments and the LSP, the most drastic conclusion of the rational expectations approach. Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 0.719
He argues very convincingly, both from a practical and a theoretical point of view, that these prices can form a rational basis for decisions with regard to a large amount of choices in the economy which are much more detailed than those that can be determined by the more formalized and centralized plan calculation. L. V. Kantorovich’s Contribution to Economics 1976 The Scandinavian Journal of Economics Leif Johansen 0.709
Rational agents form anticipations of output, and current prices reflect those anticipations. Anticipated Inflation and Unanticipated Price Change: A Test of the Price-Specie Flow Theory and the Phillips Curve 1977 Journal of Money, Credit and Banking Allan H. Meltzer 0.707

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
The rational expectations proposition that most prices in the economy will conform to the public’s expectations of demand and supply is contrary to a long-standing interpretation of prices as being unresponsive in the short run to changes in demand. Reflections on Rational Expectations 1980 Journal of Money, Credit and Banking Phillip Cagan 0.816
‘Rational expectations and the theory of price movements.’ The Performance of Rice Markets in Bangladesh During the 1974 Famine 1985 The Economic Journal Martin Ravallion 0.813
‘Rational expectations and the theory of price movements.’ The Economic Role of Commodity Storage 1982 The Economic Journal Brian D. Wright , Jeffrey C. Williams 0.812
‘Rational expectations and the theory of price movements.’ Are UK Stock Prices Excessively Volatile? Trading Rules and Variance Bound Tests 1989 The Economic Journal George Bulkley, Ian Tonks 0.798
As a digression, we also point out that rational expectations models14 in which quantity is assumed to respond only to current perceived relative prices, presuppose that there is no period of production or adjustment cost. On the Firm’s Short-Run Quantity Adjustment: “q” Theory of Goods in Process 1982 Economica Hiroshi Yoshikawa 0.793
We assume that agents’ expectations are rational, which in the context of our information set and in the absence of any further restrictions, identifies price expectations with the projection of future prices on current and lagged endogenous variables. Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data 1985 Econometrica Robert B. Litterman, Laurence Weiss 0.791
A corresponding assumption in the model of this paper would be that agents hold rational expectations on the mean of the equilibrium price. Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.788
Conclusions The main conclusion which emerges from the empirical analysis in this paper is that neither price nor demand expectations are rational. Price and Demand Expectations in the Swedish Manufacturing Industry 1988 The Scandinavian Journal of Economics Nils-Olov Stålhammar 0.787
“On Testing for Rationality: Another Look at the Livingston Price Expectations Data.” An Empirical Analysis of Expected Stock Price Movements 1984 Journal of Money, Credit and Banking Douglas K. Pearce 0.779
“On Testing for Rationality: Another Look at the Livingston Price Expectations Data.” An Empirical Note on the Foundations of Rational Expectations 1985 Journal of Post Keynesian Economics Andrew J. Buck 0.779
Rational expectations and the theory of price movements. The Gibson Paradox: A Cross-Country Analysis 1984 Economica Gerald P. Dwyer, Jr. 0.779
Not only does this argument suggest something about the necessity of replication for the existence of a rational expectations equilibrium, it also suggests something about the time path of prices through which the equilibrium will be attained. Asset Valuation in an Experimental Market 1982 Econometrica Robert Forsythe , Thomas R. Palfrey, Charles R. Plott 0.778

Closest sentences from the cluster’s centroid

Among the 250 closest sentences to the cluster’s centroid, 5.6% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
It thus provides a rationale for an aspect of the pricing process that various authors in empirical work with the conventional neo-classical model have vaguely attempted to capture with partial adjustment mechanisms. On the Theory of the Firm Underlying Empirical Models of Aggregate Price Behavior 1981 International Economic Review Louis J. Maccini 0.827
We are now becoming increasingly aware that the price mechanism is just one-although an exceedingly important one-of the means that humans can and do use to make rational decisions in the face of uncertainty and complexity. New Developments in the Theory of the Firm 1962 The American Economic Review Herbert A. Simon 0.815
Some of the problems which are treated in the paper would be absent with a more rational price system. Soviet Mathematical Economics 1966 The Economic Journal Leif Johansen 0.812
Case 6 Muth argues that if one assumes rational behavior on the part of producers, their informed guess of future price will be the same as that suggested by economic theory.8 He considers price to be a weighted linear combination of the disturbances affecting supply. Price Behavior under Alternative Forms of Price Expectations 1964 The Quarterly Journal of Economics George S. Fishman 0.803
A price theory which includes first direct empirical generalizations and second rationalization of these generalizations in terms of human motivation is a great deal more useful than one which begins only with the second half of this procedure. Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 0.800
Price expectations may be either adaptive or rational. Price Expectations and the Interest Rate in an Open Economy: Germany, 1960-72 1977 Journal of Money, Credit and Banking Manfred J. M. Neumann 0.799
He then goes on to argue that the pricing-rules which Mr. Andrews describes are, on certain assumptions, consistent with profit-maximisation; that Mr. Andrews in fact describes not an irrational ritual, but ” rational action for long-term profit-maximisation in industries possessing certain characteristics.” The Case Against the Imperfect Competition Theories 1951 The Economic Journal M. J. Farrell 0.794
The rational conduct which it presupposes is often absent in businessmen, and it is particularly admitted that its force is weakest under the extreme conditions of either depressions or booms where other considerations often take precedence.28 Under this aspect, it is likely that the case for the effects of marginal costs on prices is overstated when one assumes unimpaired rational behavior on the part of those concerned. Marginal Cost Constancy and Its Implications 1948 The American Economic Review Hans Apel 0.790
The argument only indicates that we cannot coordinate economic facts by the rationality of pure economics; and it suggests that the price calculus should be understood as just one of the various devices of rational management.9 As far as the coordination of economic facts is concerned, it is clear that where there is no self-regulating economic system there can be no equilibrium in purely economic terms. Concept and Teaching of Economics 1946 The American Economic Review Horst Mendershausen 0.789
ci Mills has criticized the adaptive expectations formulation on the grounds that the most rational estimate of future price is the equilibrium price.5 He therefore concludes that rational producers cannot be expected to form their estimates of future prices by using the adaptive expectations formulation since it will inevitably lead them to wrong results. Price Behavior under Alternative Forms of Price Expectations 1964 The Quarterly Journal of Economics George S. Fishman 0.782
It is now generally accepted that while the USSR has not been particularly concerned with short-run divergences between price and costs, an effort has been made at discrete intervals to rationalize the price system so that prices reflect costs as nearly as possible. Economic Motives in Soviet Foreign Trade Policy 1958 Southern Economic Journal Robert Loring Allen 0.777
It is not enough to advocate a more rational price system, it is also necessary to define some means of deciding what arational price is. The Problem of “Success Indicators” in Soviet Industry 1958 Economica A. Nove 0.777
Price policy shifts the focus of attention from the mechanistic and deterministic aspect of the price-making process to the volitional factor introduced by the rationalistic influence of the human participants in the process. The Meaning of “Price Policy” 1941 The Quarterly Journal of Economics E. G. Nourse 0.776
As is usual in such cases, the criticism of the classical conception of human nature has developed bit by bit and has seemed to apply to the details of price behavior: the excessive rationality which classical price theory has seemed to postulate, the hedonistic flavor of the traditional conception of wants, the teleological implications of the “invisible hand,” and all that sort of thing. The Co-Ordinates of Institutionalism 1951 The American Economic Review Clarence E. Ayres 0.774

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
In Section III we set out the two competing hypotheses and develop a model for the determination of prices which we use to choose between them. Deregulating Express Coaches: A Reassessment 1986 Fiscal Studies S.M. JAFFER , D.J. THOMPSON 0.853
Not only, therefore, have we separated out of the chaos of causes the price-determining and the quantity-determining factors; in the price- determining factors themselves we have distinguished between those that operate from the results of the past and those that operate from the expectations of the future. A Liquidity Preference Theory of Market Prices 1944 Economica K. E. Boulding 0.849
Consider now the discussants’ interpretations of and emphasis upon price phenomena. On the Problem of Recognizing and Diagnosing Faultiness in the Observed Performance of an Economic System 1962 The Journal of Law & Economics Rutledge Vining 0.842
It is perhaps hardly to be expected that a schedule of administered prices should reveal the flexibility and subtlety of prices which are the spontaneous outcome of competitive market force I49 At this stage of the argument it needs to be explained once again that a good deal of this is based on surmise. Price Policy in the Coal Industry 1953 The Journal of Industrial Economics A. Beacham 0.840
More precisely put, the way producers form their expectations of what price will prevail in the * Any views expressed in this paper are those of the author. Price Behavior under Alternative Forms of Price Expectations 1964 The Quarterly Journal of Economics George S. Fishman 0.840
The reader is here confronted,with a priori arguments that have no foundation in any explicitly formulated price theory, and the discussion in this section is difficult to accept as it is. A Commentary on the Åberg Measurements of Productivity 1970 The Swedish Journal of Economics Tomas Restad 0.838
Frequently also the impression is given that the “indeterminacy” of the price is an inadequacy of the theory while in fact it is a fundamental feature of social and economic organization. Thirteen Critical Points in Contemporary Economic Theory: An Interpretation 1972 Journal of Economic Literature Oskar Morgenstern 0.837
Now, a few remarks on the role of prices. Improvement of the Organization and Planned Management of the National Economy 1965 Eastern European Economics Josef Lenart 0.836
“35 He gets quickly from a consideration of value to what he considers the more relevant”theory of prices,” and his book on principles has as its theme an insistence upon the need for a perfectly general theory of the determination of prices. Jevons and His Precursors 1951 Econometrica Ross M. Robertson 0.834
1 The issues raised here are related to a more general question: Why do economic agents use the price system in some circumstances but not in others? Decreasing Average Cost and Competition: A New Look at the Addyston Pipe Case 1982 The Journal of Law & Economics George Bittlingmayer 0.833
And I shall argue that the discrepancy between the two averages of price relatives is not the primary observation that had induced in so many persons the belief that the system had gotten out of order and required fixing; that it is in terms of other variable quantities that the primary observations had been made; that the suspicions and doubts that had been aroused by observations upon the behavior of these other variables are not born of ignorance but are intelligible doubts and suspicions; and that the emphasis upon the behavior of price relatives is placed later in the mental groping of persons, viz., in their contemplation of requisite conditions to be satisfied so that the other primary variables may behave acceptably. On the Problem of Recognizing and Diagnosing Faultiness in the Observed Performance of an Economic System 1962 The Journal of Law & Economics Rutledge Vining 0.832
It is important to free ourselves from the outset, from the assumptions of the rejected model of competitive price determination; they are misleading in that they suggest that perfect knowledge, whatever it means, is important for the attainment of equilibrium, so that the more widespread and certain is the knowledge of the equilibrium price, the more likely is it to be realized; and that, conversely, uncertainty and ignorance regarding it are likely to prevent its realization. Demand and Supply Reconsidered 1956 Oxford Economic Papers G. B. Richardson 0.831
In the apparent absence of the usual sorts of pricing, it is natural to ask what power economic theory in general retains for explaining behavior. A Production Function for Dental Services: Estimation and Economic Implications 1977 Southern Economic Journal Richard M. Scheffler, John E. Kushman 0.829
This attack on the normative implications of price theory has a good deal of substance, all the more so because these normative implications are often implied rather than merely expounded. Prices and Other Institutions 1977 Journal of Economic Issues Kenneth E. Boulding 0.828
Yet another dimension to both the nature and role of prices in the real world economy is found in Paul Davidson’s and J. Growth, Profits, and Property: A Review Article 1982 Journal of Post Keynesian Economics Wallace Peterson 0.828

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
Not only, therefore, have we separated out of the chaos of causes the price-determining and the quantity-determining factors; in the price- determining factors themselves we have distinguished between those that operate from the results of the past and those that operate from the expectations of the future. A Liquidity Preference Theory of Market Prices 1944 Economica K. E. Boulding 0.849
Some Observations Discussion of these theories of prices is an interesting intellectual exercise. Sixty Million Jobs and Six Million Farmers 1946 Journal of Farm Economics Frank A. Pearson, Don Paarlberg 0.826
This necessary agreement on price leads us to say that- price is set by the impersonal and automatic forces of the market place; but, for present purposes, the emphasis is on the fact that human beings in fact set price, and that competitive forces impose limits on the discretion they exercise. “Bargaining Power” In Price and Wage Determination 1948 The Quarterly Journal of Economics Charles E. Lindblom 0.824
Variants are possible; but the general conclusion of a tendency to drive prices below cost seems justified.5 The reason for this may be suggested by an abstract limiting case, which does not, however, accurately express the operation of actual cases. Toward a Concept of Workable Competition 1940 The American Economic Review J. M. Clark 0.821
There is a natural tendency on the part of some persons to minimize, if not completely overlook, prices with which they have little contact and to overestimate the importance of those prices which concern them most …. “Inherent in any objective concept of the general price level is the implication of a price system. Significance of the “General Price Level” and Related Influences to American Agriculture 1949 Journal of Farm Economics O. V. Wells 0.814
This theory in general points toward determinacy of prices, but under heroic assumptions as to large numbers of firms or small numbers, knowledge of objective demand curves, and sensitivity or indifference to reaction of rivals, about which the several exponents of the theory themselves have unresolved differences of view. The Meaning of “Price Policy” 1941 The Quarterly Journal of Economics E. G. Nourse 0.812
1 This particular argument is developed in much greater detail in ” Price Flexibility,” ? Involuntary Unemployment and the Keynesian Supply Function 1949 The Economic Journal Don Patinkin 0.809
VI We must look at the price system as such a mechanism for communicating information if we want to understand its real function-a function which, of course, it fulfills less perfectly as prices grow more rigid. The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.808
The price-making process, besides being examined as to the deterministic elements of the situations in which the executive must function, requires examination also as to the personal, intellectual, and temperamental qualities which he injects into the production and pricing process to give it its ultimate and effective form.8 That this factor is to little or no extent amenable to quantification does not mean that it can safely be left out of our theories of price determination in present economic society. The Meaning of “Price Policy” 1941 The Quarterly Journal of Economics E. G. Nourse 0.806
’While the writer is a member of the staff of the Office of Price Administration, the views expressed in this paper are his own, and are in no sense an expression of the policy of that Offic The above is obviously not a full list of relevant asumptions; moreover, there are many possible combinations of assumptions. The Effects of the War on Price Policies and Price Making 1942 The American Economic Review John D. Sumner 0.805

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
It is perhaps hardly to be expected that a schedule of administered prices should reveal the flexibility and subtlety of prices which are the spontaneous outcome of competitive market force I49 At this stage of the argument it needs to be explained once again that a good deal of this is based on surmise. Price Policy in the Coal Industry 1953 The Journal of Industrial Economics A. Beacham 0.840
“35 He gets quickly from a consideration of value to what he considers the more relevant”theory of prices,” and his book on principles has as its theme an insistence upon the need for a perfectly general theory of the determination of prices. Jevons and His Precursors 1951 Econometrica Ross M. Robertson 0.834
It is important to free ourselves from the outset, from the assumptions of the rejected model of competitive price determination; they are misleading in that they suggest that perfect knowledge, whatever it means, is important for the attainment of equilibrium, so that the more widespread and certain is the knowledge of the equilibrium price, the more likely is it to be realized; and that, conversely, uncertainty and ignorance regarding it are likely to prevent its realization. Demand and Supply Reconsidered 1956 Oxford Economic Papers G. B. Richardson 0.831
But price equilibria are not inherently desirable, for reasons which it has been the purpose of this paper to sketch. Some Limitations of Competitive Equilibrium 1950 Southern Economic Journal Boris C. Swerling 0.823
The first has been an exaggerated and oversimplified insistence on the allocative function of prices and the consequences of its suspension by controls.2 That one cannot have control and a normally functioning price system is obvious. The Strategy of Direct Control in Economic Mobilization 1951 The Review of Economics and Statistics J. K. Galbraith 0.820
May I venture to express some skepticism about the practical importance of this case which features so prominently in much of the literature on the subject ?1 The importance of long-run considerations must not, of course, be denied on the ground that prices are fixed only for ‘the short period’. The Inadequacy of the Theory of the Firm as a Branch of Welfare Economics 1952 Oxford Economic Papers T. Wilson 0.816
It seems that the requirements of the consumers, as expressed in the fluctuations of market prices, can be transmitted to production, not necessarily by the method of direct orders but by economic means; above all, through an appropriate policy of calculation’ prices, i.e.  On the Role of the Law of Value in Socialist Economy 1957 Oxford Economic Papers Wlodzimierz Brus 0.814
NOTE-A further manuscript, “On the Dichotomy in the Theory of Price” by Yukichi Kurimura, relates to the present topic but was not received until after the above articles were completed. Inconsistency and Indeterminacy in Classical Economics 1951 Econometrica Karl Brunner 0.812
The author does not throw sufficient light on this aspect of the question, presenting the existing system of price-formation as the only possible one. Some Thoughts on Marxism, Scarcity, and Gosplan 1955 Oxford Economic Papers Ronald L. Meek 0.802
All points devolve from the revised theory of price determination, with the first being an implication of it while the belaboring of increasing returns constitutes a revived scent in the old hunt for the social devil. Revised Doctrines of Competition 1955 The American Economic Review Sidney Weintraub 0.800
“7 Because of the position of this discussion in the sequence of his presentation, it is probable that many readers have not appreciated its significance.8 Moreover, its applicability to real situations is made somewhat difficult by the footnote on the same page, which sets forth conditions for competitive pricing that are much more rigorous than necessary. Competition of the Few Among the Many 1956 The Quarterly Journal of Economics Willard D. Arant 0.800
discussion to fix identical prices this ” brings about an extreme rigidity in the structure of prices and in the channels of distribution.” The Monopolies Commission and Price Fixing 1956 The Economic Journal Alex Hunter 0.800

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Consider now the discussants’ interpretations of and emphasis upon price phenomena. On the Problem of Recognizing and Diagnosing Faultiness in the Observed Performance of an Economic System 1962 The Journal of Law & Economics Rutledge Vining 0.842
More precisely put, the way producers form their expectations of what price will prevail in the * Any views expressed in this paper are those of the author. Price Behavior under Alternative Forms of Price Expectations 1964 The Quarterly Journal of Economics George S. Fishman 0.840
Now, a few remarks on the role of prices. Improvement of the Organization and Planned Management of the National Economy 1965 Eastern European Economics Josef Lenart 0.836
And I shall argue that the discrepancy between the two averages of price relatives is not the primary observation that had induced in so many persons the belief that the system had gotten out of order and required fixing; that it is in terms of other variable quantities that the primary observations had been made; that the suspicions and doubts that had been aroused by observations upon the behavior of these other variables are not born of ignorance but are intelligible doubts and suspicions; and that the emphasis upon the behavior of price relatives is placed later in the mental groping of persons, viz., in their contemplation of requisite conditions to be satisfied so that the other primary variables may behave acceptably. On the Problem of Recognizing and Diagnosing Faultiness in the Observed Performance of an Economic System 1962 The Journal of Law & Economics Rutledge Vining 0.832
It has often been stated that in the present environment of administered prices there is less justification in associating changes in total demand with price-level changes than there is under the postulate of a competitively flexible price system. Liquidity and Total Effective Demand 1965 Zeitschrift für Nationalökonomie / Journal of Economics Walter P. Egle 0.824
The argument most worthy of attention Acta Oeconomica Academiae Scientiarum Hungaricae 7, is that the choice of some price system for comparison already introduces many subjective and tendentious factors into the computations. ON THE INTERNATIONAL COMPARISON OF INPUT-OUTPUT TABLES 1966 Acta Oeconomica F. Kozma 0.822
In addition to stating a theoretical description for this case, I shall attempt to analyze its implications with respect to the consequent level of prices and with respect to the flexibility of prices. Conscious Parallelism and the Kinked Oligopoly Demand Curve 1967 The American Economic Review William Hamburger 0.822
The Theory of Price. How Can Fluid Milk Compete Successfully with Imitation Milk? 1968 Illinois Agricultural Economics Roland W. Bartlett 0.821
It is not easy to decide whether on balance the institutions in our economy are such that a model featuring “market-clearing prices” or a model featuring “cost-plus prices” fits better the purposes of speculating about the over-all performance of the entire economy. Another View of Cost-Push and Demand-Pull Inflation 1960 The Review of Economics and Statistics Fritz Machlup 0.820
Since the mid-Nineteen Thirties so-called price theory has undergone significant alterations, one of the most important of which is that no longer do economists attach any moral significance to the words “price” and “equilibrium” when they are used alone.42 But Ayres refuses to accept this current interpretation. Institutionalism and Contemporary Price Theory 1961 The American Journal of Economics and Sociology Louis A. Dow 0.819
If this belief is so widespread, it seems appropriate to consider as part of price analysis - particularly if any thought of prescription is involved - whether any circumstances exist in which market-determined pricing would work less smoothly than is indicated by the usual static equilibrium treatment of pure competition. The Economics of Disequilibrium Price 1961 The Quarterly Journal of Economics Romney Robinson 0.819

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
The reader is here confronted,with a priori arguments that have no foundation in any explicitly formulated price theory, and the discussion in this section is difficult to accept as it is. A Commentary on the Åberg Measurements of Productivity 1970 The Swedish Journal of Economics Tomas Restad 0.838
Frequently also the impression is given that the “indeterminacy” of the price is an inadequacy of the theory while in fact it is a fundamental feature of social and economic organization. Thirteen Critical Points in Contemporary Economic Theory: An Interpretation 1972 Journal of Economic Literature Oskar Morgenstern 0.837
In the apparent absence of the usual sorts of pricing, it is natural to ask what power economic theory in general retains for explaining behavior. A Production Function for Dental Services: Estimation and Economic Implications 1977 Southern Economic Journal Richard M. Scheffler, John E. Kushman 0.829
This attack on the normative implications of price theory has a good deal of substance, all the more so because these normative implications are often implied rather than merely expounded. Prices and Other Institutions 1977 Journal of Economic Issues Kenneth E. Boulding 0.828
The purpose here is not to detail the technicalities of a particular price-setting formula but rather to consider the general nature of some of the problems involved. Some Aspects of Water Pricing in Non-Industrial Communities 1971 Land Economics C. W. Fristoe, N. G. Keig , F. O. Goddard 0.827
It is true that the laws of supply and demand immediately suggest themselves as a possible basis for a tendency to constancy, but this is a very different matter from simple constancy; indeed, introducing the price mechanism leads to an exceedingly complex analysis. Some Elementary Selection Processes in Economics 1970 The Review of Economic Studies M. J. Farrell 0.822
This statement must induce us to a thorough reconsideration of the theories of market, demand, supply and prices, but their elaboration cannot be done within the limits of this article. THE MEASUREMENT OF SHORTAGE 1976 Acta Oeconomica J. Kornai 0.822
The Theory of Price. On Domestic Demand and Ability to Export 1971 Journal of Political Economy Jacob A. Frenkel 0.821
The Theory of Price. Income Distributions in Two Experimental Economies 1977 Journal of Political Economy Raymond C. Battalio, John H. Kagel , Morgan O. Reynolds 0.821
The Theory of Price. Price, Quality, and Market Share 1970 Journal of Political Economy Keith Cowling, A. J. Rayner 0.821

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
In Section III we set out the two competing hypotheses and develop a model for the determination of prices which we use to choose between them. Deregulating Express Coaches: A Reassessment 1986 Fiscal Studies S.M. JAFFER , D.J. THOMPSON 0.853
1 The issues raised here are related to a more general question: Why do economic agents use the price system in some circumstances but not in others? Decreasing Average Cost and Competition: A New Look at the Addyston Pipe Case 1982 The Journal of Law & Economics George Bittlingmayer 0.833
Yet another dimension to both the nature and role of prices in the real world economy is found in Paul Davidson’s and J. Growth, Profits, and Property: A Review Article 1982 Journal of Post Keynesian Economics Wallace Peterson 0.828
It thus provides a rationale for an aspect of the pricing process that various authors in empirical work with the conventional neo-classical model have vaguely attempted to capture with partial adjustment mechanisms. On the Theory of the Firm Underlying Empirical Models of Aggregate Price Behavior 1981 International Economic Review Louis J. Maccini 0.827
The Theory of Price. Geographic Market Definition under the U. S. Department of Justice Merger Guidelines 1987 The Journal of Law & Economics David T. Scheffman, Pablo T. Spiller 0.821
The Theory of Price. Groundwater: Focusing on the Real Issue 1983 Journal of Political Economy Micha Gisser 0.821
The Theory of Price. Bibliography 1983 The Scandinavian Journal of Economics George J. Stigler 0.821
The Theory of Price. Economic Competition and Political Competition: A Comment 1980 Public Choice William W. Brown, Gary J. Santoni 0.821
The Theory of Price. Delineating Coal Market Regions 1986 Economic Geography Barry D. Solomon, John J. Pyrdol 0.821
The Theory of Price. Price Leadership: A Theoretical Analysis 1982 Economica Yoshiyasu Ono 0.821
The Theory of Price. Cartelization of the California-Arizona Orange Industry, 1934-1981 1986 The Journal of Law & Economics Lawrence Shepard 0.821

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Meaning of “Price Policy” 1941 The Quarterly Journal of Economics E. G. Nourse 19 0.615
Output Fluctuations and Gradual Price Adjustment 1981 Journal of Economic Literature Robert J. Gordon 14 0.613
The Price System 1948 The Economic Journal H. D. Henderson 12 0.611
Price Dependent Preferences 1977 The American Economic Review Robert A. Pollak 12 0.599
The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 12 0.633
The Price System and Economic Change, A Commentary on Theory and History 1960 The Journal of Economic History Eric E. Lampard 10 0.598
On the Problem of Recognizing and Diagnosing Faultiness in the Observed Performance of an Economic System 1962 The Journal of Law & Economics Rutledge Vining 9 0.628
TWO STAGES OF THE HUNGARIAN DEBATE ON PRICES 1966 Acta Oeconomica B. Csikós-Nagy 9 0.603
The Economics of Disequilibrium Price 1961 The Quarterly Journal of Economics Romney Robinson 8 0.603
Some Seventeenth Century Contributions to the Theory of Value 1963 Economica Marian Bowley 8 0.599

Top articles (most sentences) of the cluster for each time window

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
The Meaning of “Price Policy” 1941 The Quarterly Journal of Economics E. G. Nourse 19 0.615
The Price System 1948 The Economic Journal H. D. Henderson 12 0.611
Market Classifications in Modern Price Theory 1942 The Quarterly Journal of Economics Joe S. Bain 7 0.628
The Normative Problem in Industrial Regulation 1943 The American Economic Review Joe S. Bain 6 0.588
Price Theory and Oligopoly 1947 The Economic Journal K. W. Rothschild 6 0.615
J. S. Mill and J. E. Cairnes 1943 Economica George O’Brien 5 0.606
The Price System and the War Economy 1941 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Stewart Bates 4 0.602
Dr. Nourse on Low-Price Policy: A Review 1944 Journal of Farm Economics William H. Nicholls 4 0.623
Price Control and the Wartime Pricing of Farm Products 1944 Journal of Farm Economics E. J. Working 4 0.607
On the Economic Significance of Culture 1944 The Journal of Economic History Harold A. Innis 4 0.600
The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 4 0.625
Price Policies 1945 Southern Economic Journal A. G. Abramson 4 0.604
The Marginal Cost Controversy 1946 Economica R. H. Coase 4 0.596
“Ability to Pay” 1946 The Quarterly Journal of Economics Bernard W. Dempsey, S. J. 4 0.592
“Bargaining Power” In Price and Wage Determination 1948 The Quarterly Journal of Economics Charles E. Lindblom 4 0.608

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Price-setting Problems in the Polish Economy 1957 Journal of Political Economy John Michael Montias 7 0.621
Industrial Prices in the USSR 1959 The American Economic Review Gregory Grossman 7 0.603
A Critique of Marginal Cost Pricing 1955 Land Economics Robert W. Harbeson 6 0.605
Changing Economic Thought in Poland 1957 Oxford Economic Papers P. J. D. Wiles 6 0.628
The Pricing of Manufactured Products and the Case Against Imperfect Competition: A Rejoinder 1951 The Economic Journal Austin Robinson 5 0.628
Individual vs. Group Commodity Reserves for Price Stabilization 1951 Journal of Farm Economics Ralph J. Scanlan 5 0.596
Scarcity, Marxism, and Gosplan 1953 Oxford Economic Papers P. J. D. Wiles 5 0.644
Price and Value in Industrial Markets 1959 The Economic Journal M. Gottlieb 5 0.596
Production and Price Policy in Public Enterprise 1950 Economica Marcus Fleming 4 0.603
The Inadequacy of the Theory of the Firm as a Branch of Welfare Economics 1952 Oxford Economic Papers T. Wilson 4 0.603
Price Policy in the Coal Industry 1953 The Journal of Industrial Economics A. Beacham 4 0.614
The Problem of “Success Indicators” in Soviet Industry 1958 Economica A. Nove 4 0.661
Structure and Structural Change: Weaselwords and Jargon 1958 Zeitschrift für Nationalökonomie / Journal of Economics Fritz Machlup 4 0.600
Pricing Objectives in Large Companies: Comment 1959 The American Economic Review Alfred E. Kahn 4 0.631
Equilibrium, Expectations and Information 1959 The Economic Journal G. B. Richardson 4 0.633

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
The Price System and Economic Change, A Commentary on Theory and History 1960 The Journal of Economic History Eric E. Lampard 10 0.598
On the Problem of Recognizing and Diagnosing Faultiness in the Observed Performance of an Economic System 1962 The Journal of Law & Economics Rutledge Vining 9 0.628
TWO STAGES OF THE HUNGARIAN DEBATE ON PRICES 1966 Acta Oeconomica B. Csikós-Nagy 9 0.603
The Economics of Disequilibrium Price 1961 The Quarterly Journal of Economics Romney Robinson 8 0.603
Some Seventeenth Century Contributions to the Theory of Value 1963 Economica Marian Bowley 8 0.599
A Note on “Accounting Prices” and the Role of the Price Mechanism in Planning for Development 1966 The Swedish Journal of Economics Gunnar Myrdal 7 0.623
Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 7 0.617
The Relation between Prices and Production-Financial Planning in the New Economic System 1967 Eastern European Economics Klaus Reiher , Erich Schierz 7 0.591
Industrial Pricing: The Theoretical Basis 1968 The Swedish Journal of Economics Odd Langholm 7 0.603
Socialist Operational Price Systems 1963 The American Economic Review Aleksy Wakar , Janusz G. Zieliński 6 0.606
The Restrictive Practices Court and Reasonable Prices 1964 The Journal of Industrial Economics James P. Cairns 6 0.622
A Survey of Welfare Economics, 1939-59 1960 The Economic Journal E. J. Mishan 5 0.604
The Soviet Price System 1962 The American Economic Review Morris Bornstein 5 0.655
Social Determinants of Price in Several African Markets 1963 Economic Development and Cultural Change Edwin R. Dean 5 0.606
Institutionalism and Contemporary Price Theory 1961 The American Journal of Economics and Sociology Louis A. Dow 4 0.617

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Price Dependent Preferences 1977 The American Economic Review Robert A. Pollak 12 0.599
Prices, Markets and Planning 1972 The Economic Journal C. J. Bliss 8 0.628
Adam Smith: The Labor Market as the Basis of Natural Right 1977 Journal of Economic Issues Thomas J. Lewis 8 0.611
Welfare Criteria with Endogenous Preferences: The Economics of Education 1974 International Economic Review Herbert Gintis 7 0.605
Surveys of Applied Economics: Price Behaviour of Firms 1970 The Economic Journal Aubrey Silberston 6 0.609
The Prices and Incomes Board and Private Sector Prices: A Survey 1971 The Economic Journal J. F. Pickering 6 0.601
Price-Taking Behavior 1977 Econometrica Leif Johansen 6 0.620
Prices and Other Institutions 1977 Journal of Economic Issues Kenneth E. Boulding 6 0.606
Optimal Departures From Marginal Cost Pricing 1970 The American Economic Review William J. Baumol, David F. Bradford 5 0.598
Economics: Allocation or Valuation? 1974 Journal of Economic Issues Philip A. Klein 5 0.615
Changes in the Price Level in a Socialist Economy 1975 Eastern European Economics Jan Mujżel 5 0.617
CONTRIBUTION TO THE THEORY OF PRICE MECHANISM 1978 Acta Oeconomica B. CSIKÓS-NAGY 5 0.618
Theoretical Basis for the Reform of Sale Prices in Socialist Countries 1970 Eastern European Economics Wladyslaw Sztyber, Jan Solecki 4 0.641
Prices vs. Quantities 1974 The Review of Economic Studies Martin L. Weitzman 4 0.604
Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 4 0.610

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Output Fluctuations and Gradual Price Adjustment 1981 Journal of Economic Literature Robert J. Gordon 14 0.613
The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 12 0.633
A Review of Recent Work in the Area of Inflationary Expectations 1980 Weltwirtschaftliches Archiv James H. Chan-Lee 8 0.613
Some Macro Foundations for Micro Theory 1981 Brookings Papers on Economic Activity Charles L. Schultze, William Fellner , Robert J. Gordon 8 0.655
Commodities and Capital: Prices and Quantities 1983 The American Economic Review Gardner Ackley 8 0.651
Stability, Disequilibrium Awareness, and the Perception of New Opportunities 1981 Econometrica Franklin M. Fisher 7 0.625
The Economics of Michał Kalecki 1985 Eastern European Economics Malcolm C. Sawyer 7 0.615
From Walras’s General Equilibrium to Hicks’s Temporary Equilibrium 1989 Recherches Économiques de Louvain / Louvain Economic Review Bruna INGRAO 6 0.602
Reflections on Rational Expectations 1980 Journal of Money, Credit and Banking Phillip Cagan 5 0.700
Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 5 0.637
Monetarism and Economic Theory 1980 Economica F. H. Hahn 5 0.608
Methods and Problems in Business Cycle Theory 1980 Journal of Money, Credit and Banking Robert E. Lucas, Jr. 5 0.599
Irrationality of “Rational Expectations” 1982 Journal of Post Keynesian Economics Gustavo Maia Gomes 5 0.634
Underemployment Equilibrium with Rational Expectations 1982 The Quarterly Journal of Economics Geoffrey Woglom 5 0.673
Efficiency of Experimental Security Markets with Insider Information: An Application of Rational-Expectations Models 1982 Journal of Political Economy Charles R. Plott, Shyam Sunder 5 0.611

Closest clusters of the cluster per decade

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0173507
10: valuations, economic_values, reconsideration, judgments, valuation 0.0140429
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0094167
3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0077725
36: capitalism, marx, socialist, capitalistic, soviet -0.0026880
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.0515523
8: farm, agriculture, agricultural, land, farmers -0.0735547
14: rationalisation, rationalization, men’s, und, rational_action -0.0811817
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1469748
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1611475
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1772511
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1808246

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0416393
10: valuations, economic_values, reconsideration, judgments, valuation 0.0206155
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0041691
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0262873
8: farm, agriculture, agricultural, land, farmers -0.0478991
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0584118
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0857257
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0952557
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0976930
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1010080
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1113266
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1242580
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1803866

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0231549
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0230098
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.0379183
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0401116
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0609270
8: farm, agriculture, agricultural, land, farmers -0.0947185
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1090751
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1204743
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1223834
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1276856
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.1530888

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.0419781
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0401448
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0272700
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0741191
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0746749
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1143812
72: model, models, modeling, rational_expectations, economic_models -0.1169707
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1175545
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.1201934
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1346226
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1401355
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1476319

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
87: asset, rational_expectations, investors, rational_investors, traders 0.1029344
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0767149
82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0270053
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0131342
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0592432
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0686723
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.0803457
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.0864895
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1205737
72: model, models, modeling, rational_expectations, economic_models -0.1214642
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1330674
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.2235875

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9532413
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9311528
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9057047
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.8562263
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.4265732
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.3247280
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.1880944
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1422457
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1348598
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1292375
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1159293
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0991447
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0943710
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.0936138
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.0881597

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9604321
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9532413
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9404116
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.8743472
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.3751546
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.2830305
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1380160
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.1347699
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.1246456
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1213971
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.1075486
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.0864808
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0784207
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0758652
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.0740672

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9677092
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9604321
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9311528
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.8991149
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.3026038
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.2633455
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.2049216
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.1866943
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.1338086
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1337331
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1122724
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0901196
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.0899426
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.0765043
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0748190

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9677092
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9404116
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9358854
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9057047
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.2546714
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.2209490
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.1757702
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.1593809
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1295875
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.1190682
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.1119173
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.1083088
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.1035885
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0962305
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0889557

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.9358854
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.8991149
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.8743472
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.8562263
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.2523102
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.2491812
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.1631646
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.1484390
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1418314
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.1242672
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.1230523
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.1102957
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1070298
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.1029344
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.1029253

Intertemporal cluster 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur

The cluster gathers 1920 sentences from our corpus. It represents 1.19% of all the sentences selected over the whole period.

The community exists from 1940 to 1969.

The most recurring authors are Fritz Machlup (36 sentences), G. B. Richardson (23 sentences), William J. Baumol (18 sentences), J. Fred Weston (16 sentences), Stephen Enke (16 sentences), Brian J. Loasby (13 sentences), G. F. Thirlby (13 sentences), J. M. Clark (13 sentences), P. W. S. Andrews (13 sentences), R. F. Harrod (13 sentences).

The most recurring journals are The American Economic Review (366 sentences), The Quarterly Journal of Economics (207 sentences), Journal of Political Economy (126 sentences), Oxford Economic Papers (125 sentences), The Economic Journal (122 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
businessman 0.0018407
profit_maximization 0.0014536
businessmen 0.0013081
entrepreneurial 0.0010431
entrepreneur 0.0010394
maximization 0.0009121
business_decisions 0.0008739
firms 0.0007995
business_behavior 0.0007078
profit_maximisation 0.0007024
managerial 0.0006843
profit_maximizing 0.0006743
entrepreneurs 0.0006645
firm 0.0006348
enterprise 0.0006059
enterprises 0.0005848
maximisation 0.0005578
corporation 0.0005099
maximizing 0.0005093
private_enterprise 0.0005039

Top TF-IDF terms describing the community for each time window

Top terms 1940-1949

Token TF-IDF
business_behavior 0.0019482
entrepreneur 0.0017755
businessman 0.0017659
business_behaviour 0.0016220
entrepreneurial 0.0015314
businessmen 0.0012721
entrepreneurs 0.0012559
enterprise 0.0012044
business_enterprise 0.0011645
maximum_profits 0.0011490
monopoly_power 0.0011489
marginal_revenue 0.0010364
plant 0.0009361
monopolistic_competition 0.0008911
pure_competition 0.0008707

Top terms 1950-1959

Token TF-IDF
businessman 0.0033815
business_behaviour 0.0025802
businessmen 0.0024592
business_decisions 0.0020182
entrepreneurial 0.0019520
profit_maximization 0.0017565
entrepreneur 0.0017510
entrepreneurs 0.0015213
profit_maximisation 0.0014527
private_enterprise 0.0014487
maximisation 0.0013762
maximum_profits 0.0013327
elite 0.0011850
enterprise_system 0.0011299
enterprise_economy 0.0010943

Top terms 1960-1969

Token TF-IDF
profit_maximization 0.0024347
businessmen 0.0016950
businessman 0.0016668
enterprises 0.0015039
entrepreneurial 0.0014716
managerial 0.0014456
firms 0.0013580
firm 0.0012122
maximization 0.0012056
profit_maximizing 0.0010694
entrepreneur 0.0010170
entrepreneurs 0.0009954
enterprise 0.0009876
corporation 0.0009263
business_decisions 0.0008694

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
For businessmen the application of this kind of criterion can lead to behavior which entrepreneurs in other societies might regard as in conflict with “rational” calculations. French Canadians as Industrial Entrepreneurs 1960 Journal of Political Economy Norman W. Taylor 0.807
The theory advanced here attempts to make explicit the way in which intended but limited rationality operates as a limitation to firm size. Hierarchical Control and Optimum Firm Size 1967 Journal of Political Economy Oliver E. Williamson 0.781
Profit maximization is not the same thing as rationality because other ends also may be pursued in a rational way. Recent Developments in Economics 1954 The Quarterly Journal of Economics F. Zeuthen 0.772
Can it not be assumed that rational firms have already taken such possibilities into account? Economic Standards for Competitive Freight Rates 1966 Journal of Farm Economics James C. Nelson 0.761
The apparent paradox to be faced is that the economic theory of the firm and the theory of administration attempt to deal with human behavior in situations in which that behavior is at least “intendedly” rational; while, at the same time, it can be shown that if we assume the global kinds of rationality of the classical theory the problems of internal structure of the firm or other organization largely disappear.8 The paradox vanishes, and the outlines of theory begin to emerge when we substitute for “economic man” or “administrative man” a choosing organism of limited knowledge and ability. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.757
The businessman reaches this gain by acting “rationally”, i.e.  Recent Developments of American Economic Thinking 1951 Weltwirtschaftliches Archiv Emil Kauder 0.754
There is no adequate solution of the problem of defining “rational economic behavior” on the part of an individual when the very rationality of his actions depends on the probable behavior of other individuals: in the case of oligopoly, other sellers. The Theory of Economic Behavior 1945 The American Economic Review Leonid Hurwicz 0.751
This is not to deny that a goodly portion of all business behavior may be non-rational, thoughtless, blindly repetitive, deliberately traditional, or mot’vated by extra-economic objectives. Marginal Analysis and Empirical Research 1946 The American Economic Review Fritz Machlup 0.737
Since this is consistent with the view that shareholders are rational in seeking to maximize their wealth, and that management rationally seeks objectives other than profit maximization, while any other interpretation assumes that at least one of these parties acts irrationally, one may conclude that there is substantial empirical evidence favouring abandonment of the time-honoured profit-maximization assumption. Profit, Growth and Sales Maximization 1966 Economica John Williamson 0.737
It is pertinent, however, to remark that the assumption that entrepreneurs maximise their profits and consumers their utility is not usually taken to imply that the rational man must be well-grounded in the differential calculus. Safety First and the Holding of Assets 1952 Econometrica A. D. Roy 0.733
The economist evolved a theory of how the rational businessman maximizes his profits; but this theory, however unassailable it may be logically, does not fit the facts of business practice very well. A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 0.732
Only when habit becomes an excessively poor guide, or when strong external pressure goads the entrepreneur, does a close examination of alternatives result in a conscious decision which might be measured by standards of “rationality.” Scale of Output and Internal Organization of the Firm 1955 The Quarterly Journal of Economics F. E. Balderston 0.731
There is some parallel between the choice of the rationalistic versus the behavioristic views of the firm and the choice between optimization and “satisficing” in the attainment of goals. Operations Research and the Theory of the Firm 1962 Southern Economic Journal Almarin Phillips 0.731
It would seem that we ought to find a higher degree of rationality in the field of production since the entrepreneur often undertakes complicated economic calculations. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.730
The attitude of these businessmen was increasingly ruled by the principle that, in the last analysis, rational economic behavior should consist in choosing from among available alternatives and should be ruled by assumptions as to probable conditions of markets. Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 0.727
Difficulties of rational firm behaviour. Profit Illusion and Policy-Making in an Inflationary Economy 1965 Oxford Economic Papers Werner Baer , Mario Henrique Simonsen 0.727
Though the problem with which I want primarily to deal in this paper is the problem of a rational economic organization, I shall in its course be led again and again to point to its close connections with certain methodological questions. The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.723
The assumption that entrepreneurs choose the technique of production which maximizes R which is made at this stage of the argument may not be a bad approximation to actual decisions. Technical Progress, Profits, and Growth 1968 Oxford Economic Papers W. A. Eltis 0.723
o With this qualification, it seems to us, the assumption of the “economic man” and the rationality of his conduct is typically correct, at least in so far as the behavior of the entrepreneur is concerned. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.721
The author implies that business behavior which is not motivated by profit maximization is “non-rational, thoughtless, blindly repetitive . On the Scientific Foundations of Marginalism 1962 The American Journal of Economics and Sociology Adamantia Pollis , Bertram L. Koslin 0.719

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
There is no adequate solution of the problem of defining “rational economic behavior” on the part of an individual when the very rationality of his actions depends on the probable behavior of other individuals: in the case of oligopoly, other sellers. The Theory of Economic Behavior 1945 The American Economic Review Leonid Hurwicz 0.751
This is not to deny that a goodly portion of all business behavior may be non-rational, thoughtless, blindly repetitive, deliberately traditional, or mot’vated by extra-economic objectives. Marginal Analysis and Empirical Research 1946 The American Economic Review Fritz Machlup 0.737
Though the problem with which I want primarily to deal in this paper is the problem of a rational economic organization, I shall in its course be led again and again to point to its close connections with certain methodological questions. The Use of Knowledge in Society 1945 The American Economic Review F. A. Hayek 0.723
o With this qualification, it seems to us, the assumption of the “economic man” and the rationality of his conduct is typically correct, at least in so far as the behavior of the entrepreneur is concerned. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.721
We must frankly admit that in considering the relations of motive to policy, and especially in judging in what direction the springs of human action will drive the business executive facing the pricing and production problem, one economist’s, or one psychologist’s, guess is as good as another’s. Price-Making in a Democracy 1945 Journal of Political Economy A. B. Wolfe 0.700
This is another facet of the basic variable: the rational spirit, which permeating so many spheres of life from the economic to the religiou.s and artistic produced the atmosphere favourable to the ” formal rationality ” of the entrepreneur. ” Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 0.699
These differences of profit rates provide in turn a toe hold for assumptions about rational behavior, the effect of which may be either to advance or retard the instabilities of technological origin. Some Conditions of Macroeconomic Stability 1948 Econometrica David Hawkins 0.695
Yet this need not happen: rationality of firms’ behavior is probably not a bad first approximation and can be well utilized in realistic analyses of the economy as a whole. A Cross Section of Business Cycle Discussion 1945 The American Economic Review Jacob Marschak 0.690
The assumption of economic rationality implies that management so chooses the values of the parameters over which it has control that income is a maximum, the values of all other parameters being taken as given. The Direct Effects of a Corporate Income Tax 1942 The Quarterly Journal of Economics Philip D. Bradley 0.689
If it were generally recognized, for example, that decisions which had to be taken often involved considerations other than those of the most immediate profits of a particular firm, the decisions which were made, even without governmental control or regulation, might be wiser. Economic Planning and the Problem of Full Employment 1940 The American Economic Review Calvin B. Hoover 0.688
Few of these postulates have a firm empirical basis; none has been deduced from the principle of rational behavior, i.e., of maximizing expected profits or utilities.3 With noncompetitive markets, further difficulties are added. Neumann’s and Morgenstern’s New Approach to Static Economics 1946 Journal of Political Economy J. Marschak 0.685
Similar in this respect to the theory of consumers’ choices, the theory of short-run producers’ behavior proceeds on the basis of a simple postulate of rationality. The Measurement of Statistical Cost Functions: An Appraisal of Some Recent Contributions 1942 The American Economic Review Hans Staehle 0.685

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Profit maximization is not the same thing as rationality because other ends also may be pursued in a rational way. Recent Developments in Economics 1954 The Quarterly Journal of Economics F. Zeuthen 0.772
The apparent paradox to be faced is that the economic theory of the firm and the theory of administration attempt to deal with human behavior in situations in which that behavior is at least “intendedly” rational; while, at the same time, it can be shown that if we assume the global kinds of rationality of the classical theory the problems of internal structure of the firm or other organization largely disappear.8 The paradox vanishes, and the outlines of theory begin to emerge when we substitute for “economic man” or “administrative man” a choosing organism of limited knowledge and ability. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.757
The businessman reaches this gain by acting “rationally”, i.e.  Recent Developments of American Economic Thinking 1951 Weltwirtschaftliches Archiv Emil Kauder 0.754
It is pertinent, however, to remark that the assumption that entrepreneurs maximise their profits and consumers their utility is not usually taken to imply that the rational man must be well-grounded in the differential calculus. Safety First and the Holding of Assets 1952 Econometrica A. D. Roy 0.733
The economist evolved a theory of how the rational businessman maximizes his profits; but this theory, however unassailable it may be logically, does not fit the facts of business practice very well. A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 0.732
Only when habit becomes an excessively poor guide, or when strong external pressure goads the entrepreneur, does a close examination of alternatives result in a conscious decision which might be measured by standards of “rationality.” Scale of Output and Internal Organization of the Firm 1955 The Quarterly Journal of Economics F. E. Balderston 0.731
It would seem that we ought to find a higher degree of rationality in the field of production since the entrepreneur often undertakes complicated economic calculations. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.730
The attitude of these businessmen was increasingly ruled by the principle that, in the last analysis, rational economic behavior should consist in choosing from among available alternatives and should be ruled by assumptions as to probable conditions of markets. Prolegomena to a History of Economic Reasoning 1951 The Quarterly Journal of Economics Karl Pribram 0.727
There is nothing inherently less rational in such an aim than in profit maximization. Marginalism and the Demand for Cash in Light of Operations Research Experience 1958 The Review of Economics and Statistics William J. Baumol 0.717
“PROFIT MAXIMIZATION” NOT A GUIDE TO ACTION Current economic analysis of economic behavior relies heavily on decisions made by rational units customarily assumed to be seeking perfectly optimal situations. Uncertainty, Evolution, and Economic Theory 1950 Journal of Political Economy Armen A. Alchian 0.716
Once any one of these three conditions is invalidated, even if the others remain true, the traditional profit maximizing postulate can no longer be said to be the sole criterion of entrepreneurial rationality, even though it may still be the most important determinant of business behaviour. Non-Pecuniary Elements and Business Behaviour 1959 Oxford Economic Papers John H. Dunning 0.708
Theoretical economic analysis commonly proceeds on the assumption that a business man, when acting rationally, enlarges his output to the point at which his net profits are maximised; but this assumption seems to be refuted by the common observation that the general run of business man is content to stop short of that point. Economic Progress, Retrospect and Prospect 1950 The Economic Journal G. C. Allen 0.707

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
For businessmen the application of this kind of criterion can lead to behavior which entrepreneurs in other societies might regard as in conflict with “rational” calculations. French Canadians as Industrial Entrepreneurs 1960 Journal of Political Economy Norman W. Taylor 0.807
The theory advanced here attempts to make explicit the way in which intended but limited rationality operates as a limitation to firm size. Hierarchical Control and Optimum Firm Size 1967 Journal of Political Economy Oliver E. Williamson 0.781
Can it not be assumed that rational firms have already taken such possibilities into account? Economic Standards for Competitive Freight Rates 1966 Journal of Farm Economics James C. Nelson 0.761
Since this is consistent with the view that shareholders are rational in seeking to maximize their wealth, and that management rationally seeks objectives other than profit maximization, while any other interpretation assumes that at least one of these parties acts irrationally, one may conclude that there is substantial empirical evidence favouring abandonment of the time-honoured profit-maximization assumption. Profit, Growth and Sales Maximization 1966 Economica John Williamson 0.737
There is some parallel between the choice of the rationalistic versus the behavioristic views of the firm and the choice between optimization and “satisficing” in the attainment of goals. Operations Research and the Theory of the Firm 1962 Southern Economic Journal Almarin Phillips 0.731
Difficulties of rational firm behaviour. Profit Illusion and Policy-Making in an Inflationary Economy 1965 Oxford Economic Papers Werner Baer , Mario Henrique Simonsen 0.727
The assumption that entrepreneurs choose the technique of production which maximizes R which is made at this stage of the argument may not be a bad approximation to actual decisions. Technical Progress, Profits, and Growth 1968 Oxford Economic Papers W. A. Eltis 0.723
The author implies that business behavior which is not motivated by profit maximization is “non-rational, thoughtless, blindly repetitive . On the Scientific Foundations of Marginalism 1962 The American Journal of Economics and Sociology Adamantia Pollis , Bertram L. Koslin 0.719
If, for example, the security and profit attached to loans to an impecunious aristocracy were more attractive than those attached to investment in an iron manufactory, he would be a curious sort of entrepreneur who, on rational grounds, chose the latter. Economic History and Economic Underdevelopment 1961 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Barry E. Supple 0.714
And because, as a first approximation, money revenue is regarded as the entrepreneur’s single aim, this outcome would be 1 Robbins appears to switch to this view of rationality in giving an instance of inconsistency which can be shown up by economics: the inconsistency of wishing to satisfy consumers’ demands fully and at the same time wishing to impede the import of foreign goods by tariffs. Economists’ Cost Rules and Equilibrium Theory 1960 Economica G. F. Thirlby 0.708
If the profit-maximizing assumption is to be accepted as reasonable, it is necessary to recognize the fact that we deal with profit-maximizing behavior in a world which offers more alternative courses of action and yet imposes far more constraints than can be summed up in a revenue and a cost curve. The Economics of Disequilibrium Price 1961 The Quarterly Journal of Economics Romney Robinson 0.704
In resorting to the notion of bounded rationality, we ally ourselves with Ross in his claim that economic arguments regarding a static limitation to firm size have not taken adequately into account the contributions which organization theory has made to this problem. Hierarchical Control and Optimum Firm Size 1967 Journal of Political Economy Oliver E. Williamson 0.702

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 10% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
One arises because of the convenient assumption of rational profit-maximizing behavior on the part of the theoretical entrepreneur and the disturbing fact that firms, as they are observed in the real world, do not appear to behave consistently in such a manner. A Theory of Interfirm Organization 1960 The Quarterly Journal of Economics Almarin Phillips 0.833
Theoretical economic analysis commonly proceeds on the assumption that a business man, when acting rationally, enlarges his output to the point at which his net profits are maximised; but this assumption seems to be refuted by the common observation that the general run of business man is content to stop short of that point. Economic Progress, Retrospect and Prospect 1950 The Economic Journal G. C. Allen 0.818
The economist evolved a theory of how the rational businessman maximizes his profits; but this theory, however unassailable it may be logically, does not fit the facts of business practice very well. A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 0.802
First, I shall argue that it can be used to explain some types of business behaviour which have often been observed in practice but which are difficult to rationalise in terms of a profit maximisation objective. On the Theory of Oligopoly 1958 Economica William J. Baumol 0.782
Once any one of these three conditions is invalidated, even if the others remain true, the traditional profit maximizing postulate can no longer be said to be the sole criterion of entrepreneurial rationality, even though it may still be the most important determinant of business behaviour. Non-Pecuniary Elements and Business Behaviour 1959 Oxford Economic Papers John H. Dunning 0.781
It is pertinent, however, to remark that the assumption that entrepreneurs maximise their profits and consumers their utility is not usually taken to imply that the rational man must be well-grounded in the differential calculus. Safety First and the Holding of Assets 1952 Econometrica A. D. Roy 0.778
The apparent paradox to be faced is that the economic theory of the firm and the theory of administration attempt to deal with human behavior in situations in which that behavior is at least “intendedly” rational; while, at the same time, it can be shown that if we assume the global kinds of rationality of the classical theory the problems of internal structure of the firm or other organization largely disappear.8 The paradox vanishes, and the outlines of theory begin to emerge when we substitute for “economic man” or “administrative man” a choosing organism of limited knowledge and ability. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.773
Can it not be assumed that rational firms have already taken such possibilities into account? Economic Standards for Competitive Freight Rates 1966 Journal of Farm Economics James C. Nelson 0.770
Profit maximization is not the same thing as rationality because other ends also may be pursued in a rational way. Recent Developments in Economics 1954 The Quarterly Journal of Economics F. Zeuthen 0.769
This paper is not concerned with the question, to which P. W. S. Andrews has directed his attention, whether the commended behaviour does indeed lead to maximum profits, even on its own assumptions.4 But it does need to be remembered, by those who extol the virtue of profit-maximizing behaviour, that such behaviour is rational only if the object is to make as much money as possible. Management Economics and the Theory of the Firm 1967 The Journal of Industrial Economics Brian J. Loasby 0.768
“’6”Whenever this determinant happens to lead to behaviour consistent with rational and informed maximization of returns, the business will prosper and acquire resources with which to expand; whenever it does not, the business will tend to lose resources and can be kept in existence only by the addition of resources from outside. Maximization of Profit 1961 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. A. Ashley 0.763
When we look more closely at their idea of the self-interest of entrepreneurs and capitalists we cannot fail to discover that the results it was supposed to produce are really not at all what one would expect from the rational self-interest of the detached individual or the childless couple who no longer look at the world through 21Price Theory, 69. Maximization of Profit 1961 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. A. Ashley 0.761
If one retains for a moment the usual assumptions about consistency, rationality, and knowledge, then the situation facing a firm at a particular time will determine an ideal level of achievement for each of its objectives, just as the situation facing a consumer will determine an ideal level of expendi- 17 Private communication. Management Economics and the Theory of the Firm 1967 The Journal of Industrial Economics Brian J. Loasby 0.758
Finally, business men may not be influenced solely by the profit motive-habit, altruism, pride, or other noneconomic factors may be important-and here the marginal theory gives us no guide whatever.20 But if we assume that business men are activated by the profit motive and are rational,21 then we have already assumed that they attempt-within the limits of their knowledge, inclination, and competence-to maximize profits, and the only method we have yet devised for showing how this can be done 18 Cf. Capacity Production and the Least Cost Point 1948 The American Economic Review Walter W. Haines 0.755
o With this qualification, it seems to us, the assumption of the “economic man” and the rationality of his conduct is typically correct, at least in so far as the behavior of the entrepreneur is concerned. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.749

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Next, it can be shown that certain specific theories predict policies which business men do not usually follow, and which, indeed, they are well advised not to follow if they wish to make a profit.3 This is essentially a matter of showing that the specific assumptions on which these theories are based are invalid, and, while it is useful to be able to discard false theories, it still leaves open the possibility of replacing these specific assumptions by more general ones which will be valid. Deductive Systems and Empirical Generalizations in the Theory of the Firm 1952 Oxford Economic Papers M. J. Farrell 0.840
One arises because of the convenient assumption of rational profit-maximizing behavior on the part of the theoretical entrepreneur and the disturbing fact that firms, as they are observed in the real world, do not appear to behave consistently in such a manner. A Theory of Interfirm Organization 1960 The Quarterly Journal of Economics Almarin Phillips 0.833
Certain producers exhibit surprising nonchalance, or indifference, even to the point where they submit through mere fear of change to a routine which damages their interests.7 Very generally, in fact, the decisions of entrepreneurs are not the result of probability calculations, but are suggested by impressions, hopes, fears, and gambles on the future.8 Learned pages in economic treatises devoted to elaborating the minutiae of economic calculations appear much more like an ideal offered to businessmen than like a record of observations. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.825
Theoretical economic analysis commonly proceeds on the assumption that a business man, when acting rationally, enlarges his output to the point at which his net profits are maximised; but this assumption seems to be refuted by the common observation that the general run of business man is content to stop short of that point. Economic Progress, Retrospect and Prospect 1950 The Economic Journal G. C. Allen 0.818
Other writers have already put forward some of the propositions, even if only as possibilities, but the whole theory has been worked out independently in order to account for the business behaviour that I studied. A Reconsideration of the Theory of the Individual Business 1949 Oxford Economic Papers P. W. S. Andrews 0.810
Mrs. Robinson’s “single assumption,” although often made by others, is extravagantly unrealistic; all that depends upon it is therefore useless for prediction, unless there are reasons for supposing that the theory yields reliable predictions for other reasons.7 The fundamental difficulty is that a desire to maximize profits does not provide the entrepreneur with an action prescription. On Maximizing Profits: A Distinction Between Chamberlin and Robinson 1951 The American Economic Review Stephen Enke 0.810
In criticisms of classical economic theory much has been made of the point that the motivations that govern business, whether or not we choose to classify them as “economic,” involve far more than a simple, forthright urge to make as much money as possible. Some Institutional Factors in Business Investment Decisions 1954 The American Economic Review Edgar M. Hoover 0.809
Economic theoiy is, after all, a tool of research and not a body of settled knowledge, and in no field is this more true than in the theory of the firm. Oligopoly and Its Problems 1955 The Review of Economic Studies J. N. Wolfe 0.808
The assumption that entrepreneurs choose the technique of production which maximizes R which is made at this stage of the argument may not be a bad approximation to actual decisions. Technical Progress, Profits, and Growth 1968 Oxford Economic Papers W. A. Eltis 0.806
If the profit-maximizing assumption is to be accepted as reasonable, it is necessary to recognize the fact that we deal with profit-maximizing behavior in a world which offers more alternative courses of action and yet imposes far more constraints than can be summed up in a revenue and a cost curve. The Economics of Disequilibrium Price 1961 The Quarterly Journal of Economics Romney Robinson 0.805
Or, to refer to the point raised by Krooss in 1958, what significance can be attached to scattered evidence that businessmen are motivated in their behavior by considerations other than to maximize profits? Business History and Economic History 1966 The Journal of Economic History Harold F. Williamson 0.803
One further comment on the empirical aspect of the argument seems called for-one having to do with the business situation itself. Round Table on Population Problems 1940 The American Economic Review Otto Nathan , O. E. Baker , James G. Evans, Alan R. Sweezy 0.802
The economist evolved a theory of how the rational businessman maximizes his profits; but this theory, however unassailable it may be logically, does not fit the facts of business practice very well. A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 0.802
For businessmen the application of this kind of criterion can lead to behavior which entrepreneurs in other societies might regard as in conflict with “rational” calculations. French Canadians as Industrial Entrepreneurs 1960 Journal of Political Economy Norman W. Taylor 0.802
Any action by the entrepreneur must be the result of the fact that his “subjective estimates, guesses and hunches” make that action “’Marginal analysis of the firm should not be understood to imply anything but subjective estimates, guesses and hunches.” Short-Period Price Determination in Theory and Practice 1948 The American Economic Review R. A. Gordon 0.798
There are, 1 This article is an attempt to apply certain economic ideas and methods to a sphere of business jealously wrapped in the mystery of its technical obscurities. Some Economic Aspects of the Wool Trade 1952 Oxford Economic Papers Peter Nettl 0.798
There is the eternal possibility that an entrepreneur will make a right move in one direction and a wrong move in the other direction simultaneously or that he will make a right move in an environment such that his move is offset by exogenous factors and will come to completely wrong conclusions about the effects of various policies. The Nature of Competition among Food Retailers in Local Markets 1964 Journal of Farm Economics Bob R. Holdren 0.798

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1940-1949

Sentence Title Year Journal Authors Centroid Similarity
Other writers have already put forward some of the propositions, even if only as possibilities, but the whole theory has been worked out independently in order to account for the business behaviour that I studied. A Reconsideration of the Theory of the Individual Business 1949 Oxford Economic Papers P. W. S. Andrews 0.810
One further comment on the empirical aspect of the argument seems called for-one having to do with the business situation itself. Round Table on Population Problems 1940 The American Economic Review Otto Nathan , O. E. Baker , James G. Evans, Alan R. Sweezy 0.802
Any action by the entrepreneur must be the result of the fact that his “subjective estimates, guesses and hunches” make that action “’Marginal analysis of the firm should not be understood to imply anything but subjective estimates, guesses and hunches.” Short-Period Price Determination in Theory and Practice 1948 The American Economic Review R. A. Gordon 0.798
If whatever a business man does is explained by the principle of profit maximization-because he does what he likes to do, and he likes to do what maximizes the sum of his pecuniary and non-pecuniary profits-the analysis acquires the character of a system of definitions and tautologies, and loses much of its value as an explanation of reality. Marginal Analysis and Empirical Research 1946 The American Economic Review Fritz Machlup 0.797
In certain areas of economic thought it is beginning to be believed that the profit-maximization assumption has outlived its usefulness; and, needless to say, the writer is sympathetic toward that view. An Evaluation of Organized Speculation 1949 Southern Economic Journal Wayne A. Leeman 0.796
“A business man deciding whether it is worth his while to sink more capital into his business will be influenced by a very wide range of considerations: whether his market is likely to grow or decline; what his competitors are doing; whether prices are likely to go up or down; whether the latest type of machinery is much superior to his own, and so on. The British White Paper on Employment Policy 1944 The American Economic Review M. F. W. Joseph 0.794
As I pointed out near the beginning of the paper, this is a case of somewhat limited applicability, in which the entrepreneur might find himself “resting precariously on the judgment of his competitors.” The Economic Life of Industrial Equipment 1940 Econometrica Gabriel A. D. Preinreich 0.786
We must frankly admit that in considering the relations of motive to policy, and especially in judging in what direction the springs of human action will drive the business executive facing the pricing and production problem, one economist’s, or one psychologist’s, guess is as good as another’s. Price-Making in a Democracy 1945 Journal of Political Economy A. B. Wolfe 0.785
I find it hard to; interpret the limitations of the definition; it seems to stretch to the horizon; it includes the personal shortcomings and stubbornness of the businessman; it embraces all the restraints imposed by government and by the nature of the capitalist system in general as well as by the peculiarities of the particular business in which the businessman is engaged; culture patterns and culture traits are involved; and surely it should also include the rigorous operation of the economic laws of marginal cost, productivity, and utility, of diminishing returns, of competition-pure or impure- which the businessman cannot know unless he neglects his business and devotes his waking hours to reading the publications of the Cambridge school of economists. Ridigity in Business Since the Industrial Revolution 1940 The American Economic Review Herbert Heaton 0.783
One may presume that producing larger production volumes, paying higher wage rates, or charging lower product prices than would be compatible with a maximum of money profits may involve for the business man a gain in social prestige or a certain measure of inner satisfaction.10 It is not impossible that considerations of this sort substantially weaken the forces believed to be at work on the basis of a strictly pecuniary marginal calculus. Marginal Analysis and Empirical Research 1946 The American Economic Review Fritz Machlup 0.782

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Next, it can be shown that certain specific theories predict policies which business men do not usually follow, and which, indeed, they are well advised not to follow if they wish to make a profit.3 This is essentially a matter of showing that the specific assumptions on which these theories are based are invalid, and, while it is useful to be able to discard false theories, it still leaves open the possibility of replacing these specific assumptions by more general ones which will be valid. Deductive Systems and Empirical Generalizations in the Theory of the Firm 1952 Oxford Economic Papers M. J. Farrell 0.840
Certain producers exhibit surprising nonchalance, or indifference, even to the point where they submit through mere fear of change to a routine which damages their interests.7 Very generally, in fact, the decisions of entrepreneurs are not the result of probability calculations, but are suggested by impressions, hopes, fears, and gambles on the future.8 Learned pages in economic treatises devoted to elaborating the minutiae of economic calculations appear much more like an ideal offered to businessmen than like a record of observations. Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 0.825
Theoretical economic analysis commonly proceeds on the assumption that a business man, when acting rationally, enlarges his output to the point at which his net profits are maximised; but this assumption seems to be refuted by the common observation that the general run of business man is content to stop short of that point. Economic Progress, Retrospect and Prospect 1950 The Economic Journal G. C. Allen 0.818
Mrs. Robinson’s “single assumption,” although often made by others, is extravagantly unrealistic; all that depends upon it is therefore useless for prediction, unless there are reasons for supposing that the theory yields reliable predictions for other reasons.7 The fundamental difficulty is that a desire to maximize profits does not provide the entrepreneur with an action prescription. On Maximizing Profits: A Distinction Between Chamberlin and Robinson 1951 The American Economic Review Stephen Enke 0.810
In criticisms of classical economic theory much has been made of the point that the motivations that govern business, whether or not we choose to classify them as “economic,” involve far more than a simple, forthright urge to make as much money as possible. Some Institutional Factors in Business Investment Decisions 1954 The American Economic Review Edgar M. Hoover 0.809
Economic theoiy is, after all, a tool of research and not a body of settled knowledge, and in no field is this more true than in the theory of the firm. Oligopoly and Its Problems 1955 The Review of Economic Studies J. N. Wolfe 0.808
The economist evolved a theory of how the rational businessman maximizes his profits; but this theory, however unassailable it may be logically, does not fit the facts of business practice very well. A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 0.802
There are, 1 This article is an attempt to apply certain economic ideas and methods to a sphere of business jealously wrapped in the mystery of its technical obscurities. Some Economic Aspects of the Wool Trade 1952 Oxford Economic Papers Peter Nettl 0.798
It has been evident for a considerable time that the crudely simplified model of the behavior of the firm, in which the individual entrepreneur maximizes a well defined short-term or even long-term revenue function, is of highly limited use in explaining the functioning of firms in our economy. Economics, Management Science, and Operations Research 1958 The Review of Economics and Statistics Martin Shubik 0.797
It has occurred to some authors that a firm is a grouping of interests and that its decisions do not necessarily reflect any single objective, whether it be maximum profits, maximum earnings to management, or maximum wages. Multiple–Company Mergers and the Theory of the Firm 1955 Oxford Economic Papers David Schwartzman 0.797

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
One arises because of the convenient assumption of rational profit-maximizing behavior on the part of the theoretical entrepreneur and the disturbing fact that firms, as they are observed in the real world, do not appear to behave consistently in such a manner. A Theory of Interfirm Organization 1960 The Quarterly Journal of Economics Almarin Phillips 0.833
The assumption that entrepreneurs choose the technique of production which maximizes R which is made at this stage of the argument may not be a bad approximation to actual decisions. Technical Progress, Profits, and Growth 1968 Oxford Economic Papers W. A. Eltis 0.806
If the profit-maximizing assumption is to be accepted as reasonable, it is necessary to recognize the fact that we deal with profit-maximizing behavior in a world which offers more alternative courses of action and yet imposes far more constraints than can be summed up in a revenue and a cost curve. The Economics of Disequilibrium Price 1961 The Quarterly Journal of Economics Romney Robinson 0.805
Or, to refer to the point raised by Krooss in 1958, what significance can be attached to scattered evidence that businessmen are motivated in their behavior by considerations other than to maximize profits? Business History and Economic History 1966 The Journal of Economic History Harold F. Williamson 0.803
For businessmen the application of this kind of criterion can lead to behavior which entrepreneurs in other societies might regard as in conflict with “rational” calculations. French Canadians as Industrial Entrepreneurs 1960 Journal of Political Economy Norman W. Taylor 0.802
There is the eternal possibility that an entrepreneur will make a right move in one direction and a wrong move in the other direction simultaneously or that he will make a right move in an environment such that his move is offset by exogenous factors and will come to completely wrong conclusions about the effects of various policies. The Nature of Competition among Food Retailers in Local Markets 1964 Journal of Farm Economics Bob R. Holdren 0.798
When profit maximization is taken as an attribute of the firm but not the businessman, and when the firm’s costs are seen to include the supply price of the entrepreneur, most of the confusion over the profit maximization assumption disappears. The Profit Maximization Assumption 1963 Oxford Economic Papers H. T. Koplin 0.797
There is adequate justification for the historians’ complaints about the entrepreneur concept in economic theory.4 It is a simple matter to demonstrate, at least in static equilibrium terms, that consideration must be given to other objectives when the firm is assumed to seek a satisfactory level of profits, provided that level is below the maximum. Alternative Profit Criteria 1960 The Quarterly Journal of Economics D. M. Lamberton 0.796
Similarly, business policies such as target-return pricing,1 sales maximization,2 and full-cost pricing3 are evidence, not so much of the businessman’s failure to maximize profits, as of his need for operating rules which can be easily applied, especially under conditions of incomplete knowledge.4 It is important to note that the concept of profit maximization has not thereby been stretched, in Robertson’s words, ‘so far as to cover all the possible motives which may animate business men, thereby robbing the proposition that business men normally pursue profit of all empirical content, since profit has now become whatever the business man pursues’.5 It is true that, for the individual proprietor, profit maximization accompanies utility maximization. The Profit Maximization Assumption 1963 Oxford Economic Papers H. T. Koplin 0.795
V. IMPLICATIONS FOR THE THEORY OF THE FIRM We have noted two arguments in support of throwing profits maximization onto the same scrap pile of obsolete tools where the owner-entrepreneur now rests in order to develop a realistic theory of managerial enterprise. The Motives of Managers, Environmental Restraints, and the Theory of Managerial Enterprise 1964 The Quarterly Journal of Economics William L. Baldwin 0.792

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Management Economics and the Theory of the Firm 1967 The Journal of Industrial Economics Brian J. Loasby 13 0.633
Theories of the Firm: Marginalist, Behavioral, Managerial 1967 The American Economic Review Fritz Machlup 13 0.601
Marginal Analysis and Empirical Research 1946 The American Economic Review Fritz Machlup 12 0.635
The Motives of Managers, Environmental Restraints, and the Theory of Managerial Enterprise 1964 The Quarterly Journal of Economics William L. Baldwin 12 0.598
On Maximizing Profits: A Distinction Between Chamberlin and Robinson 1951 The American Economic Review Stephen Enke 11 0.634
The Role of Economics in Education for Business Administration 1958 Southern Economic Journal John P. Owen 11 0.616
The Profit Maximization Assumption 1963 Oxford Economic Papers H. T. Koplin 10 0.603
The Construction of a New Theory of Profit 1951 The American Economic Review Jean Marchal 9 0.611
Ideal and Reality in the Choice between Alternative Techniques 1964 Oxford Economic Papers Ronald L. Meek 9 0.624
Short-Period Price Determination in Theory and Practice 1948 The American Economic Review R. A. Gordon 8 0.604

Top articles (most sentences) of the cluster for each time window

Top articles 1940-1949

Title Year Journal Authors Number sentences Similarity
Marginal Analysis and Empirical Research 1946 The American Economic Review Fritz Machlup 12 0.635
Short-Period Price Determination in Theory and Practice 1948 The American Economic Review R. A. Gordon 8 0.604
The Meaning of “Price Policy” 1941 The Quarterly Journal of Economics E. G. Nourse 6 0.623
The Measurement of Statistical Cost Functions: An Appraisal of Some Recent Contributions 1942 The American Economic Review Hans Staehle 5 0.630
Collective Bargaining and the Common Interest 1943 The American Economic Review Edwin G. Nourse 5 0.627
Social Biases and Recent Theories of Competition 1943 The Quarterly Journal of Economics William H. Nicholls 5 0.601
Price Theory and Oligopoly 1947 The Economic Journal K. W. Rothschild 5 0.615
A Reconsideration of the Theory of the Individual Business 1949 Oxford Economic Papers P. W. S. Andrews 5 0.626
Economic Theory and Business Behaviour 1949 The Review of Economic Studies D. C. Hague 5 0.615
Toward a Concept of Workable Competition 1940 The American Economic Review J. M. Clark 4 0.604
A Note on Kinked Demand Curves 1943 The American Economic Review Clarence W. Efroymson 4 0.600
An Accountant’s Comments on the Subjective Theory of Value and Accounting Cost 1946 Economica F. Sewell Bray 4 0.590
Psychological Analysis of Business Decisions and Expectations 1946 The American Economic Review George Katona 4 0.606
The Business Leader in Theory and Reality 1949 The American Journal of Economics and Sociology Fritz Redlich 4 0.595
The Entrepreneur and Economic Theory: A Historical and Analytical Approach 1949 The American Economic Review George Heberton Evans, Jr. 4 0.599

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
On Maximizing Profits: A Distinction Between Chamberlin and Robinson 1951 The American Economic Review Stephen Enke 11 0.634
The Role of Economics in Education for Business Administration 1958 Southern Economic Journal John P. Owen 11 0.616
The Construction of a New Theory of Profit 1951 The American Economic Review Jean Marchal 9 0.611
The Profit Concept and Theory: A Restatement 1954 Journal of Political Economy J. Fred Weston 8 0.615
A Note on Entrepreneurial Behaviour 1957 The Review of Economic Studies J. P. Nettl 8 0.614
Non-Pecuniary Elements and Business Behaviour 1959 Oxford Economic Papers John H. Dunning 8 0.617
THE DEVELOPMENT OF THE THEORY OF ENTREPRENEURSHIP 1959 Indian Economic Review Meenakshi Tyagarajan 8 0.602
Biological Analogies in the Theory of the Firm 1952 The American Economic Review Edith Tilton Penrose 7 0.617
The Economist’s Description of Business Behaviour 1952 Economica G. F. Thirlby 7 0.609
Imperfect Knowledge and Economic Efficiency 1953 Oxford Economic Papers G. B. Richardson 7 0.602
Biological Analogies in the Theory of the Firm: Rejoinder 1953 The American Economic Review Edith T. Penrose 6 0.609
Questions for Profit Theory 1953 The American Journal of Economics and Sociology Anatol Murad 6 0.598
Expectation in Economics 1950 The Economic Journal C. F. Carter 5 0.608
A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 5 0.636
Organizational Factors in the Theory of Oligopoly 1956 The Quarterly Journal of Economics R. M. Cyert , James G. March 5 0.595

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
Management Economics and the Theory of the Firm 1967 The Journal of Industrial Economics Brian J. Loasby 13 0.633
Theories of the Firm: Marginalist, Behavioral, Managerial 1967 The American Economic Review Fritz Machlup 13 0.601
The Motives of Managers, Environmental Restraints, and the Theory of Managerial Enterprise 1964 The Quarterly Journal of Economics William L. Baldwin 12 0.598
The Profit Maximization Assumption 1963 Oxford Economic Papers H. T. Koplin 10 0.603
Ideal and Reality in the Choice between Alternative Techniques 1964 Oxford Economic Papers Ronald L. Meek 9 0.624
A Reformulation of Naive Profit Theory 1960 Southern Economic Journal Martin Bronfenbrenner 8 0.602
Objective Functions and Models of Corporate Optimization 1961 The Quarterly Journal of Economics Martin Shubik 8 0.604
An Indifference Approach to the Theory of the Firm 1961 Southern Economic Journal Edgar O. Edwards 8 0.608
Operations Research and the Theory of the Firm 1962 Southern Economic Journal Almarin Phillips 8 0.630
Are Monetary and Fiscal Policies Enough? 1964 The Economic Journal R. F. Harrod 7 0.600
Corporate Control and Capitalism 1965 The Quarterly Journal of Economics Shorey Peterson 7 0.615
A General Theory of Maximum Profits 1962 Southern Economic Journal Melvin L. Greenhut 6 0.599
The Theory of Restrictive Trade Practices 1965 Oxford Economic Papers G. B. Richardson 6 0.603
Industrial Pricing: The Theoretical Basis 1968 The Swedish Journal of Economics Odd Langholm 6 0.608
Operations Research 1960 The American Economic Review Robert Dorfman 5 0.639

Closest clusters of the cluster per decade

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0393542
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0094167
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.0029612
36: capitalism, marx, socialist, capitalistic, soviet -0.0180525
10: valuations, economic_values, reconsideration, judgments, valuation -0.0221565
14: rationalisation, rationalization, men’s, und, rational_action -0.0487019
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0598471
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1090228
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.1207442
8: farm, agriculture, agricultural, land, farmers -0.1216639
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1825812
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1953532

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0851388
43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0184866
3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0109606
10: valuations, economic_values, reconsideration, judgments, valuation -0.0100417
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0541696
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0650543
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1010080
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.1039158
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1138038
8: farm, agriculture, agricultural, land, farmers -0.1145993
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1600182
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1781973
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.2365947

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0002882
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0263167
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0265590
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.0567298
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0609270
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0731826
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.1282725
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1312975
8: farm, agriculture, agricultural, land, farmers -0.1539260
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1811915
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2042793

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.9405987
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.8851991
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.3342786
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.2607216
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.2243082
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1711477
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1679698
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1385944
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1236826
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1059803
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1006119
1900-1919 13: laborers, employer, employers, wages, pain 0.0988685
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0948147
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0912599
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0832510

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.9471828
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.9405987
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.2385037
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.2250026
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.2128389
1900-1919 13: laborers, employer, employers, wages, pain 0.1525213
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1441165
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.1420761
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1017104
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0887209
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0851388
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0831714
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.0775264
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.0648459
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0621311

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.9471828
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.8851991
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.3275994
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.2770337
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.1944762
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1308305
1900-1919 13: laborers, employer, employers, wages, pain 0.1286716
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1027025
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1012817
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0976945
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0890541
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.0853961
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.0819660
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.0779933
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0767578

Intertemporal cluster 31: liquidity_preference, conservation, investment, stagnation, liquidity

The cluster gathers 647 sentences from our corpus. It represents 0.4% of all the sentences selected over the whole period.

The community exists from 1940 to 1949.

The most recurring authors are Frank H. Knight (23 sentences), David McCord Wright (22 sentences), Joseph J. Spengler (17 sentences), G. L. S. Shackle (14 sentences), James J. O’Leary (10 sentences), Milton Friedman (10 sentences), Herbert A. Simon (9 sentences), Simon Kuznets (8 sentences), Robert L. Bishop (7 sentences), A. B. Wolfe (6 sentences).

The most recurring journals are The American Economic Review (103 sentences), The Quarterly Journal of Economics (80 sentences), Journal of Political Economy (79 sentences), Economica (70 sentences), The Review of Economic Studies (46 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
physiocratic 0.0010299
liquidity_preference 0.0005630
conservation 0.0005603
investment 0.0005499
stagnation 0.0005313
liquidity 0.0004841
purchasing_power 0.0004418
professor_hayek 0.0004348
public_investment 0.0004130
raw_materials 0.0003988
innumerable 0.0003795
knight 0.0003647
rationing 0.0003556
effective_demand 0.0003550
consumer_behavior 0.0003527
consumers 0.0003471
intact 0.0003437
consume 0.0003434
invested 0.0003374
market_valuations 0.0003261

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
It is only after the institutional framework has been constructed that the “rationality” of consumers’ behavior in the market has any meaning in economic theory-and the “rationality” of an administrator in implementing a social value scale through public expenditures would appear to have exactly the same meaning. The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.777
“Rationality” has been imputed to the consumer only in the sense that his preferences are assumed to be unambiguous and self-consistent. Professor Knight and the Theory of Demand 1946 Journal of Political Economy Robert L. Bishop 0.767
I As Dr. Musgrave has pointed out, “the criterion of ‘rationality’ refers to the optimum satisfaction of given wants with scarce means.” The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.760
This statement contains two terms which underly Mr. Neal’s analysis: “rational distribution of resources” and “free choice to consumers.” The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.753
postulate of rationality is the assumption that all units of economic decision act rationally. The Scope and Method of Economics 1945 The Review of Economic Studies O. Lange 0.748
What a perfectly rational individual would do, under any given terms of choice between present and future, is merely the problem of defining perfect rationality, and close agreement on this speculative question is not to be expected.1 We know that if men had not postponed in the past some consumption which they might have had they would never have ” accumulated ” at all, which is to say they would never have progressed, and could hardly have become human in the first place, so dependent is progress upon the accumulation of means in some form. Professor Mises and the Theory of Capital 1941 Economica F. H. Knight 0.738
For example, the concept of ” scarcity” hardly offers a sufficient common basis for distinguishing economic acts from other acts, for the idea of scarcity which leads to the behaviour may be the outcome of an urge, desire, want or motive and there is no reason to believe that the act arising from one of these as constitutive idea need necessarily be ” economic” or ” social “. Professor Hayek’s Philosophy 1945 Economica A. H. Murray 0.730
It is these factors which make it seem necessary to abandon the assumption of rational behavior of the individual consumer and with it the theoretical and practical conclusions which economic theory has deduced from it. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.721
III Passing from these negative considerations - the elements of non-rationality and compulsion in any revenue-expenditure process - the process whereby the collective demand schedule is rationally implemented may be briefly considered. The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.720
III The question at issue is whether collective interferences can be analyzed in terms of the general theory of value, or, more particularly, whether the necessary conditions for rational consumers’ choice can be met in instances of government intervention.9 The indispensable requirement for rational consumers’ choice and its necessary consequence, the maximum of satisfaction for consumers as a whole consistent with the resources available, is that the terms on which alternatives are offered must be known.’ The “Planning Approach” in Public Economy 1940 The Quarterly Journal of Economics Alfred C. Neal 0.713
“63 One cannot disagree with this statement any more than with the statement that the price of butter measures the marginal utility of butter to each member of the community.64 Both statements are either tautologies or definitions of rational behavior. Liquidity Preference and the Theory of Interest and Money 1944 Econometrica Franco Modigliani 0.711
But though few, if any, would presume to have the comprehensive grasp of facts and the ingenuity to marshall and weigh those facts which would enable them to compose all the conflicts of interest and determine precisely the optimum adjustment of supply and demand in respect of even a single raw material, there are still fewer of us who, in observing the course of events and in the practical conduct of our affairs, do not form judgments based upon a conception of just such an optimum. Scarce Raw Materials: An Analysis and a Proposal 1944 The American Economic Review Myron W. Watkins 0.704
The balance here presents special complications, but, if we assume rational behavior, some “economic” value must be assumed as a balancing item against every cost, and vice versa. Diminishing Returns from Investment 1944 Journal of Political Economy Frank H. Knight 0.700
The utility of anything acquired by a rational purchaser must not be less than the price he paid. The Need for Faith 1946 The Economic Journal R. G. Hawtrey 0.694
All that we are required to assume for the purposes of a theory which will be abstractly realistic in all essential respects is that resources of various kinds, perishable and re- duplicable in varying degree, are rationally used, under such technical conditions as prevail in the contemporary civilized world, to create some plurality of values, which are realized in greater degree as more resources are employed and as they are more effectively apportioned and combined. Diminishing Returns from Investment 1944 Journal of Political Economy Frank H. Knight 0.690
Under this condition any rational person must prefer present to future wealth, as has been pointed out many times. Professor Mises and the Theory of Capital 1941 Economica F. H. Knight 0.687
In general, the highly technical character of money-making enables us to be far more rational in carrying on that process than we can be in spending money to satisfy competing desires, which we cannot reduce to a common denominator. The Role of Money in Economic History 1944 The Journal of Economic History Wesley C. Mitchell 0.684
A rational arrangement of our affairs would require that at such times production is in some measure switched from things of more restricted usefulness to the kind of things which will be needed in all conditions, such as the most widely used raw materials. A Commodity Reserve Currency 1943 The Economic Journal F. A. Hayek 0.684
It is clear that if the consumer is not allowed to obtain at the marginal cost additional units of products, produced under conditions of decreasing average costs, he is not being allowed to choose in a rational manner between spending his money on consuming additional units of the product and spending his money in some other way, since the amount which he would be called upon to spend to obtain additional units of the product would not reflect the value of the factors in another use or to another user. The Marginal Cost Controversy 1946 Economica R. H. Coase 0.683
It is seen from this derivation that the hypothesis, “people don’t change their purchases if incomes and all prices rise in the same proportion,” while implied in the requirement of “maximum satisfaction,” does not, in turn, itself imply that requirement; the hypothesis is a weaker description of rational behavior. Money Illusion and Demand Analysis 1943 The Review of Economics and Statistics Jacob Marschak 0.682

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 10% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
It is clear that if the consumer is not allowed to obtain at the marginal cost additional units of products, produced under conditions of decreasing average costs, he is not being allowed to choose in a rational manner between spending his money on consuming additional units of the product and spending his money in some other way, since the amount which he would be called upon to spend to obtain additional units of the product would not reflect the value of the factors in another use or to another user. The Marginal Cost Controversy 1946 Economica R. H. Coase 0.790
That this as- 10 This elemental argument seems so clearly to justify diminishing marginal utility that it may be desirable even now to state explicitly how this phenomenon can be rationalized equally well on the assumption of increasing marginal utility of money. The Utility Analysis of Choices Involving Risk 1948 Journal of Political Economy Milton Friedman, L. J. Savage 0.755
It is seen from this derivation that the hypothesis, “people don’t change their purchases if incomes and all prices rise in the same proportion,” while implied in the requirement of “maximum satisfaction,” does not, in turn, itself imply that requirement; the hypothesis is a weaker description of rational behavior. Money Illusion and Demand Analysis 1943 The Review of Economics and Statistics Jacob Marschak 0.745
All that we are required to assume for the purposes of a theory which will be abstractly realistic in all essential respects is that resources of various kinds, perishable and re- duplicable in varying degree, are rationally used, under such technical conditions as prevail in the contemporary civilized world, to create some plurality of values, which are realized in greater degree as more resources are employed and as they are more effectively apportioned and combined. Diminishing Returns from Investment 1944 Journal of Political Economy Frank H. Knight 0.743
The balance here presents special complications, but, if we assume rational behavior, some “economic” value must be assumed as a balancing item against every cost, and vice versa. Diminishing Returns from Investment 1944 Journal of Political Economy Frank H. Knight 0.742

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
It is clear that if the consumer is not allowed to obtain at the marginal cost additional units of products, produced under conditions of decreasing average costs, he is not being allowed to choose in a rational manner between spending his money on consuming additional units of the product and spending his money in some other way, since the amount which he would be called upon to spend to obtain additional units of the product would not reflect the value of the factors in another use or to another user. The Marginal Cost Controversy 1946 Economica R. H. Coase 0.790
It is my purpose, rather, to describe in some detail the physiocratic theory of consumption or expenditure and to indicate how this theory, together with the associated theory of production, both anticipated and contributed to the formulation of the Say-Mill “Law of Markets.” The Physiocrats and Say’s Law of Markets. I 1945 Journal of Political Economy Joseph J. Spengler 0.786
405-406. would be invested, Ricardo contended that saving would occasion as great an “effectual demand” for commodities as consumption would.27 He agreed with Say that money is merely a lubricant in the process of exchange, and that, fundamentally, goods trade for goods.28 Although too much of any one particular commodity might be produced in relation to the demand for it, this could never be true for all commodities because one half of the goods in the market provides the demand for the other half.29 There could be only one case, and that would be temporary, in which the accumulation of capital could coincide with a low price of food and might be attended with a fall of profits. Malthus’s General Theory of Employment and the Post-Napoleonic Depressions 1943 The Journal of Economic History James J. O’Leary 0.775
If any force interferes to prevent the free movement of the lever, to prevent its obeying the impulse received from net cost of production, the power fails to produce its proper effect, and value diverges from its natural course ” Next Houston abandons the ” equal utility ” assumption and considers how the value of commodities will be affected by their comparative utility when taken together with the possibilities of varying the supply, concluding:- “To sum up, when commodities, the subject of -exchange, require some time before a new supply can be procured, scarcity, actual or apprehended, will give rise to a deviation from natural value, greater or less in proportion to their utility, or, in other words, in proportion to the imperiousness of the desire they are adapted to satisfy. Trinity College, Dublin, and the Theory of Value, 1832-1863 1945 Economica R. D. Black 0.773
It is clear that certain individuals or classes will derive some benefit as a result of the improvements which allow them to realise economies in the purchase of certain goods; but if these economies are used to increase the sterile stock of disposable funds, the social gain will not be great. A Spanish Contribution to the Theory of Fluctuations 1940 Economica D. H. Robertson 0.773
It is simply that in the greater part of this article I shall be trying to show a technical or physical limit to the use of capital, rather than to demonstrate psychological limits upon accumulation. Professor Knight on Limits to the Use of Capital 1944 The Quarterly Journal of Economics David McCord Wright 0.772
In this manner an old idea, divorced from all hedonistic implications, is restated in terms of supply and demand concepts which have been specifically enlarged and renovated, and is developed as far as possible on a purely objective basis. Monopoly Supply and Monopsony Demand 1942 Journal of Political Economy A. J. Nichol 0.772
This statement contains two terms which underly Mr. Neal’s analysis: “rational distribution of resources” and “free choice to consumers.” The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.770
There is no sense in a decline in production from present levels, though production like investment has its limits, and eventually technical improvements will be taken out increasingly in leisure.7 The great problem of the modern age, therefore, is how, 6This argument assumes that the price-income level adjusts itself to the quantity of money and the liquidity preference function; i.e., that any change in the price level is the result of changes in the monetary situation. The Consumption Concept in Economic Theory 1945 The American Economic Review Kenneth E. Boulding 0.766
For example, the concept of ” scarcity” hardly offers a sufficient common basis for distinguishing economic acts from other acts, for the idea of scarcity which leads to the behaviour may be the outcome of an urge, desire, want or motive and there is no reason to believe that the act arising from one of these as constitutive idea need necessarily be ” economic” or ” social “. Professor Hayek’s Philosophy 1945 Economica A. H. Murray 0.765
As Terborgh shows, the whole decision depends upon which assumptions are accepted.27 The writer, like Terborgh, does not dispute that we should stand ready to make up deficiencies in effective demand.28 Like Ter- borgh he also agrees that the system left alone does not function smoothly.29 But let us see whether there is overwhelming evidence that the system on average cannot in future invest its ex ante savings. “The Great Guessing Game”: Terborgh Versus Hansen 1946 The Review of Economics and Statistics David McCord Wright 0.765
Let us suppose, for instance, that there is a persistent tendency in the system for production to outrun consumption by an amount greater than the preferred rate of investment. The Consumption Concept in Economic Theory 1945 The American Economic Review Kenneth E. Boulding 0.764
For the potentialities of the Consumers’ Surplus technique are so large, both in the exposition and in the future development of economic theory, that anything which can be done to firm in its foundations seems well worth doing. The Four Consumer’s Surpluses 1943 The Review of Economic Studies J. R. Hicks 0.762
In present circumstances the problems of pure theory can only, at the best, receive very intermittent attention ; I must, therefore, beg pardon of my readers if my studies in Consumers’ Surplus’ are becoming something of a serial. The Four Consumer’s Surpluses 1943 The Review of Economic Studies J. R. Hicks 0.760
Thus there occurs a scarcity of disposable funds, which I ” We shall later examine cases in which this is not so, but in practice there can be long periods without variation, and for methodological reasons it is convenient to consider this case first.” A Spanish Contribution to the Theory of Fluctuations 1940 Economica D. H. Robertson 0.759

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Professor Knight on Limits to the Use of Capital 1944 The Quarterly Journal of Economics David McCord Wright 13 0.610
Diminishing Returns from Investment 1944 Journal of Political Economy Frank H. Knight 12 0.629
Malthus’s General Theory of Employment and the Post-Napoleonic Depressions 1943 The Journal of Economic History James J. O’Leary 9 0.596
The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 8 0.684
The Nature of Interest-Rates 1949 Oxford Economic Papers G. L. S. Shackle 7 0.625
“Full Utilization,” Equilibrium, and the Expansion of Production 1940 The Quarterly Journal of Economics A. B. Wolfe 6 0.603
The Physiocrats and Say’s Law of Markets. II 1945 Journal of Political Economy Joseph J. Spengler 6 0.591
The Primary Functions of Money and their Consummation in Monetary Policy 1940 The American Economic Review Frank D. Graham 5 0.596
Professor Mises and the Theory of Capital 1941 Economica F. H. Knight 5 0.642
Scarce Raw Materials: An Analysis and a Proposal 1944 The American Economic Review Myron W. Watkins 5 0.613

Closest clusters of the cluster per decade

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0173507
14: rationalisation, rationalization, men’s, und, rational_action -0.0129770
10: valuations, economic_values, reconsideration, judgments, valuation -0.0252779
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0598471
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0615898
8: farm, agriculture, agricultural, land, farmers -0.0630623
36: capitalism, marx, socialist, capitalistic, soviet -0.0671970
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0826877
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty -0.1256803
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1257364
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1535647
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1906755

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.7670143
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.6691216
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.5652900
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.5523308
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.5398677
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.4348120
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.3676654
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3444947
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3315795
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.2790340
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1812512
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1613553
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.1288612
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1172857
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.1079062

Intertemporal cluster 36: capitalism, marx, socialist, capitalistic, soviet

The cluster gathers 407 sentences from our corpus. It represents 0.25% of all the sentences selected over the whole period.

The community exists from 1940 to 1949.

The most recurring authors are Frank H. Knight (10 sentences), Allan G. B. Fisher (8 sentences), David McCord Wright (8 sentences), Franz Oppenheimer (8 sentences), A. Zauberman (7 sentences), Edward A. Shils (7 sentences), Ira O. Scott, Jr. (7 sentences), Raya Dunayevskaya (7 sentences), Dudley Dillard (6 sentences), F. A. v. Hayek (6 sentences).

The most recurring journals are The American Economic Review (84 sentences), Journal of Political Economy (52 sentences), The Quarterly Journal of Economics (41 sentences), Economica (39 sentences), The Economic Journal (32 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
capitalism 0.0015268
marx 0.0010820
socialist 0.0010662
capitalistic 0.0009630
soviet 0.0008262
marxian 0.0008254
capitalist 0.0007773
capitalist_society 0.0007437
wage 0.0005731
occupation 0.0005610
socialism 0.0005585
labour 0.0005508
capitalist_economy 0.0004836
marxist 0.0004821
professor_hayek 0.0004821
wage_rates 0.0004716
iron 0.0004602
supply_price 0.0004488
laborers 0.0004333
socialist_economy 0.0004333

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
But wage-earners, after all, form a large part of the consuming public; if it is realistic to believe that they have “non-rational money wage demands,” surely it is just as realistic to believe that they are equally non-rational in their consumption decisions. A Note on the Money Wage Problem 1941 The Quarterly Journal of Economics James Tobin 0.733
Not only are the subjects of all economic activity in capitalism, as well as in socialism, men,7 and the object of their economic efforts the control over resources of nature, but both systems also have to function within a circumscribed framework of rationality and determinateness. New Trends in Russian Economic Thinking? 1944 The American Economic Review Paul A. Baran 0.725
Firstly, I propose to discuss the general assumption, implicit in Professor Lange’s analysis, regarding the substitutability among factors of production.2 The second set of considerations is related to the element of irrationality which is contained in human behaviour. Some Observations on Professor Lange’s Analysis 1947 Economica Vittorio Marrama 0.720
This unsound assumption permeates our whole culture, and in the industrial world it takes the form of believing that workers behave rationally or can be made to behave rationally in response to the proper economic incentives. The Hawthorne Experiments 1943 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. W. M. Hart 0.713
The suppliers of labor as well as the suppliers of all other commodities are supposed to behave “rationally.” Liquidity Preference and the Theory of Interest and Money 1944 Econometrica Franco Modigliani 0.710
In this respect the argument here considered differs from the controversy regarding rational planning in the socialist economy. The Planning Approach in Public Economy: A Reply 1941 The Quarterly Journal of Economics Richard Abel Musgrave 0.702
Therefore the full employment equilibrium is both the resul and the partner of human actions containing a large margin of irrationality. Some Observations on Professor Lange’s Analysis 1947 Economica Vittorio Marrama 0.700
1 ” The fanatical faith of the working classes in the artificial mechanisms of combination will give place to trust in the wiser, because more natural, system of individual competition … the Heaven-ordained laws of Supply and Demand.” Wage Policy in Full Employment 1947 The Economic Journal H. W. Singer 0.695
Just as the modern industrial system rests on a prodigious “rationalistic” foundation of calculation-profit and loss, cost and price, etc., which is common to both capitalist enterprise and socialist planning-so the new politics rests on what one might describe as the rationalized mathematics of collectivized individualism. The Modern Party State 1949 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique H. McD. Clokie 0.689
IV AN INTELLIGENT APPROACH to a comprehension of our economic system, to an appreciation of its shortcomings and to a correlative understanding of what specific changes or controls or reforms would make it operate to better advantage, is not so naive as that of the Communist and Socialist theorizers. The Appeal of Communist Ideology 1943 The American Journal of Economics and Sociology Harry Gunnison Brown 0.686
“But if wage-earners are victims of a ‘money illusion’ when they act as sellers of labor, why should they be expected to become ‘rational’ when they come into the market as consumers?” Professor Leontief on Lord Keynes 1949 The Quarterly Journal of Economics Ira O. Scott, Jr. 0.683
The whole of the advantages and disadvantages of the different employments of labour and stock must, in the same neighborhood, be either perfectlv equal or continually tending to eaualitr.12 12 “It is hopeless that we should have ere long an exposition of economic principles drawn up in quantitative formulas.” A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.679
Some reason is required as to why it continues to show no sign of wavering in its attachment to a doctrine which, in its accepted ossified version, is not only unwieldy as the theoretical basis for interpreting the working principles of economics, but is demonstrably a real handicap to the policy of the Soviet economic bureaucracy ? Economic Thought in the Soviet Union 1948 The Review of Economic Studies A. Zauberman 0.675
12 From the point of view of a theory which denies the applicability of any “laws” to the socialist economy all decisions are purely arbitrary, and neither cost accounting nor principles of rational allocation olf resources have any meaning. Marxian Economics in the Soviet Union 1945 The American Economic Review Oscar Lange 0.675
The major real issues of economic policy undoubtedly lie deep in this area of prior causality, rather than in immediate economic relations, between individuals taken as “given” with respect to their wants and “productive capacity.” Freedom Under Planning 1946 Journal of Political Economy Frank H. Knight 0.672
It may be of interest to recapitulate the main points of Weber’s argument against the possibility of formally rational calculation under Socialism. Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 0.669
The knowledge of the difference which levels of production will make is, however, a necessary condition for rational wage and price setting. Wages and Prices–A Case Study 1947 The Review of Economics and Statistics Harold H. Wein 0.669
And if one accepts this qualitative statement as correct, one must surely regard it as sufficiently fundamental to affect the whole shape of economic events and their movement and to determine the mechanisms that economic theory is to treat as being of central significance; for example, the Marxian emphasis on the profit rate as being the crucial governor of expansion and contraction of the system or on the role played by the “industrial reserve army” as an essential prop to a specifically capitalist “mode of production.” “Vulgar Economics” and “Vulgar Marxism”: A Reply 1940 Journal of Political Economy M. H. Dobb 0.667
Seen in this perspective, collective bargaining, far from being beyond the scope of economic theory, is a constant challenge to the economist to explore more fully the interaction of rational and irrational forces in the market. Collective Bargaining and Economic Theory 1947 Southern Economic Journal Werner Hochwald 0.665
It is seen that these will not be mere corrections or amplifications of current economic doctrines … the point of view is here no longer that of a bargain between individuals in given social conditions, but the life and movement of whole industries and classes, of the creation and modification of social mechanism. Mill to Marshall: The Conversion of the Economists 1941 The Journal of Economic History V. W. Bladen 0.662

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 2% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Not only are the subjects of all economic activity in capitalism, as well as in socialism, men,7 and the object of their economic efforts the control over resources of nature, but both systems also have to function within a circumscribed framework of rationality and determinateness. New Trends in Russian Economic Thinking? 1944 The American Economic Review Paul A. Baran 0.766

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
It is seen that these will not be mere corrections or amplifications of current economic doctrines … the point of view is here no longer that of a bargain between individuals in given social conditions, but the life and movement of whole industries and classes, of the creation and modification of social mechanism. Mill to Marshall: The Conversion of the Economists 1941 The Journal of Economic History V. W. Bladen 0.812
And if one accepts this qualitative statement as correct, one must surely regard it as sufficiently fundamental to affect the whole shape of economic events and their movement and to determine the mechanisms that economic theory is to treat as being of central significance; for example, the Marxian emphasis on the profit rate as being the crucial governor of expansion and contraction of the system or on the role played by the “industrial reserve army” as an essential prop to a specifically capitalist “mode of production.” “Vulgar Economics” and “Vulgar Marxism”: A Reply 1940 Journal of Political Economy M. H. Dobb 0.808
This proposal does not rest on any abstract theory that labor is the sole creative factor but rather on the basic assumption that income which goes to workers helps to preserve prosperity, while that which goes to owners tends to clog up the machinery and cause depressions. Note on Concentration of Economic Power 1942 Journal of Political Economy Calvin Crumbaker 0.804
The argument may be summarised as follows: the demand for labour to produce commodities being determined by the size of the fund set aside by capitalists for the payment of wages, the purchase 1 The converse is also possible: a proposition of one theoretical system may appear sensible in another, and yet be unnecessary and needlessly complicating in the latter system. Demand for Commodities is Not Demand for Labour 1949 The Economic Journal Harry G. Johnson 0.802
1 ” The fanatical faith of the working classes in the artificial mechanisms of combination will give place to trust in the wiser, because more natural, system of individual competition … the Heaven-ordained laws of Supply and Demand.” Wage Policy in Full Employment 1947 The Economic Journal H. W. Singer 0.799
And after recognizing that the problem which this process of modern society offers to the thinker should be resolved by political economy, he traces it clearly and concretely to its fundamentals, as had never before been done by any treatise on sociology: The cause which produces want in the midst of plenty is, evidently, that which manifests itself in the tendency of wages to a minimum, a law recognized everywhere. A Classic American Guide to Democratic Triumph and Lasting Peace 1942 The American Journal of Economics and Sociology Baldomero Argente, Joseph M. Sinnott 0.795
He thinks that in recent years economists have been too ready to rest content with mere criticism of the restrictionist devices commonly adopted for protecting established expectations and thus assuring security, the fixation of minimum prices or maximum outputs or the limitation of recruitment, and have too seldom carried their destructive analysis the necessary further stage, which would show what actually ought to be done about it, to replace these self-frustrating devices, which not only destroy productive power, but also destroy the social security which it is their avowed object to ensure, by something better. A Liberal New Order 1943 Economica Allan G. B. Fisher 0.792
The whole of the advantages and disadvantages of the different employments of labour and stock must, in the same neighborhood, be either perfectlv equal or continually tending to eaualitr.12 12 “It is hopeless that we should have ere long an exposition of economic principles drawn up in quantitative formulas.” A Critique of Political Economy. II. A Post-Mortem on Cambridge Economics 1943 The American Journal of Economics and Sociology Franz Oppenheimer 0.789
We may thus conclude that, where there are scarce resources, no monetary device will overcome the consequences of the simple fact that the economy as a whole cannot have its cake and eat i Before concluding this section we may add a few remarks about the consequences to which our theory leads as to wages and wage policies. A Reconsideration of the Austrian Theory of Industrial Fluctuations 1940 Economica L. M. Lachman 0.788
It is not surprising that those who completely reject it seem at the same time to be unable to attach any meaning to the conception of a given and limited supply of real capital6: because it is through this effect that 1 E.g., G. v. Schulze-Gaeveriiitz,D er Grossbetrieb, 1892; J. Schcenhof, The Econiomiy of High Wages, 1893, PP. The Ricardo Effect 1942 Economica F. A. v. Hayek 0.788
A theory of capital is mixed up with a theory of employment, and both are rendered more difficult by confusion of “real” and “monetary” processes. John Stuart Mill’s Principles: A Centenary Estimate 1949 The American Economic Review Vincent W. Bladen 0.781
This equilibrium, he continues, is constantly upset, but there is “an a posteriori, nature imposed necessity controlling the lawless caprice of the producers” by the enduring work of value and competition.2 However, the law of labor-value presiding over the pages of Capital, Volume I, asserts itself merely as a norm. Marx and Economic Calculation 1946 The American Economic Review M. M. Bober 0.779
Therefore the only basis on which a working economy can be organized is either the valu tions of the market, with its well-known biases and blind spots, or the outcome of irresponsible political pressures, with their equally well-known tendencies toward sacrificing the good of the whole to the temporary or apparent selfish interests of organized groups. Educational Functions of Economics After the War 1944 The American Economic Review J. M. Clark 0.778
Thus a sizable “exogenous” literature has accumulated, in which may be included the Methodenslreit led by Menger and Schmoller; the “original accumulation” issue; the controversies among the Marxists, Austrians, Fabians, and Revisionists from about 1890 to about 1920; and the running disputes on economic psychology, control, rigid prices, and the like between the institutionalists and the maximizationists in the United States from about 1900 onward.5 But this critical literature is not quite the same thing as intercommunication. Isolationism in Economic Method 1949 The Quarterly Journal of Economics George J. Schuller 0.776
      • Let me leave the problems of the theorist and say a few words about economic policy and the criteria for policy which also stem from my recent exposure to the study of human relations in industry.
Economics and Human Relations: The Presidential Address Delivered at the Annual Meeting of the Canadian Political Science Association, June 18, 1948 1948 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique V. W. Bladen 0.776

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Some Remarks on “The Theory of Social and Economic Organization” 1948 Economica Edward A. Shils 7 0.615
Professor Leontief on Lord Keynes 1949 The Quarterly Journal of Economics Ira O. Scott, Jr. 7 0.635
A Liberal New Order 1943 Economica Allan G. B. Fisher 6 0.605
Wage Policy in Full Employment 1947 The Economic Journal H. W. Singer 6 0.631
Socialist Calculation: The Competitive `Solution’ 1940 Economica F. A. v. Hayek 5 0.609
A Note on the Money Wage Problem 1941 The Quarterly Journal of Economics James Tobin 5 0.651
Teaching of Economics in the Soviet Union 1944 The American Economic Review Raya Dunayevskaya 5 0.594
Marx and Economic Calculation 1946 The American Economic Review M. M. Bober 5 0.608
Economic Thought in the Soviet Union 1948 The Review of Economic Studies A. Zauberman 5 0.608
Types of Competition and the Theory of Employment 1949 Oxford Economic Papers B. R. Williams 5 0.604

Closest clusters of the cluster per decade

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.0913821
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0026880
10: valuations, economic_values, reconsideration, judgments, valuation -0.0073882
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0180525
8: farm, agriculture, agricultural, land, farmers -0.0363919
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0395896
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic -0.0631183
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.0671970
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0832832
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1439236
14: rationalisation, rationalization, men’s, und, rational_action -0.1512071
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.1915686

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1900-1919 13: laborers, employer, employers, wages, pain 0.8148617
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.7280733
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.5321174
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.5023489
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.2783920
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1841668
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1173520
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.1163409
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1119173
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1075486
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.0913821
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0893274
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0819660
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0765043
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.0761400

Intertemporal cluster 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty

The cluster gathers 567 sentences from our corpus. It represents 0.35% of all the sentences selected over the whole period.

The community exists from 1940 to 1949.

The most recurring authors are Frank H. Knight (17 sentences), Harry Gunnison Brown (17 sentences), Edwin G. Nourse (15 sentences), Joseph J. Spengler (15 sentences), W. T. Easterbrook (14 sentences), William D. Grampp (14 sentences), Herbert A. Simon (9 sentences), I. L. Sharfman (9 sentences), Frederick C. Mills (8 sentences), J. E. Meade (8 sentences).

The most recurring journals are The American Economic Review (141 sentences), Journal of Political Economy (68 sentences), The American Journal of Economics and Sociology (45 sentences), Journal of Farm Economics (42 sentences), The Quarterly Journal of Economics (42 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
private_enterprise 0.0023064
free_enterprise 0.0014777
enterprise_system 0.0014742
enterprise 0.0011371
liberty 0.0009796
democracy 0.0008336
economic_freedom 0.0007602
economic_planning 0.0007464
democratic 0.0006609
governmental 0.0006182
freedom 0.0005575
free_market 0.0005426
capitalistic 0.0005106
autonomy 0.0004467
initiative 0.0004442
bureaucratic 0.0004231
planning 0.0004034
pure_competition 0.0003893
planned_economy 0.0003829
interference 0.0003701

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Such a conclusion, by arbitrarily restricting the use of the terms “rational” and “voluntary” to certain specific processes in a free-market economy, would beg the entire issue of whether individual preferences are to be registered in a free market, or social preferences recognized through community action. The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.781
Political economy purports to be a rational reconstruction of the behavior of individuals. Long Cycles in Capital Intensity in the French Coal Mining Industry, 1840 to 1914 1941 The Review of Economics and Statistics Robert Marjolin 0.759
In the interest of the social whole, the “rational” state must determine the use of property, regulate the supply of different types of labor, and fix economic rewards. Sombart and German (National) Socialism 1942 Journal of Political Economy Abram L. Harris 0.731
I should like to add, however, that in free economies also, there are a number of important decisions that are not rational, either. The Practice of Economic Planning and The Optimum Allocation of Resources: Discussion 1949 Econometrica Francois Perroux, J. Tinbergen , Jacques Rueff , Evsey D. Domar , E. F. Lundberg , M. Kalecki , J. Zagorski , K. Dalal 0.731
It must assume that the limits to this behavior are determined by the rational consent of all individuals participating in the economy, a consent which is expressed by either accepting the terms of the market through participating, or rejecting them by nonparticipation. The Third Century of Mercantilism 1944 Southern Economic Journal William D. Grampp 0.712
“6 A scheme of production based on the personal calculations and independent decisions of self-seeking individuals for unascertained markets not only breeds maladjustments but has to rely on”blind laws” to impress some order upon “the lawless caprice of the producer,” generally through the pressure of competitive self-interest and periodically through crises. Marx and Economic Calculation 1946 The American Economic Review M. M. Bober 0.709
I do not mean to imply that the technique of the market can be applied to political affairs, or that this criterion alone can serve as the final basis for an appraisal of democracy or of private enterprise; but it does suggest that we should not resort to political control in areas where the mechanism of the market will function, unless there are overwhelmingly strong reasons for so doing. Monetary Policy 1946 The Review of Economics and Statistics Lloyd W. Mints 0.707
“We regard economic planning as a rational and in fact a necessary expedient under the conditions of our present society.” Wesley Mitchell, Social Scientist and Social Counselor 1949 The Review of Economics and Statistics Alvin H. Hansen 0.703
There does not seem to be any valid reason why the revenue-expenditure process in governmental agencies need be characterized by less “rationality” or “free choice” than the private revenue-expenditure process - albeit the institutional framework through which the rationality is achieved and the choice exercised may be very different in the two cases. The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.702
V. Conclusion In the foregoing paper we have sought to examine certain fundamental and underlying considerations as they relate to government and private enterprise. Government Function in a Stabilized National Economy 1943 The American Economic Review Adolf A. Berle, Jr. 0.701
Some devolution of decisions there must be: that is, some decisions must be taken by people who are not considering the economy as a whole. Prices and Profits in State Enterprise 1948 The Review of Economic Studies A. M. Henderson 0.699
Brought up in the tradition of classical economics and influenced in their reasoning by the idea of the individual’s rationality and his sovereignty as a consumer, economists may be reluctant to face these facts. Rational Human Conduct and Modern Industrial Society 1943 Southern Economic Journal Karl W. Kapp 0.699
If the concept of “rational consumers’ choice” has any applicability to the administrative processes of an interventionist state, it is as a guide to the proper behavior of administrators, rather than a description of how they actually do behave. The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 0.696
Nevertheless if one presses too hard the doctrine that all social activity must be subjected to the sovereign rule of cost-and-price economics, then all religious, moral, social, political, and even biological considerations must give way before it. Political Science, Economics, and Public Policy 1944 The American Economic Review William Anderson 0.695
Important economic decisions are not ground out by impersonal competitive exchange in an open and driving market; they are made quite personally, by men relatively few men whom we do not choose and over whom we have only the most tenuous controls. The Effectiveness of the Federal Antitrust Laws: A Symposium 1949 The American Economic Review Dexter Merriam Keezer 0.695
Three characteristics of the new policies bear on this question: the first is their technical character, the second is their character as a closed rational system, and the third is their claim to possess a higher value than other political aims. The Party System and the New Economic Policies 1943 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique F. E. Dessauer 0.692
But, while progress in the rationality of the behavior of economic units is necessarily a slow process to which understanding of economic forces can contribute a great deal but only gradually in the course of time, better adaptation of the machinery of government to the tasks it must perform in modern society is an essential preliminary step long overdue in the upward climb toward a smoothly functioning economy. The Economist and the State 1947 The American Economic Review E. A. Goldenweiser 0.686
Reform of the economic system along the line of keeping it a system of free enterprise, requires intelligent understanding. Taxation According to “Ability to Pay”: What It Means and What Is Wrong with It 1945 The American Journal of Economics and Sociology Harry Gunnison Brown 0.680
We are shown in brilliant exposition that as long as the alternatives open to each individual can be clearly formulated, an economic system based on such foundations makes sense and possesses certain optimum properties for human welfare, however complicated and specialized the roles of the individual members of that economy may be. Neoclassical Economics and Monetary Problems 1949 The American Economic Review Paul B. Simpson 0.677
It leads also to a certain looseness of thinking among those who fancy an economic problem can be solved by running away from the rigorous limitations imposed by ordinary business terms and invoking a new kind or measure of regulatory control, regardless of whether the net effect of such a solution is to destroy the independent action and voluntary choice which are the essence of a free people’s scale of values. Collective Bargaining and the Common Interest 1943 The American Economic Review Edwin G. Nourse 0.676

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
For upon the principles of economics course, in the American democracy, has come to rest the obligation of making economic life, which can no longer operate under the guidance of the “invisible hand,” function under the “visible hand” of social control, operating to a considerable extent through governmental activity.’ The Development of a Scientific Attitude in Economics 1944 The American Journal of Economics and Sociology Richard W. Lindholm 0.834
I do not mean to imply that the technique of the market can be applied to political affairs, or that this criterion alone can serve as the final basis for an appraisal of democracy or of private enterprise; but it does suggest that we should not resort to political control in areas where the mechanism of the market will function, unless there are overwhelmingly strong reasons for so doing. Monetary Policy 1946 The Review of Economics and Statistics Lloyd W. Mints 0.813
In the political climate of today in the western democratic world, economists and laymen alike are more than ever involved in the old, perpetual debate over economic freedom versus governmental and group controls. The Economics of a “Free” Society: Four Essays 1948 The Quarterly Journal of Economics O. H. Taylor 0.812
This study may be of some interest to those who ponder the question of the reconcilability of the centralised and conscious direction of economic processes with the economic liberty of the individual as well as to those who reflect on the function of the price-mechanism in such a system. De-Rationing in the U.S.S.R. 1941 The Review of Economic Studies E. M. Chossudowsky 0.812
IV No STUDY OF ECONOMICS is at all complete, of course-and this is implied in some of the previous discussion-if it does not lead the student to some awareness of the pressure groups and political forces in general by means of which, though inconsistently with what may be considered the normal mode of operation of the system of free private enterprise, laws are promulgated which lay some of us under tribute to others of us. Objectives and Methods in Teaching the ‘Principles’ of Economics 1945 The American Journal of Economics and Sociology Harry Gunnison Brown 0.812
Such an approach leads to reliance, not upon documented economic dangers, but upon such emotion-laden and question-begging shibboleths as “regimentation” and “centralization,” broadcast with little reference to the inescapable dependence of the individual upon social process, the essentially national scope of the established economic system, the reasonably reassuring actualities in MARCH these respects of the general course of control experience. Law and Economics 1946 The American Economic Review I. L. Sharfman 0.805
It is argued here that much of the value of the writings of economic scientists about freedom lies in the light it throws on the possibilities and limitations of the attempt to establish general rules according to concepts derived mainly from one limited field of endeavour. Political Economy and Enterprise 1949 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique W. T. Easterbrook 0.803
“2 But the main defect of political economy is its conclusion,” the sterile aphorism of absolute industrial liberty “,3 the belief that there is no need of some” special institution immediately charged with the task of regularising the spontaneous coordination ” which should be regarded as merely offering the opportunity for imposing real organisation. The Counter-Revolution of Science 1941 Economica F. A. v. Hayek 0.803
in these spheres, however, which have constituted the traditional legal foundations of economic conduct, a process of continual development, in response to social pressures resulting from practical maladjustments of all sorts, is both necessary and unavoidable; and with the intensification of public consciousness as to desirable ends and appropriate means, more positive objectives are constantly emerging and being implemented-the powers and opportunities which inhere in our political democracy are being utilized not only to advance special interests, but to further the deliberate attainment of more general economic well-being. Law and Economics 1946 The American Economic Review I. L. Sharfman 0.802
Those who believe that democracy, individual freedom and international peace are all dependent on our success in improving the private enterprise system and making use of the adjustment mechanism provided by free market prices for goods, services and the factors of production are deeply concerned by planning measures of the type here discussed, which thwart rather than humanize and assist the adaptations which free prices show to be necessary. Regional Aspects of the Problem of Full Employment at Fair Wages 1946 Southern Economic Journal J. V. Van Sickle 0.801
Upon what ground should our economy be shifted, as the authors urge, from reliance on constructive ideas to reliance on political manipulation of economic life? Note on Concentration of Economic Power 1942 Journal of Political Economy Calvin Crumbaker 0.801
For the government not only to sanction free enterprise generally and to make public enterprise an exception, but also to safeguard freedom of access to markets and to enforce competition may be wholly consistent with the promotion of the common welfare in terms of “plenty” and nothing less than a disastrous blunder in other circumstances, when survival is at stake. Present Position and Prospects of Antitrust Policy 1942 The American Economic Review Myron W. Watkins 0.798
We are shown in brilliant exposition that as long as the alternatives open to each individual can be clearly formulated, an economic system based on such foundations makes sense and possesses certain optimum properties for human welfare, however complicated and specialized the roles of the individual members of that economy may be. Neoclassical Economics and Monetary Problems 1949 The American Economic Review Paul B. Simpson 0.797
In our present society there is a large area-the economic one-in which it is necessary only that the State provide favorable conditions and in which, if favorable conditions are provided, the forces of demand and supply will operate automatically and impersonally, and without specific State direction in each separate transaction, to bring about the production and the essentially fair distribution of needed goods. The Appeal of Communist Ideology 1943 The American Journal of Economics and Sociology Harry Gunnison Brown 0.797
While we recognize the necessity of individual initiative in industrial life, we hold that the doctrine of laissez-faire is unsafe in politics and unsound in morals; and that it suggests an inadequate explanation of the relations between the state and the citizens. Economic Contradictions 1947 Southern Economic Journal H. L. Mccracken 0.796
This is an Organized World, and in Such a World, Economic Power is Political Power; the Possession of Private Political Power Compels Government to Take Over Central Policy Guidance I hope I do not have to discuss the substance of the first half of this heading, but only its implications. Government Control after the War 1943 Journal of Farm Economics Robert A. Brady 0.796

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Political Economy and Enterprise 1949 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique W. T. Easterbrook 14 0.614
The Planning Approach in Public Economy: Further Comment 1941 The Quarterly Journal of Economics Herbert A. Simon 9 0.659
Law and Economics 1946 The American Economic Review I. L. Sharfman 9 0.616
The Role of the State: The Role of the State in Shaping Things Economic 1947 The Journal of Economic History Joseph J. Spengler 9 0.608
The Economics of a “Free” Society: Four Essays 1948 The Quarterly Journal of Economics O. H. Taylor 8 0.591
The Role of the Individual in the Economic World of the Future 1941 Journal of Political Economy Frank H. Knight 7 0.587
Collective Bargaining and the Common Interest 1943 The American Economic Review Edwin G. Nourse 6 0.651
The Appeal of Communist Ideology 1943 The American Journal of Economics and Sociology Harry Gunnison Brown 6 0.600
Adam Smith and the Economic Man 1948 Journal of Political Economy William D. Grampp 6 0.613
John R. Commons’ Concept of Twentieth-Century Economics 1940 Journal of Political Economy Allan G. Gruchy 5 0.601

Closest clusters of the cluster per decade

Closest clusters within the 1940-1949 decade

Cluster Name Similarity
36: capitalism, marx, socialist, capitalistic, soviet 0.0913821
8: farm, agriculture, agricultural, land, farmers 0.0354799
2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0229189
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0029612
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0469840
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0515523
10: valuations, economic_values, reconsideration, judgments, valuation -0.0768166
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1203773
31: liquidity_preference, conservation, investment, stagnation, liquidity -0.1256803
14: rationalisation, rationalization, men’s, und, rational_action -0.1445910
24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process -0.2350975
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2660719

Closest clusters with all decade, for 1940-1949

Time Window Cluster Name Similarity
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.4341576
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.3492695
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.3055030
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.2986207
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.2749207
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.2042490
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.2011002
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1925563
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1805984
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1787416
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.1768657
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.1392853
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1080664
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.1072044
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1067261

Intertemporal cluster 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational

The cluster gathers 13098 sentences from our corpus. It represents 8.09% of all the sentences selected over the whole period.

The community exists from 1950 to 2019.

The most recurring authors are Herbert A. Simon (76 sentences), Robert Sugden (72 sentences), John Conlisk (68 sentences), David Dequech (63 sentences), Laurens Cherchye (62 sentences), Amos Witztum (61 sentences), Oliver E. Williamson (60 sentences), Bryan Caplan (57 sentences), William H. Redmond (55 sentences), Gary S. Becker (53 sentences).

The most recurring journals are The American Economic Review (997 sentences), Journal of Economic Issues (984 sentences), Econometrica (643 sentences), Cambridge Journal of Economics (601 sentences), Public Choice (593 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
bounded_rationality 0.0052027
bounded 0.0050686
individual_rationality 0.0021890
boundedly 0.0013275
boundedly_rational 0.0013275
collective_rationality 0.0009266
rationalizable 0.0008762
rationality_assumption 0.0007497
rationalizability 0.0007227
rational_behavior 0.0007110
individually_rational 0.0006673
rationality 0.0006456
rationality_constraint 0.0006370
behavior 0.0006312
procedural_rationality 0.0006311
instrumental_rationality 0.0005977
rational_agents 0.0005972
rational_choice 0.0005457
rational_individuals 0.0004905
ability_workers 0.0004802

Top TF-IDF terms describing the community for each time window

Top terms 1950-1959

Token TF-IDF
rational_player 0.0015226
rational_behavior 0.0013236
irrational 0.0012939
rational_approach 0.0012938
rational_players 0.0012322
irrationality 0.0010984
players 0.0010796
agent_behavior 0.0010695
rationalism 0.0010141
act_rationally 0.0010030
rationalistic 0.0009722
symmetry 0.0009722
player 0.0008933
term_rational 0.0008021
called_rational 0.0007313

Top terms 1960-1969

Token TF-IDF
rationality_postulates 0.0037428
game_situations 0.0025448
economic_rationality 0.0018142
irrational_behavior 0.0015912
rationalism 0.0015580
economic_rationalism 0.0014736
rational_behavior 0.0014271
market_responses 0.0013325
impulsive 0.0012710
irrationality 0.0010912
expectations_hypothesis 0.0010660
rational_expectations 0.0010141
collective_decisions 0.0010012
irrational 0.0008635
individual_rationality 0.0008508

Top terms 1970-1979

Token TF-IDF
bounded_rationality 0.0015579
bounded 0.0014995
rationality_postulates 0.0013467
voter 0.0011854
rationality_hypothesis 0.0010238
conjectural_equilibrium 0.0010153
rationality 0.0009497
rational_behavior 0.0009415
rationality_conditions 0.0009403
collective_rationality 0.0009083
rational_system 0.0008670
voting 0.0008530
compensating 0.0007431
organizational 0.0006931
behavioral_theory 0.0006456

Top terms 1980-1989

Token TF-IDF
bounded 0.0027253
bounded_rationality 0.0026599
individual_rationality 0.0016379
individually_rational 0.0013358
rationality 0.0011216
players 0.0010986
voters 0.0009392
noncooperative 0.0009275
rationality_assumption 0.0009096
opportunism 0.0009049
individually 0.0008773
rational_choice 0.0008505
collective_rationality 0.0008399
rational_behavior 0.0008328
rationalizability 0.0008278

Top terms 1990-1999

Token TF-IDF
bounded 0.0107114
bounded_rationality 0.0106731
individual_rationality 0.0032712
abstract_rationality 0.0022695
rationality 0.0019673
unbounded_rationality 0.0015013
rationality_assumption 0.0013758
realisation_process 0.0013311
procedural_rationality 0.0013036
boundedly 0.0012831
boundedly_rational 0.0012831
unbounded 0.0011877
rationality_hypothesis 0.0011645
procedural 0.0011119
simon’s 0.0009884

Top terms 2000-2009

Token TF-IDF
bounded 0.0076694
bounded_rationality 0.0076276
individual_rationality 0.0025960
collective_rationality 0.0020671
rationality 0.0018013
boundedly 0.0016325
boundedly_rational 0.0016325
rational_irrationality 0.0015254
instrumental_rationality 0.0012247
rationalizable 0.0011325
rationality_constraint 0.0011196
simon 0.0010666
simon’s 0.0009797
contributors_rational 0.0009708
rationalist 0.0009280

Top terms 2010-2019

Token TF-IDF
bounded 0.0053687
bounded_rationality 0.0051846
boundedly 0.0028642
boundedly_rational 0.0028642
ability_workers 0.0027548
individual_rationality 0.0025856
rationalizability 0.0019063
collective_rationality 0.0018131
rationalizable 0.0016503
act_rational 0.0012335
rationality 0.0012310
rational_choice 0.0011429
rational_agents 0.0010244
low_ability 0.0010214
rational_consumers 0.0010089

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
INTRODUCTION ALTHOUGH it has long been agreed that traditional economic theory “assumes” rational behavior, at one time there was considerable disagreement over the meaning of the word “rational.” Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.860
Using this concept of rationalizability in the context of rational expectations equilibria, the question thus is whether such equilibria can be justified as a unique consequence of individual rationality and common knowledge of this rationality. Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 0.852
Identifying rationality with one particular equilibrium concept can be highly misleading particularly in the presence of alternative sets of expectations that lead to widely different equilibria. Economic Rationality and the Areeda-Turner Rule 2015 Review of Industrial Organization William S. Comanor , H. E. Freeh III 0.851
A Turn to Rationality Some economic rationality is beginning to be used in analyzing objectives and means. Tomorrow’s Economic Order 1969 Business Economics Yale Brozen 0.849
The present note reports a further case that might prove helpful in assessing the empirical relevance of the assumption of full rationality. A Piece of Evidence Regarding the Full Rationality of Economic Agents 1999 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Tommaso Luzzati 0.849
A new concept of economic rationality evolves from this; it calls for provisos “for every possible conduct” of the other participants; that is, “its description must include rules of conduct for all conceivable situations - including those where ‘the others’ behaved irrationally”4. Oligopolistic Indeterminacy 1952 Weltwirtschaftliches Archiv Fritz Machlup 0.846
Instead, the intention of the paper is just to take a few initial steps toward a broad approach to rationality and 1 At an anonymous referee’s suggestion, the term “rationality” is avoided here when referring to a non-neoclassical context. Conventional and Unconventional Behavior under Uncertainty 2003 Journal of Post Keynesian Economics David Dequech 0.845
Royal Economic Society I I359 and the circumstances under which, human behaviour might be rational. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.844
At the same time, I believe that specific deviations from rationality in the agents’ choices and in the agents’ processing of information potentially enhance the realism and economic analysis of certain phenomena on a case- by-case basis.26 However, several examples of apparent deviation from rationality may be reconciled with the rational economic paradigm, once we recognize that rational investors have incomplete knowledge of the fundamental structure of the economy and engage in learning.27 In any case, the collection of these deviations from rationality does not yet amount to a new economic paradigm that challenges the rational economic model. Rational Asset Prices 2002 The Journal of Finance George M. Constantinides 0.844
The preference and informational meanings of the term rational are often commingled by modern economists so that rational individuals become characterized as persons having consistent and durable preferences and unbiased expectations. The Political Economy of Gordon Tullock 2004 Public Choice Roger D. Congleton 0.844
Rationality into Economics 531 new models of limited rationality into main stream empirical and theoretical economics. Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 0.844
One qualification to this interpretation of economic rationality should be noted. Disguised Unemployment in Underdeveloped Economies 1961 Oxford Economic Papers William J. Barber 0.843
Nevertheless, it is worth emphasizing that, for the purpose of this paper, rationality is an assumption that is explored and not a hypothesis that is tested. Peasants and Dualism with or without Surplus Labor 1966 Journal of Political Economy Amartya K. Sen 0.840
ACCORDING TO THE theory of rational expec tations, the decisions of individuals and organi zations can be influenced by what they anticipate conditions will be like in the future.1 Recent events indicate that such rational expectations need not arise for valid reasons in order to have a profound effect on the economy. Inflation Expectations: Recent Causes and Effects 1977 Business Economics John J. Casson 0.840
The purpose of this restriction is to demonstrate that even if the instru mental conception of rationality is accepted as appropriate for economics, the main justifications for its adoption all entail more severe restrictions on the application of the instrumental concept of rationality than is commonly acknowledged in economics. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.836
Since models of bounded rationality do not rely on this assumption, deriving a similar empirically verifiable prediction of this paradigm is more dif- * Berk: School of Business Administration, University of Washington, Box 353200, Seattle, WA 98195-3200; Hughson: David Eccles School of Business, University of Utah, Salt Lake City, UT 84112; Vandezande: Simon Fraser University, Faculty of Business Administration, Burnaby, BC V5A 1S6, Canada. The Price is Right, But are the Bids? An Investigation of Rational Decision Theory 1996 The American Economic Review Jonathan B. Berk, Eric Hughson , Kirk Vandezande 0.833
First, we explore the idea of a rationality spillover. Experimental methods for environment and development economics 2009 Environment and Development Economics MARIAH D. EHMKE , JASON F. SHOGREN 0.832
The hypothesis of economic rationality has been defended on the basis of a priori theoretical considerations, and it has been supported by casual empirical observations. The Empirical Content of Economic Rationality: A Test for a Less Developed Economy 1969 Journal of Political Economy John Wise , Pan A. Yotopoulos 0.831
EVIDENCE The rationality hypothesis in economics has been the subject of much philosophical debate. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.831
The structure of rational beliefs In most economic applications the concept of “rationality” must be understood with respect to statements about conditional probabilities. On the Structure and Diversity of Rational Beliefs 1994 Economic Theory Mordecai Kurz 0.831
The various questions that have been raised about the rationality assumption appear to have legitimized and encouraged the development of economic theories that model departures from economic rationality in specific contexts. A Psychological Perspective on Economics 2003 The American Economic Review Daniel Kahneman 0.831

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
A new concept of economic rationality evolves from this; it calls for provisos “for every possible conduct” of the other participants; that is, “its description must include rules of conduct for all conceivable situations - including those where ‘the others’ behaved irrationally”4. Oligopolistic Indeterminacy 1952 Weltwirtschaftliches Archiv Fritz Machlup 0.846
In the sphere of economic decisions and policies, there can and should be a fairly marked relative predominance of the role of an applied rationality having much in common, at least, with that which is called “scientific.” The Future of Economic Liberalism 1952 The American Economic Review Overton H. Taylor 0.827
However, the general decline in the rationalistic credo of our civilization manifests itself in economic thought in the slight reality value attributed to the postulate of rationality.36 The rationalistic models are interpreted as methodological devices, as hypothetical, heuristic principles. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.826
pearance of rationality, rationality in real life must involve something simpler than maximization of utility or profit. Theories of Decision-Making in Economics and Behavioral Science 1959 The American Economic Review Herbert A. Simon 0.799
We note that with few exceptions, economists and game theorists alike have tended to avoid such issues.41 Once we leave the realm of strictly competitive games, problems multiply rapidly and every author feels entitled to his own concept of rational behavior. Advances in Game Theory 1958 The American Economic Review Harvey M. Wagner 0.793
The term rational is used here to describe an economic system motivated not by traditional attitudes and customs, but by a conscious and systematic adjustment of economic means to the attainment of the objective of increasing national income per capita. Some Reflections on Rational Policy for Economic Development in Underdeveloped Areas 1954 Economic Development and Cultural Change Ponna Wignaraja 0.790
If social rationality is defined as producing results indicated as rational by the welfare function, that is, maximizing total utility in the utilitarian framework, a market decision is socially rational only if individuals are rational and individual utilities are independent. Social Choice, Democracy, and Free Markets 1954 Journal of Political Economy James M. Buchanan 0.790
Even if all economic behavior is not rational, economic theory argues in favor of the profitability of being rational. Science and Welfare in Economic Policy 1959 The Quarterly Journal of Economics F. Zeuthen 0.789
Traditionally, economic theory has been based on an assumption that behavior is “rational,” in a specific sense to be defined shortly, whereas most psychological and sociological theory insists that behavior is, at least largely, “irrational.” A Study of Irrational Judgments 1957 Journal of Political Economy Arnold M. Rose 0.776
For rationality of choice is nothing less than the choice with complete awareness of the alternative rejected.31 Rationality is connected in economic thought with maximization. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.776
The concept of rationality advanced here is, however, somewhat different from the traditional economic concept of the rational consumer. Consumer Reactions to Inflation 1959 The Quarterly Journal of Economics Eva Mueller 0.775
The question of rationality is important. The Theory of Duopoly 1954 The Quarterly Journal of Economics Alexander Henderson 0.775

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
INTRODUCTION ALTHOUGH it has long been agreed that traditional economic theory “assumes” rational behavior, at one time there was considerable disagreement over the meaning of the word “rational.” Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.860
A Turn to Rationality Some economic rationality is beginning to be used in analyzing objectives and means. Tomorrow’s Economic Order 1969 Business Economics Yale Brozen 0.849
One qualification to this interpretation of economic rationality should be noted. Disguised Unemployment in Underdeveloped Economies 1961 Oxford Economic Papers William J. Barber 0.843
Nevertheless, it is worth emphasizing that, for the purpose of this paper, rationality is an assumption that is explored and not a hypothesis that is tested. Peasants and Dualism with or without Surplus Labor 1966 Journal of Political Economy Amartya K. Sen 0.840
The hypothesis of economic rationality has been defended on the basis of a priori theoretical considerations, and it has been supported by casual empirical observations. The Empirical Content of Economic Rationality: A Test for a Less Developed Economy 1969 Journal of Political Economy John Wise , Pan A. Yotopoulos 0.831
Ever since, the assumption of “rational behavior”-with all its protean implications-has been a convenient and essential shorthand to describe a most complex set of elements which determine the making of economic decisions. An Economist’s Image of History 1968 Southern Economic Journal Werner Hochwald 0.823
The purpose of this paper is not to contribute still another defense of economic rationality. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.820
For though the development of economic rationalism is partly dependent on rational technique and law, it is at the same time determined by the ability and disposition of men to adopt certain types of practical rational conduct. The Protestant Ethic as a General Precondition for Economic Development 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Niles M. Hansen 0.811
The Current State of Discussion on Economic Rationality The hypothesis of economic rationality is usually cast in the specific form of profit maximization. The Empirical Content of Economic Rationality: A Test for a Less Developed Economy 1969 Journal of Political Economy John Wise , Pan A. Yotopoulos 0.810
Naturally, this progress of economic science, although considerable, is still limited, and besides, it does not necessarily imply that public and private decisions will be “rational,” although there may be a theoretical and scientific approximation with the rational. Latin American Economists in the United States 1966 Economic Development and Cultural Change Aníbal Pinto , Osvaldo Sunkel 0.807
Rather it is to show how the important theorems of modern economics result from a general principle which not only includes rational behavior and survivor arguments as special cases, but also much irrational behavior. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.799
Probably most people, in dealing with economic questions, do make an effort to behave rationally, and so rational decision theories still acquire significance by being idealized pictures which people attempt to realize, but which is only achieved to a greater or lesser extent. Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 0.799

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
ACCORDING TO THE theory of rational expec tations, the decisions of individuals and organi zations can be influenced by what they anticipate conditions will be like in the future.1 Recent events indicate that such rational expectations need not arise for valid reasons in order to have a profound effect on the economy. Inflation Expectations: Recent Causes and Effects 1977 Business Economics John J. Casson 0.840
Rationality and Irrationality in Economics. The Transition from Classical to Neoclassical Economics: A Scientific Revolution 1975 Journal of Economic Issues Michel De Vroey 0.825
ible with rational market equilibrium, however far from rational they may appear to be when examined up close and in isolation.27 But we must be wary of the reverse inference that merely because a given heuristic persists, it must have some survival value and, hence, must have a rational “explanation.” Debt and Taxes 1977 The Journal of Finance Merton H. Miller 0.817
In all these cases please note we may-or we may not-assume rational economic behavior and a reasonably rational kind of economic organization more or less competitive, of greater or lesser scale from one case to another. From Old to New to Old in Economic History 1971 The Journal of Economic History William N. Parker 0.816
Recent research by R. Radner has shown that considerations of bounded rationality can in fact be cast in a rigorous analytical framework yielding interesting behavioral propositions. Firm Decision-making Processes and Oligopoly Theory 1975 The American Economic Review Paul L. Joskow 0.810
Godelier, M. Rationality and Irrationality in Economics. Population, Resources, and the Ideology of Science 1974 Economic Geography David Harvey 0.810
In the remainder of my talk, I would like to develop this concept of procedural rationality, and its implications for economic analysis. Rationality as Process and as Product of Thought 1978 The American Economic Review Herbert A. Simon 0.805
Economic theory makes certain assumptions which scarcely ever correspond completely with reality but which approximate it in various degrees and asks: how would men act under these assumed conditions if their actions were entirely rational? Phenomena and Epiphenomena in Economics 1979 Journal of Economic Issues J. Ron Stanfield 0.798
In this note, we argue that, within Scott’s framework, such an assumption is inconsistent with the notion of rationality on the part of individuals. Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment 1979 The Journal of Finance Clifford W. Smith, Jr., Jerold B. Warner 0.797
V. Some Conclusions To a practical economist it will be no surprise that the notions of rationality in conjectures explored here are very unpromising. Exercises in Conjectural Equilibria 1977 The Scandinavian Journal of Economics Frank H. Hahn 0.788
2Expectations are said to be rational when they conform to the predictions of the relevant economic theory. Monetary Policy, Inflation, and Devaluation: A Case Study of the Philippines: Note 1979 Journal of Money, Credit and Banking Nguyên Anh Nga 0.788
Further, the rationality or irrationality of an economic decision may depend on one’s point of view. Employment Implications of Industrialisation in Developing Countries: A Survey 1974 The Economic Journal David Morawetz 0.786

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
They conclude that the existence of some rational agents is not sufficient to guarantee a rational expectations equilibrium in an economy with some of what they call quasi-rational agents. Does the Stock Market Overreact? 1985 The Journal of Finance Werner F. M. De Bondt, Richard Thaler 0.825
The overall conclusion that emerges from my analysis is that, if agents are assumed to be individually rational, convergence to the rational expectations equilibrium will not, in general, take place in the model.9 6Individual rationality entails in this context an attempt by agents to improve their forecasts of next period’s price once they receive survey information on the average opinion. Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.817
While the hypothesis here to be formulated postulates rationality in a reasonable sense, it recognizes not only the need for conditioning market expectations but also the existence of differences between the paths of “real” variables depending on which of alternative systematic nominal paths is chosen for conditioning. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.814
In concluding this section, a few more words on the classical rationality assumption in economics may be necessary. On the Status of the Nash Type of Noncooperative Equilibrium in Economic Theory 1982 The Scandinavian Journal of Economics Leif Johansen 0.814
On the other hand, one may alternatively define as rational only those expectations that fully incorporate an understanding of ” long-run” “market fundamentals”: namely, the assumption by each agent of rationally maximizing behavior by each other agent, each responding to observed changes in prices and quantities as would occur in a market model of “long-run equilibrium,” although observed through a screen of random, nonserially correlated, short-run disturbances. Commodities and Capital: Prices and Quantities 1983 The American Economic Review Gardner Ackley 0.811
Rationality is an immensely rich, complex, and subtle notion, and I certainly will not pretend to offer a completely satisfactory definition of it in this paper. Economic Theory and the Problem of Translation: Part Two 1982 Journal of Economic Issues Ken Dennis 0.810
The paper may further be looked at as an effort to show that the rational choice approach on which modern economics is based does not mean that rationality of individual behavior must be assumed under all circumstances. Anomalies and Institutions 1989 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Bruno S. Frey , Reiner Eichenberger 0.808
We argee that the emergence of the rationalexpectations hypothesis has generated an evolution in economic modeling. Models of Business Cycles: A Review Essay 1988 Eastern Economic Journal Francis W. Ahking, Stephen M. Miller 0.808
By making the conditions of statistical inference simultaneously express the theoretical concept of rational agents in logically consistent models/ the rational-expectations hypothesis and the special apparatus through which it is formalized, makes its approach internally elegant to the theoretician and natural to the econometrician. Conceptual Evolution in Economics: The Case of Rational Expectations 1985 Eastern Economic Journal Randall Bausor 0.806
To suppose that rational agents only have preferences over goods and leisure, that they have rational expectations, that all markets are Walrasian and that they clear at every instant is not only logically coherent but may also give interesting insights, although some of the insights recently claimed are wrong. On Involuntary Unemployment 1987 The Economic Journal F. H. Hahn 0.803
This example, coupled with the results obtained here as well as with recent U.K. and U.S. experience, raises the dual questions of what can be considered rational behavior a priori and how one can ascertain empirically whether behavior is or is not rational. Equilibrium Relationships between Money and Other Economic Variables 1985 The American Economic Review James R. Lothian 0.801
I think it is important to keep in mind that rationality is an assumption in economics, not a demonstrated fact. Anomalies: The Winner’s Curse 1988 The Journal of Economic Perspectives Richard H. Thaler 0.800

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
The present note reports a further case that might prove helpful in assessing the empirical relevance of the assumption of full rationality. A Piece of Evidence Regarding the Full Rationality of Economic Agents 1999 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Tommaso Luzzati 0.849
Royal Economic Society I I359 and the circumstances under which, human behaviour might be rational. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.844
The purpose of this restriction is to demonstrate that even if the instru mental conception of rationality is accepted as appropriate for economics, the main justifications for its adoption all entail more severe restrictions on the application of the instrumental concept of rationality than is commonly acknowledged in economics. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.836
Since models of bounded rationality do not rely on this assumption, deriving a similar empirically verifiable prediction of this paradigm is more dif- * Berk: School of Business Administration, University of Washington, Box 353200, Seattle, WA 98195-3200; Hughson: David Eccles School of Business, University of Utah, Salt Lake City, UT 84112; Vandezande: Simon Fraser University, Faculty of Business Administration, Burnaby, BC V5A 1S6, Canada. The Price is Right, But are the Bids? An Investigation of Rational Decision Theory 1996 The American Economic Review Jonathan B. Berk, Eric Hughson , Kirk Vandezande 0.833
EVIDENCE The rationality hypothesis in economics has been the subject of much philosophical debate. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.831
The structure of rational beliefs In most economic applications the concept of “rationality” must be understood with respect to statements about conditional probabilities. On the Structure and Diversity of Rational Beliefs 1994 Economic Theory Mordecai Kurz 0.831
: Modeling Limited Rationality.” Economic Valuation by the Method of Paired Comparison, with Emphasis on Evaluation of the Transitivity Axiom 1998 Land Economics George L. Peterson, Thomas C. Brown 0.830
This article will argue for an enriched definition of rationality that considers the actual outcomes of decisions, and will present evidence that challenges the rationality assumption in new ways. New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 0.826
‘Rational expectations and the limits of rationality: an analysis of heterogeneity.’ Bounded Rationality and Strategic Complementarity in a Macroeconomic Model: Policy Effects, Persistence and Multipliers 1997 The Economic Journal Antúlio N. Bomfim , Francis X. Diebold 0.824
Incidentally, the rationality assumption used in economics may be interpreted as a device for generating behavioral patterns, in the sense that “rational” behavior can be distinguished from erratic behavior by obeying some constraints posed by rational calculation. Patterned Variation: The Role of Psychological Dispositions in Social and Institutional Evolution 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Ekkehart Schlicht 0.823
Concepts of rationality In economic theory the principle of rationality has acquired different interpretations. Rationality of Transitional Consumers: A Post Keynesian View 1999 Journal of Post Keynesian Economics Marko Lah , Andrej Sušjan 0.823
To this extent, the results of this paper have a dual interpretation as consequences of market rules or of successive refinements of individual rationality. What Makes Markets Allocationally Efficient? 1997 The Quarterly Journal of Economics Dhananjay K. Gode, Shyam Sunder 0.822

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
Using this concept of rationalizability in the context of rational expectations equilibria, the question thus is whether such equilibria can be justified as a unique consequence of individual rationality and common knowledge of this rationality. Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 0.852
Instead, the intention of the paper is just to take a few initial steps toward a broad approach to rationality and 1 At an anonymous referee’s suggestion, the term “rationality” is avoided here when referring to a non-neoclassical context. Conventional and Unconventional Behavior under Uncertainty 2003 Journal of Post Keynesian Economics David Dequech 0.845
At the same time, I believe that specific deviations from rationality in the agents’ choices and in the agents’ processing of information potentially enhance the realism and economic analysis of certain phenomena on a case- by-case basis.26 However, several examples of apparent deviation from rationality may be reconciled with the rational economic paradigm, once we recognize that rational investors have incomplete knowledge of the fundamental structure of the economy and engage in learning.27 In any case, the collection of these deviations from rationality does not yet amount to a new economic paradigm that challenges the rational economic model. Rational Asset Prices 2002 The Journal of Finance George M. Constantinides 0.844
The preference and informational meanings of the term rational are often commingled by modern economists so that rational individuals become characterized as persons having consistent and durable preferences and unbiased expectations. The Political Economy of Gordon Tullock 2004 Public Choice Roger D. Congleton 0.844
First, we explore the idea of a rationality spillover. Experimental methods for environment and development economics 2009 Environment and Development Economics MARIAH D. EHMKE , JASON F. SHOGREN 0.832
The various questions that have been raised about the rationality assumption appear to have legitimized and encouraged the development of economic theories that model departures from economic rationality in specific contexts. A Psychological Perspective on Economics 2003 The American Economic Review Daniel Kahneman 0.831
Misunderstandings about the “true model” usually imply foregone profit opportunities, but the theory of rational irrationality helps uncover the exceptions to the rule. Rational Irrationality and the Microfoundations of Political Failure 2001 Public Choice Bryan Caplan 0.829
Rational behaviour is a major assumption behind classical economic theory, but a number of economists have suggested that this assumption is unreliable. A Buddhist economic approach to the development of community enterprises: a case study from Southern Thailand 2005 Cambridge Journal of Economics Wanna Prayukvong 0.827
What, I believe, differentiates this article from the existing literature in behavioural economics is our focus on the strategic considerations of bounded rationality. What Have You Done for Me Lately? Release of Information and Strategic Manipulation of Memories 2007 The Economic Journal Yianis Sarafidis 0.822
A version of bounded rationality is a promising candidate for explaining deviations from equilibrium predictions. Durable-Goods Monopoly: Laboratory Market and Bargaining Experiments 2000 The RAND Journal of Economics Stanley S. Reynolds 0.820
It questions not only the assumption of automatic rationality in all economic behavior but also the limitations of attempts to explain nonrational behavior in terms of Herbert Simons’ “bounded rationality,” Richard H. Thaler’s “quasi rationality,” Robert J. Shiller’s “behavioral principles,” and of course the behavioral assumptions of the “new institutionalists.” Thorstein Veblen and Human Emotions: An Unfulfilled Prescience 2005 Journal of Economic Issues Harold Wolozin 0.820
Faced with this shift of opinion, a last refuge of the supporters of the long venerated principle of rationality in economics has to be to define it simply in terms of behavioral consistency or transitivity: if X is preferred to Y and Y is preferred to Z then X must be preferred to Z. Presidential Address: The Revival of Veblenian Institutional Economics 2007 Journal of Economic Issues Geoffrey M. Hodgson 0.819

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Identifying rationality with one particular equilibrium concept can be highly misleading particularly in the presence of alternative sets of expectations that lead to widely different equilibria. Economic Rationality and the Areeda-Turner Rule 2015 Review of Industrial Organization William S. Comanor , H. E. Freeh III 0.851
Rationality into Economics 531 new models of limited rationality into main stream empirical and theoretical economics. Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 0.844
If the expectations of the players in the economy are initially not rational but deviate from rational expectations by a small amount, behaviour of the players in the economy will be changed. SOCIAL LEARNING AND MONETARY POLICY RULES 2013 The Economic Journal Jasmina Arifovic, James Bullard , Olena Kostyshyna 0.826
If we consider the different types of rationality and the diversity within each type, the question that arises is whether the interaction between individuals with different rational specification will have an influence on the economics relationship between them. Social Dimensions of Individualistic Rationality 2012 The American Journal of Economics and Sociology Amos Witztum 0.822
‘Rational’ economic behaviour, in other words, need not be solely pre-determined by the price mechanism. The point is to keep going 2012 Journal of Economic Geography Kean Fan Lim 0.819
Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, Cambridge: Cambridge University Press. BUBBLE FORMATION AND (IN) EFFICIENT MARKETS IN LEARNING-TO-FORECAST AND OPTIMISE EXPERIMENTS 2017 The Economic Journal Te Bao , Cars Hommes , Tomasz Makarewicz 0.816
Critiques Of Rationality Assumptions Are Nothing New Long before the contemporary behavioral economics program came to prominence, the economics discipline saw a good deal of complaining about the strictures of rationality assumptions - especially the ones re quired to rationalize a utility function representation of a preference or dering, and the self-interested rational actor model - long before Her bert Simon or the current leaders of the behavioral economics program began writing. AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 0.816
Rationality in economics and scientific predictions: a critical reconstruc tion of bounded rationality and its role in economic predictions, pp.  Two conceptions of economics and maximisation 2013 Cambridge Journal of Economics Ricardo F. Crespo 0.813
In economics, it is important to understand the rationality of human decision making. The Impact of a Mandatory Cooling-off Period on Divorce 2013 The Journal of Law & Economics Jungmin Lee 0.808
In Section II, we discuss the existing literature on market experience and rationality. Does Market Experience Promote Rational Choice? Experimental Evidence from Rural Ethiopia 2013 Economic Development and Cultural Change Francesco Cecchi, Erwin Bulte 0.808
An example of a key objective for bounded rationality models, one illustrative of objec tives in many avenues of research, stems directly from these findings. Bounded-Rationality Models: Tasks to Become Intellectually Competitive 2013 Journal of Economic Literature Ronald M. Harstad, Reinhard Selten 0.806
This approach stakes out a middle ground that avoids both the extreme rationality assumption that all agents play best responses and the position that the consequences of irra tionality are so unforeseeable that rational agents must adopt actions that are always optimal regardless of how irrational agents play. IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 0.805

Closest sentences from the cluster’s centroid

Among the 350 closest sentences to the cluster’s centroid, 93.14% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Rationality is an immensely rich, complex, and subtle notion, and I certainly will not pretend to offer a completely satisfactory definition of it in this paper. Economic Theory and the Problem of Translation: Part Two 1982 Journal of Economic Issues Ken Dennis 0.888
INTRODUCTION ALTHOUGH it has long been agreed that traditional economic theory “assumes” rational behavior, at one time there was considerable disagreement over the meaning of the word “rational.” Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.887
Nevertheless, it is worth emphasizing that, for the purpose of this paper, rationality is an assumption that is explored and not a hypothesis that is tested. Peasants and Dualism with or without Surplus Labor 1966 Journal of Political Economy Amartya K. Sen 0.886
The present note reports a further case that might prove helpful in assessing the empirical relevance of the assumption of full rationality. A Piece of Evidence Regarding the Full Rationality of Economic Agents 1999 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Tommaso Luzzati 0.882
3 September 2001 John R. Commons and Herbert A. Simon on the Concept of Rationality Joelle Forest and Caroline Mehier H. A. Simon and J. R. Commons are known to have been influenced by an intellectual context that explains a large part of their works, but it is worth emphasizing that the concepts of rationality developed by both Simon and Commons are very similar. John R. Commons and Herbert A. Simon on the Concept of Rationality 2001 Journal of Economic Issues Joëlle Forest , Caroline Mehier 0.873
Instead, the intention of the paper is just to take a few initial steps toward a broad approach to rationality and 1 At an anonymous referee’s suggestion, the term “rationality” is avoided here when referring to a non-neoclassical context. Conventional and Unconventional Behavior under Uncertainty 2003 Journal of Post Keynesian Economics David Dequech 0.869
The rationality hypothesis motivating the present paper requires a resolution of this issue. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.867
This article will argue for an enriched definition of rationality that considers the actual outcomes of decisions, and will present evidence that challenges the rationality assumption in new ways. New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 0.865
The domain of application of the concept of rationality appears to be more severely circumscribed where natural selection exerts its influence on the actions of agents, than where it eliminates agents who do not manifest behaviour which is optimal. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.864
The various questions that have been raised about the rationality assumption appear to have legitimized and encouraged the development of economic theories that model departures from economic rationality in specific contexts. A Psychological Perspective on Economics 2003 The American Economic Review Daniel Kahneman 0.864
In this note, we argue that, within Scott’s framework, such an assumption is inconsistent with the notion of rationality on the part of individuals. Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment 1979 The Journal of Finance Clifford W. Smith, Jr., Jerold B. Warner 0.861
First, I present a model of limited rationality based on the approach described above. How to Decide How to Decide How to…: Modeling Limited Rationality 1991 Econometrica Barton L. Lipman 0.859
Royal Economic Society I I359 and the circumstances under which, human behaviour might be rational. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.858
rationality in a general setup. Recurrent Hyperinflations and Learning 2003 The American Economic Review Albert Marcet , Juan P. Nicolini 0.858
The purpose of this restriction is to demonstrate that even if the instru mental conception of rationality is accepted as appropriate for economics, the main justifications for its adoption all entail more severe restrictions on the application of the instrumental concept of rationality than is commonly acknowledged in economics. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.857

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Rationality is an immensely rich, complex, and subtle notion, and I certainly will not pretend to offer a completely satisfactory definition of it in this paper. Economic Theory and the Problem of Translation: Part Two 1982 Journal of Economic Issues Ken Dennis 0.888
INTRODUCTION ALTHOUGH it has long been agreed that traditional economic theory “assumes” rational behavior, at one time there was considerable disagreement over the meaning of the word “rational.” Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.887
Nevertheless, it is worth emphasizing that, for the purpose of this paper, rationality is an assumption that is explored and not a hypothesis that is tested. Peasants and Dualism with or without Surplus Labor 1966 Journal of Political Economy Amartya K. Sen 0.886
The present note reports a further case that might prove helpful in assessing the empirical relevance of the assumption of full rationality. A Piece of Evidence Regarding the Full Rationality of Economic Agents 1999 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Tommaso Luzzati 0.882
3 September 2001 John R. Commons and Herbert A. Simon on the Concept of Rationality Joelle Forest and Caroline Mehier H. A. Simon and J. R. Commons are known to have been influenced by an intellectual context that explains a large part of their works, but it is worth emphasizing that the concepts of rationality developed by both Simon and Commons are very similar. John R. Commons and Herbert A. Simon on the Concept of Rationality 2001 Journal of Economic Issues Joëlle Forest , Caroline Mehier 0.873
Instead, the intention of the paper is just to take a few initial steps toward a broad approach to rationality and 1 At an anonymous referee’s suggestion, the term “rationality” is avoided here when referring to a non-neoclassical context. Conventional and Unconventional Behavior under Uncertainty 2003 Journal of Post Keynesian Economics David Dequech 0.869
The rationality hypothesis motivating the present paper requires a resolution of this issue. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.867
This article will argue for an enriched definition of rationality that considers the actual outcomes of decisions, and will present evidence that challenges the rationality assumption in new ways. New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 0.865
The domain of application of the concept of rationality appears to be more severely circumscribed where natural selection exerts its influence on the actions of agents, than where it eliminates agents who do not manifest behaviour which is optimal. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.864
The various questions that have been raised about the rationality assumption appear to have legitimized and encouraged the development of economic theories that model departures from economic rationality in specific contexts. A Psychological Perspective on Economics 2003 The American Economic Review Daniel Kahneman 0.864
In this note, we argue that, within Scott’s framework, such an assumption is inconsistent with the notion of rationality on the part of individuals. Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment 1979 The Journal of Finance Clifford W. Smith, Jr., Jerold B. Warner 0.861
First, I present a model of limited rationality based on the approach described above. How to Decide How to Decide How to…: Modeling Limited Rationality 1991 Econometrica Barton L. Lipman 0.859
Royal Economic Society I I359 and the circumstances under which, human behaviour might be rational. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.858
rationality in a general setup. Recurrent Hyperinflations and Learning 2003 The American Economic Review Albert Marcet , Juan P. Nicolini 0.858
The purpose of this restriction is to demonstrate that even if the instru mental conception of rationality is accepted as appropriate for economics, the main justifications for its adoption all entail more severe restrictions on the application of the instrumental concept of rationality than is commonly acknowledged in economics. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.857

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
A new concept of economic rationality evolves from this; it calls for provisos “for every possible conduct” of the other participants; that is, “its description must include rules of conduct for all conceivable situations - including those where ‘the others’ behaved irrationally”4. Oligopolistic Indeterminacy 1952 Weltwirtschaftliches Archiv Fritz Machlup 0.847
Even if all economic behavior is not rational, economic theory argues in favor of the profitability of being rational. Science and Welfare in Economic Policy 1959 The Quarterly Journal of Economics F. Zeuthen 0.825
However, the general decline in the rationalistic credo of our civilization manifests itself in economic thought in the slight reality value attributed to the postulate of rationality.36 The rationalistic models are interpreted as methodological devices, as hypothetical, heuristic principles. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.824
We may hypothesize a continuum of rationality, with decisions ranging from those made purely on impulse to those which may be regarded as fully rational. Some Sociological Aspects of Occupational Choice 1959 The American Journal of Economics and Sociology W. L. Slocum 0.823
In the sphere of economic decisions and policies, there can and should be a fairly marked relative predominance of the role of an applied rationality having much in common, at least, with that which is called “scientific.” The Future of Economic Liberalism 1952 The American Economic Review Overton H. Taylor 0.823
If social rationality is defined as producing results indicated as rational by the welfare function, that is, maximizing total utility in the utilitarian framework, a market decision is socially rational only if individuals are rational and individual utilities are independent. Social Choice, Democracy, and Free Markets 1954 Journal of Political Economy James M. Buchanan 0.822
We note that with few exceptions, economists and game theorists alike have tended to avoid such issues.41 Once we leave the realm of strictly competitive games, problems multiply rapidly and every author feels entitled to his own concept of rational behavior. Advances in Game Theory 1958 The American Economic Review Harvey M. Wagner 0.818
pearance of rationality, rationality in real life must involve something simpler than maximization of utility or profit. Theories of Decision-Making in Economics and Behavioral Science 1959 The American Economic Review Herbert A. Simon 0.813
For rationality of choice is nothing less than the choice with complete awareness of the alternative rejected.31 Rationality is connected in economic thought with maximization. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.808
Traditionally, economic theory has been based on an assumption that behavior is “rational,” in a specific sense to be defined shortly, whereas most psychological and sociological theory insists that behavior is, at least largely, “irrational.” A Study of Irrational Judgments 1957 Journal of Political Economy Arnold M. Rose 0.804

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
INTRODUCTION ALTHOUGH it has long been agreed that traditional economic theory “assumes” rational behavior, at one time there was considerable disagreement over the meaning of the word “rational.” Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.887
Nevertheless, it is worth emphasizing that, for the purpose of this paper, rationality is an assumption that is explored and not a hypothesis that is tested. Peasants and Dualism with or without Surplus Labor 1966 Journal of Political Economy Amartya K. Sen 0.886
Ever since, the assumption of “rational behavior”-with all its protean implications-has been a convenient and essential shorthand to describe a most complex set of elements which determine the making of economic decisions. An Economist’s Image of History 1968 Southern Economic Journal Werner Hochwald 0.854
argues that if people were known to behave rationally economists would have to place considerable emphasis on the rationality assumption. Rational Action and Economic Theory: A Reply to I. Kirzner 1963 Journal of Political Economy Gary S. Becker 0.844
The hypothesis of economic rationality has been defended on the basis of a priori theoretical considerations, and it has been supported by casual empirical observations. The Empirical Content of Economic Rationality: A Test for a Less Developed Economy 1969 Journal of Political Economy John Wise , Pan A. Yotopoulos 0.843
We submit that our approach in fact does furnish an intuitively satisfactory and analytically fruitful concept of rational behavior. A General Theory of Rational Behavior in Game Situations 1966 Econometrica John C. Harsanyi 0.832
Rather it is to show how the important theorems of modern economics result from a general principle which not only includes rational behavior and survivor arguments as special cases, but also much irrational behavior. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.824
One qualification to this interpretation of economic rationality should be noted. Disguised Unemployment in Underdeveloped Economies 1961 Oxford Economic Papers William J. Barber 0.824
The purpose of this paper is not to contribute still another defense of economic rationality. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.819
As in the “Dissenting View”, an alternative formulation of rationality is introduced by recognizing the existence of a positive minimaum sensibile for every consumer. Choice and Threshold: A Further Experiment in Spatial Duopoly 1967 Economica Nicos E. Devletoglou, P. A. Demetriou 0.816

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
In this note, we argue that, within Scott’s framework, such an assumption is inconsistent with the notion of rationality on the part of individuals. Bankruptcy, Secured Debt, and Optimal Capital Structure: Comment 1979 The Journal of Finance Clifford W. Smith, Jr., Jerold B. Warner 0.861
First, I would like to expand on the theme that almost all human behavior has a large rational component, but only in terms of the broader everyday sense of rationality, not the economists’ more specialized sense of maximization. Rationality as Process and as Product of Thought 1978 The American Economic Review Herbert A. Simon 0.854
Recent research by R. Radner has shown that considerations of bounded rationality can in fact be cast in a rigorous analytical framework yielding interesting behavioral propositions. Firm Decision-making Processes and Oligopoly Theory 1975 The American Economic Review Paul L. Joskow 0.852
However, the implications of more “rationality” will be considered, as well as whether the label is always being correctly applied.4 Two related ideas will be presented. Contract Theory and the Moderation of Inflation by Recession and by Controls 1976 Brookings Papers on Economic Activity Martin Neil Baily , William D. Nordhaus, Christopher A. Sims 0.848
The following conditions of rationality have been much discussed in the literature. Choice Functions and Revealed Preference 1971 The Review of Economic Studies Amartya K. Sen 0.839
The formulation could be considered as the study of behavior characterized by bounded rationality, but it is mainly presented to motivate the empirical work. Reservation Wage Rules and Learning Behavior 1977 The Review of Economics and Statistics Donald T. Sant 0.838
Rationality and Irrationality in Economics. The Transition from Classical to Neoclassical Economics: A Scientific Revolution 1975 Journal of Economic Issues Michel De Vroey 0.838
Needless to say, an objective of this article is to consider the meaning of non-rational behavior and how its existence places an important limitation on the scope and value of economic inquiry. The Non-Rational Domain and the Limits of Economic Analysis 1979 Southern Economic Journal Richard B. McKenzie 0.831
In the remainder of my talk, I would like to develop this concept of procedural rationality, and its implications for economic analysis. Rationality as Process and as Product of Thought 1978 The American Economic Review Herbert A. Simon 0.827
ible with rational market equilibrium, however far from rational they may appear to be when examined up close and in isolation.27 But we must be wary of the reverse inference that merely because a given heuristic persists, it must have some survival value and, hence, must have a rational “explanation.” Debt and Taxes 1977 The Journal of Finance Merton H. Miller 0.827

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
Rationality is an immensely rich, complex, and subtle notion, and I certainly will not pretend to offer a completely satisfactory definition of it in this paper. Economic Theory and the Problem of Translation: Part Two 1982 Journal of Economic Issues Ken Dennis 0.888
The concept of near-rationality is introduced. A Near-Rational Model of the Business Cycle, With Wage and Price Inertia 1985 The Quarterly Journal of Economics George A. Akerlof, Janet L. Yellen 0.849
Alternative routes to rationalizability are considered in Section 4, where it is shown that several plausible modes of boundedly rational behavior will lead to strategic choices which are, in some sense, almost rationalizable. Rationalizable Strategic Behavior 1984 Econometrica B. Douglas Bernheim 0.841
This example, coupled with the results obtained here as well as with recent U.K. and U.S. experience, raises the dual questions of what can be considered rational behavior a priori and how one can ascertain empirically whether behavior is or is not rational. Equilibrium Relationships between Money and Other Economic Variables 1985 The American Economic Review James R. Lothian 0.839
As far as rationality is concerned, it is assumed that there exists an objective function, the maximisation of which is rational behaviour; neither of these assumptions are confirmed by empirical observations. Against convergence 1980 Cambridge Journal of Economics Michael Ellman 0.837
simplifying assumptions underlying the definition of rationality in our analysis. Myopic and Forward Looking Behavior in a Dynamic Demand System 1986 International Economic Review Panos Pashardes 0.835
Rationality should not be interpreted solely in the restrictive sense of subjective expected utility maximisation. Dirigisme and development economics 1985 Cambridge Journal of Economics John Toye 0.833
Although it is sometimes believed that Herbert Simon’s notion of bounded rationality is alien to the rationality tradition in economics, Simon actually enlarges rather than reduces the scope for rationality analysis. Assessing Contract 1985 Journal of Law, Economics, & Organization Oliver E. Williamson 0.830
In short, economic agents behave “rationally”. The Effectiveness of Orderly Marketing Agreements: The Color TV Case 1983 Business Economics Victor A. Canto , Arthur B. Laffer 0.828
The paper may further be looked at as an effort to show that the rational choice approach on which modern economics is based does not mean that rationality of individual behavior must be assumed under all circumstances. Anomalies and Institutions 1989 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Bruno S. Frey , Reiner Eichenberger 0.827

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
The present note reports a further case that might prove helpful in assessing the empirical relevance of the assumption of full rationality. A Piece of Evidence Regarding the Full Rationality of Economic Agents 1999 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Tommaso Luzzati 0.882
The rationality hypothesis motivating the present paper requires a resolution of this issue. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.867
This article will argue for an enriched definition of rationality that considers the actual outcomes of decisions, and will present evidence that challenges the rationality assumption in new ways. New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 0.865
The domain of application of the concept of rationality appears to be more severely circumscribed where natural selection exerts its influence on the actions of agents, than where it eliminates agents who do not manifest behaviour which is optimal. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.864
First, I present a model of limited rationality based on the approach described above. How to Decide How to Decide How to…: Modeling Limited Rationality 1991 Econometrica Barton L. Lipman 0.859
Royal Economic Society I I359 and the circumstances under which, human behaviour might be rational. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.858
The purpose of this restriction is to demonstrate that even if the instru mental conception of rationality is accepted as appropriate for economics, the main justifications for its adoption all entail more severe restrictions on the application of the instrumental concept of rationality than is commonly acknowledged in economics. The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 0.857
Preliminary Analysis In this subsection we develop several consequences of rational behavior. Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium 1991 Econometrica Andrew McLennan , Hugo Sonnenschein 0.853
“Bounded rationality”, understood as more realistic assumptions about individual behavior and decision making, can be brought in by degrees as seems necessary for the explanatory task at hand. Homo Socio-oeconomicus: The Emergence of a General Model of Man in the Social Sciences 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Siegwart Lindenberg 0.852
: Modeling Limited Rationality.” Economic Valuation by the Method of Paired Comparison, with Emphasis on Evaluation of the Transitivity Axiom 1998 Land Economics George L. Peterson, Thomas C. Brown 0.852

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
3 September 2001 John R. Commons and Herbert A. Simon on the Concept of Rationality Joelle Forest and Caroline Mehier H. A. Simon and J. R. Commons are known to have been influenced by an intellectual context that explains a large part of their works, but it is worth emphasizing that the concepts of rationality developed by both Simon and Commons are very similar. John R. Commons and Herbert A. Simon on the Concept of Rationality 2001 Journal of Economic Issues Joëlle Forest , Caroline Mehier 0.873
Instead, the intention of the paper is just to take a few initial steps toward a broad approach to rationality and 1 At an anonymous referee’s suggestion, the term “rationality” is avoided here when referring to a non-neoclassical context. Conventional and Unconventional Behavior under Uncertainty 2003 Journal of Post Keynesian Economics David Dequech 0.869
The various questions that have been raised about the rationality assumption appear to have legitimized and encouraged the development of economic theories that model departures from economic rationality in specific contexts. A Psychological Perspective on Economics 2003 The American Economic Review Daniel Kahneman 0.864
rationality in a general setup. Recurrent Hyperinflations and Learning 2003 The American Economic Review Albert Marcet , Juan P. Nicolini 0.858
The preference and informational meanings of the term rational are often commingled by modern economists so that rational individuals become characterized as persons having consistent and durable preferences and unbiased expectations. The Political Economy of Gordon Tullock 2004 Public Choice Roger D. Congleton 0.850
A TAXONOMY OF RATIONALITY AND IRRATIONALITY “Rationality,” in economic parlance, is equivocal in at least two ways. Rational Irrationality: A Framework for the Neoclassical-Behavioral Debate 2000 Eastern Economic Journal Bryan Caplan 0.850
Bounded rationality is not a condemnation of economic agents’ cog nitive abilities but a recognition that compu tation requires resources, and resources are scarce. An Empirical Investigation into the Excessive-Choice Effect 2009 American Journal of Agricultural Economics Bharath Arunachalam, Shida R. Henneberry, Jayson L. Lusk , F. Bailey Norwood 0.849
It questions not only the assumption of automatic rationality in all economic behavior but also the limitations of attempts to explain nonrational behavior in terms of Herbert Simons’ “bounded rationality,” Richard H. Thaler’s “quasi rationality,” Robert J. Shiller’s “behavioral principles,” and of course the behavioral assumptions of the “new institutionalists.” Thorstein Veblen and Human Emotions: An Unfulfilled Prescience 2005 Journal of Economic Issues Harold Wolozin 0.847
Using this concept of rationalizability in the context of rational expectations equilibria, the question thus is whether such equilibria can be justified as a unique consequence of individual rationality and common knowledge of this rationality. Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 0.846
In attempting to explain the actions of individuals, American economists frequently invoke what are referred to as traditional “postulates of rationality.” What Are the Questions? 2002 Journal of Post Keynesian Economics Donald W. Katzner 0.845

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Rationality into Economics 531 new models of limited rationality into main stream empirical and theoretical economics. Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 0.852
If rationality can be characterized by conditions on preferences coupled with the assumption that preferences guide choices and, in addition, people are, to a reasonable degree of approximation rational, then the theory of rationality can be invoked to explain their choices. The Bond between Positive and Normative Economics 2018 Revue d’économie politique Daniel M. Hausman 0.847
If we consider the different types of rationality and the diversity within each type, the question that arises is whether the interaction between individuals with different rational specification will have an influence on the economics relationship between them. Social Dimensions of Individualistic Rationality 2012 The American Journal of Economics and Sociology Amos Witztum 0.843
Thus we see that the typical economic model of rationality can be construed as an instrumentally rational self-interested person or as an expressively rational individual who believes in self-reliance and the social institutions that promote it. Social Dimensions of Individualistic Rationality 2012 The American Journal of Economics and Sociology Amos Witztum 0.840
This consideration yields the individual rationality constraints. Reciprocal relationships and mechanism design 2016 The Canadian Journal of Economics / Revue canadienne d’Economique Gorkem Celik , Michael Peters 0.840
Our results fit well into the concept of bounded rationality in the sense that subjects behave in a sensible way, but fail to achieve full rationality. Information, Learning and Expectations in an Experimental Model Economy 2013 Economica Michael W. M. Roos, Wolfgang J. Luhan 0.839
The degree of rationality in the system and rules can be discussed, but the individual’s choice is often to act rationally within the system’s given limits. Corporate Responsibility and the Collegial Field 2014 The American Journal of Economics and Sociology Jan Tullberg 0.837
An example of a key objective for bounded rationality models, one illustrative of objec tives in many avenues of research, stems directly from these findings. Bounded-Rationality Models: Tasks to Become Intellectually Competitive 2013 Journal of Economic Literature Ronald M. Harstad, Reinhard Selten 0.836
Critiques Of Rationality Assumptions Are Nothing New Long before the contemporary behavioral economics program came to prominence, the economics discipline saw a good deal of complaining about the strictures of rationality assumptions - especially the ones re quired to rationalize a utility function representation of a preference or dering, and the self-interested rational actor model - long before Her bert Simon or the current leaders of the behavioral economics program began writing. AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 0.835
Identifying rationality with one particular equilibrium concept can be highly misleading particularly in the presence of alternative sets of expectations that lead to widely different equilibria. Economic Rationality and the Areeda-Turner Rule 2015 Review of Industrial Organization William S. Comanor , H. E. Freeh III 0.831

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 59 0.695
The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 44 0.687
Rationality, Bounded or not, and Institutional Analysis 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Ekkehart Schlicht 41 0.659
On the Status of the Nash Type of Noncooperative Equilibrium in Economic Theory 1982 The Scandinavian Journal of Economics Leif Johansen 40 0.665
Social Dimensions of Individualistic Rationality 2012 The American Journal of Economics and Sociology Amos Witztum 40 0.664
Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 38 0.691
On Institutional Rationality 2004 Journal of Economic Issues William H. Redmond 38 0.643
The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumer 2013 Cambridge Journal of Economics Judith Mehta 36 0.668
IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 35 0.644
Veblen and the Problem of Rationality 2007 Journal of Economic Issues Ferudun Yılmaz 34 0.648

Top articles (most sentences) of the cluster for each time window

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Irrationality in Economics 1954 The Quarterly Journal of Economics Louis Baudin 22 0.661
For the Abandonment of Symmetry in Game Theory 1959 The Review of Economics and Statistics T. C. Schelling 13 0.644
Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 12 0.721
Theory of the Reluctant Duelist 1956 The American Economic Review Daniel Ellsberg 11 0.642
A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 10 0.673
An Economic Theory of Political Action in a Democracy 1957 Journal of Political Economy Anthony Downs 9 0.650
The Potential Contribution of Sociological Theory and Research to Economics 1952 The American Journal of Economics and Sociology Arnold M. Rose 8 0.666
Rational Selection of Decision Functions 1954 Econometrica Herman Chernoff 7 0.654
Economics and the Social Sciences 1950 The Economic Journal A. G. Papandreou 6 0.676
Rational Behavior, Uncertain Prospects, and Measurable Utility 1950 Econometrica Jacob Marschak 6 0.624
A Study of Irrational Judgments 1957 Journal of Political Economy Arnold M. Rose 6 0.689
The Manipulation of Popular Impulse: Graham Wallas Revisited 1959 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique T. H. Qualter 6 0.653
What Kind of Psychology Does Economics Need? 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. Reinold Noyes 5 0.666
The Nature of Economic Man-A Rejoinder 1951 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique B. S. Keirstead 5 0.663
A Proposal for Extending the Theory of the Firm 1951 The Quarterly Journal of Economics W. W. Cooper 5 0.629

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 38 0.691
A General Theory of Rational Behavior in Game Situations 1966 Econometrica John C. Harsanyi 19 0.657
The Empirical Content of Economic Rationality: A Test for a Less Developed Economy 1969 Journal of Political Economy John Wise , Pan A. Yotopoulos 19 0.712
Bargaining and Conflict Situations in the Light of a New Approach to Game Theory 1965 The American Economic Review John C. Harsanyi 16 0.675
The Possibility of a Social Welfare Function 1966 The American Economic Review James S. Coleman 16 0.655
On Merit Goods 1966 FinanzArchiv / Public Finance Analysis John G. Head 16 0.647
The Changing Moral Temper of Economic Thought 1961 Zeitschrift für Nationalökonomie / Journal of Economics Walter A. Weißkopf 13 0.708
Rational Expectations and the Theory of Price Movements 1961 Econometrica John F. Muth 11 0.665
American Unionism: From Protest to Going Concern 1968 Journal of Economic Issues Jack Barbash 11 0.634
Distortion of Subjective Probabilities as a Reaction to Uncertainty 1961 The Quarterly Journal of Economics William Fellner 8 0.649
Rational Action and Economic Theory 1962 Journal of Political Economy Israel M. Kirzner 8 0.668
An Economist’s Image of History 1968 Southern Economic Journal Werner Hochwald 8 0.714
Merit Goods Revisited 1969 FinanzArchiv / Public Finance Analysis John G. Head 8 0.647
Economists’ Cost Rules and Equilibrium Theory 1960 Economica G. F. Thirlby 7 0.683
Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 6 0.653

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Rationality as Process and as Product of Thought 1978 The American Economic Review Herbert A. Simon 30 0.673
Ordinal Preference and Rational Choice 1973 Econometrica Hans G. Herzberger 19 0.647
Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 17 0.651
Social Evaluation Through Notional Choice 1974 The Quarterly Journal of Economics Sidney S. Alexander 14 0.630
The Calculus of Rational Choice 1974 Public Choice William C. Stratmann 13 0.641
Synoptic versus Incremental Scholarly Advice in Economic Policy: Some Implications of So-Called “Rational” Tax Systems 1970 FinanzArchiv / Public Finance Analysis Gunther Engelhardt 12 0.631
A Clear Test of Rational Voting 1975 Public Choice Jeffrey W. Smith 12 0.647
Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 12 0.670
Bargain and Contract Theory in Law and Economics 1976 Journal of Economic Issues S. Todd Lowry 12 0.654
Bayesian Decision Theory and Utilitarian Ethics 1978 The American Economic Review John C. Harsanyi 9 0.641
The Non-Rational Domain and the Limits of Economic Analysis 1979 Southern Economic Journal Richard B. McKenzie 9 0.680
Theory of Rational Behavior: An Application to the Multi-Purpose Firm 1970 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics DAVID A. WALKER 7 0.664
The Problem of Social Cost Revisited 1972 The Journal of Law & Economics Donald H. Regan 7 0.669
The ‘New’ Economic History Re-Examined: R. H. Tawney on the Origins of Capitalism 1974 The American Journal of Economics and Sociology Charles K. Wilber 7 0.641
Manias, Panics, and Rationality 1978 Eastern Economic Journal Charles P. Kindleberger 7 0.677

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
On the Status of the Nash Type of Noncooperative Equilibrium in Economic Theory 1982 The Scandinavian Journal of Economics Leif Johansen 40 0.665
The Meaning of Rationality in the Social Sciences 1984 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics Joseph A. Schumpeter 31 0.647
The Relevance of Quasi Rationality in Competitive Markets 1985 The American Economic Review Thomas Russell, Richard Thaler 22 0.659
Rationalizable Strategic Behavior 1984 Econometrica B. Douglas Bernheim 21 0.663
Knowledge and Rationality in the Austrian School: An Analytical Survey 1985 Eastern Economic Journal Richard N. Langlois 21 0.654
Axiomatic Characterizations of Rational Choice in Strategic Environments 1986 The Scandinavian Journal of Economics B. Douglas Bernheim 21 0.647
The Rationalist Conception of Action 1985 Journal of Economic Issues Geoff Hodgson 20 0.644
Max Weber’s Authority Models and the Theory of X-Inefficiency: The Economic Sociologist’s Analysis Adds More Structure to Leibenstein’s Critique of Rationality 1989 The American Journal of Economics and Sociology Stanley Vanagunas 18 0.658
Expecting and Affecting 1989 Oxford Economic Papers Michael Bacharach 16 0.681
Bargaining and the Sources of Transaction Costs: The Case of Government Regulation 1987 Journal of Law, Economics, & Organization Douglas D. Heckathorn, Steven M. Maser 14 0.634
A Reconsideration of the Rationality Postulate: ‘Right Hemisphere Thinking’ in Economics 1981 The American Journal of Economics and Sociology Edward E. Williams , M. Chapman Findlay 3d 13 0.668
Profit Maximization as a Management Goal on Southeastern Montana Ranches 1984 Western Journal of Agricultural Economics Basudeb Biswas , John R. Lacey , John P. Workman , Francis H. Siddoway 13 0.652
The Expanding Domain of Economics 1985 The American Economic Review Jack Hirshleifer 12 0.638
A Conversation with Amartya Sen 1989 The Journal of Economic Perspectives Arjo Klamer 12 0.656
Why be Consistent? A Critical Analysis of Consistency Requirements in Choice Theory 1985 Economica Robert Sugden 11 0.640

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 59 0.695
The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 44 0.687
Rationality, Bounded or not, and Institutional Analysis 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Ekkehart Schlicht 41 0.659
On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 27 0.684
Institutional Economics and the Evolutionary Metaphor 1996 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Gisela Kubon-Gilke 27 0.674
Selecting Social Goals: Alternative Concepts of Rationality: Both the Orthodox and the Heterodox Must Be Able to Explain the Origin and Significance of Values 1990 The American Journal of Economics and Sociology Robert D. Ley, L. E. Johnson 22 0.656
Reason, Bounded Rationality, and the Lebenswelt: Socially Sensitive Decision Making 1992 The American Journal of Economics and Sociology John W. Murphy 21 0.644
Bounded Rationality 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Reinhard Selten 20 0.665
Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 20 0.660
Legal Responses to Bounded Rationality in German Administration 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Christoph Engel 19 0.656
It’s Only Rational: An Essay on the Logic of Social Rationalization 1994 International Journal of Political Economy Tilla Siegel , Nicholas Levis 19 0.616
Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 17 0.647
MILL AND JEVONS: TWO CONCEPTS OF ECONOMIC RATIONALITY 1997 History of Economic Ideas Michel S. Zouboulakis 17 0.666
On Bounded Rationality: Experimental Work at the University of Frankfurt/Main 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Reinhard Tietz 16 0.666
New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 16 0.687

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
On Institutional Rationality 2004 Journal of Economic Issues William H. Redmond 38 0.643
Veblen and the Problem of Rationality 2007 Journal of Economic Issues Ferudun Yılmaz 34 0.648
Rational Irrationality: A Framework for the Neoclassical-Behavioral Debate 2000 Eastern Economic Journal Bryan Caplan 33 0.686
MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 30 0.664
Karl Mannheim, Max Weber, and the Problem of Social Rationality in Thorstein Veblen 2004 Journal of Economic Issues Rick Tilman 29 0.635
Bounded Rationality, Institutions, and Uncertainty 2001 Journal of Economic Issues David Dequech 25 0.692
Weber and Veblen on the Rationalization Process 2009 Journal of Economic Issues Cyril Hedoin 25 0.621
John R. Commons and Herbert A. Simon on the Concept of Rationality 2001 Journal of Economic Issues Joëlle Forest , Caroline Mehier 22 0.668
Combining the Results of Rationality Studies: What Did We know and When Did We know It? 2001 Indian Economic Review ROBERT S. GOLDFARB, H.O. STEKLER 21 0.646
THE HICKSIAN RATIONAL CONSUMER 2005 Cahiers d’économie politique / Papers in Political Economy Manuel Fernández-Grela 20 0.690
Individual Irrationality and Aggregate Outcomes 2005 The Journal of Economic Perspectives Ernst Fehr , Jean-Robert Tyran 20 0.718
Rationality-in-Relations 2003 The American Journal of Economics and Sociology Hans Bernhard Schmid 19 0.642
Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 19 0.718
Opening the Black Box of Intrahousehold Decision Making: Theory and Nonparametric Empirical Tests of General Collective Consumption Models 2009 Journal of Political Economy Laurens Cherchye , Bram De Rock , Frederic Vermeulen 16 0.660
Near-Rational Wage and Price Setting and the Long-Run Phillips Curve 2000 Brookings Papers on Economic Activity George A. Akerlof , William T. Dickens, George L. Perry , Truman F. Bewley , Alan S. Blinder 15 0.666

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
Social Dimensions of Individualistic Rationality 2012 The American Journal of Economics and Sociology Amos Witztum 40 0.664
The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumer 2013 Cambridge Journal of Economics Judith Mehta 36 0.668
IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 35 0.644
Two conceptions of economics and maximisation 2013 Cambridge Journal of Economics Ricardo F. Crespo 30 0.677
The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 29 0.668
Companies and markets: economic theories of the firm and a concept of companies as bargaining agencies 2016 Cambridge Journal of Economics Patrick Spread 28 0.681
Consideration Sets and Competitive Marketing 2011 The Review of Economic Studies KFIR ELIAZ , RAN SPIEGLER 26 0.645
RULE RATIONALITY 2016 International Economic Review Yuval Heller, Eyal Winter 24 0.643
Labor Market Signaling and Self-Confidence: Wage Compression and the Gender Pay Gap 2012 Journal of Labor Economics Luís Santos-Pinto 19 0.624
Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 17 0.698
OBJECTIVE AND SUBJECTIVE RATIONALITY IN A MULTIPLE PRIOR MODEL 2010 Econometrica Itzhak Gilboa , Fabio Maccheroni , Massimo Marinacci, David Schmeidler 16 0.663
On the Rationality of Team Reasoning and Some of its Normative Implications 2018 Revue d’économie politique Cyril Hédoin 15 0.659
RATIONALITY AND RULES: BEHAVIORAL FOUNDATIONS AND POLICY IMPLICATIONS 2016 History of Economic Ideas Viktor J. Vanberg 14 0.679
Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 13 0.688
Testing the rationality of expectations of qualitative outcomes 2018 Journal of Applied Econometrics Carlos Madeira 13 0.652

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
53: social_choice, decision_maker, maker, decisions, rational_choice 0.1138708
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0391438
10: valuations, economic_values, reconsideration, judgments, valuation -0.0394344
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0541696
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0561210
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0584118
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0693277
8: farm, agriculture, agricultural, land, farmers -0.0699083
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0886552
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.0992762
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.1236860
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1478316
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1558754

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0664652
53: social_choice, decision_maker, maker, decisions, rational_choice 0.0577186
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0230098
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0265590
8: farm, agriculture, agricultural, land, farmers -0.0598999
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0874588
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1094732
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.1261645
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1343218
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1623225
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.2081454

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
53: social_choice, decision_maker, maker, decisions, rational_choice 0.0350369
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0204680
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0460038
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0527944
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.0834701
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.1071249
72: model, models, modeling, rational_expectations, economic_models -0.1083337
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1095305
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1109826
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1143812
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1296616
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1324523

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1302977
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.0215949
72: model, models, modeling, rational_expectations, economic_models -0.0356173
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0522015
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0530643
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.0540515
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1163194
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1330674
87: asset, rational_expectations, investors, rational_investors, traders -0.1377712
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.1459159
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.2390950
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.2658282

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0329315
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0568218
101: players, games, game_theory, player, game -0.0633343
93: rational_agents, agent’s, representative_agent, agents, agent -0.0687419
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1089900
103: voters, voting, voter, rational_voter, public_choice -0.1172936
87: asset, rational_expectations, investors, rational_investors, traders -0.1277698
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1332884
72: model, models, modeling, rational_expectations, economic_models -0.1378126
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1469202
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1598899

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0461743
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0520625
103: voters, voting, voter, rational_voter, public_choice -0.0641371
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0717850
111: information, private_information, rational_expectations, informational, rational_inattention -0.0773797
72: model, models, modeling, rational_expectations, economic_models -0.0837696
87: asset, rational_expectations, investors, rational_investors, traders -0.0925757
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1094981
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1211985
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1364600
101: players, games, game_theory, player, game -0.1397926
93: rational_agents, agent’s, representative_agent, agents, agent -0.1571036

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0726906
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0034183
103: voters, voting, voter, rational_voter, public_choice -0.0391105
87: asset, rational_expectations, investors, rational_investors, traders -0.0445746
72: model, models, modeling, rational_expectations, economic_models -0.0650064
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0804903
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0896646
101: players, games, game_theory, player, game -0.1145149
111: information, private_information, rational_expectations, informational, rational_inattention -0.1258154
93: rational_agents, agent’s, representative_agent, agents, agent -0.1319567
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1593412
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.2021034

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8625980
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8290204
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6240732
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6239937
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6225077
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.6216250
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.5998245
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5455078
1900-1919 1: commission, tariff, mill’s, court, commerce 0.3139511
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.2580244
1990-1999 101: players, games, game_theory, player, game 0.1231756
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1223014
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1138708
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.1044982
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1024396

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8625980
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8108193
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6454236
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6096940
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5805194
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5716992
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.4515977
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.3933050
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.2571724
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.2293432
1900-1919 1: commission, tariff, mill’s, court, commerce 0.1935600
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1888272
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1759091
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1549579
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1202277

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8485828
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8290204
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8108193
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7953618
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7727138
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7650184
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.3654943
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.3576351
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1679698
1900-1919 1: commission, tariff, mill’s, court, commerce 0.1585473
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1520350
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.1104030
1990-1999 101: players, games, game_theory, player, game 0.1047483
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1027025
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1017104

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8485828
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7547142
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7509258
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7378685
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6454236
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6239937
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.2554803
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.2207674
1990-1999 101: players, games, game_theory, player, game 0.2089211
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1994934
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1695740
2000-2009 101: players, games, game_theory, player, game 0.1398144
2010-2019 101: players, games, game_theory, player, game 0.1331707
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1302977
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.1265527

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.9506846
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8683283
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7727138
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7547142
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6240732
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5805194
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.3087732
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.2807067
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1380549
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0934661
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0842554
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0598803
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0560756
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0463159
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.0390459

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.9506846
2010-2019 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.9399413
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7953618
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7378685
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6225077
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.6096940
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.2633767
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.2488282
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0663902
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0630573
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0629555
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0600518
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.0530817
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0463004
1940-1949 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0440570

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.9399413
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.8683283
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7650184
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.7509258
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5716992
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.5455078
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.1773350
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1655476
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0858308
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0726906
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.0660722
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0608813
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0581846
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0579889
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0543406

Intertemporal cluster 43: investment, investment_decision, investment_decisions, investment_behavior, investments

The cluster gathers 1552 sentences from our corpus. It represents 0.96% of all the sentences selected over the whole period.

The community exists from 1950 to 1979.

The most recurring authors are E. J. Mishan (21 sentences), Drago Gorupić (18 sentences), Franco Modigliani (16 sentences), Pierangelo Garegnani (13 sentences), Stephen A. Marglin (12 sentences), George Hajdu (11 sentences), James W. Angell (11 sentences), Ronald L. Meek (11 sentences), Eirik G. Furubotn (10 sentences), K. N. Raj (10 sentences).

The most recurring journals are The American Economic Review (179 sentences), The Journal of Finance (149 sentences), The Quarterly Journal of Economics (143 sentences), The Economic Journal (115 sentences), Journal of Political Economy (90 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
investment 0.0030558
investment_decision 0.0024702
investment_decisions 0.0023586
public_investment 0.0016130
investment_behavior 0.0010727
investments 0.0010559
invest 0.0010312
private_investment 0.0007598
projects 0.0007281
decisions 0.0007277
investment_opportunities 0.0007151
investor 0.0006723
acceleration 0.0006605
investment_policy 0.0006605
investors 0.0005965
optimal 0.0005958
asset 0.0005823
investment_function 0.0005661
optimal_investment 0.0005486
portfolio 0.0005375

Top TF-IDF terms describing the community for each time window

Top terms 1950-1959

Token TF-IDF
investment 0.0045363
investment_decisions 0.0028709
acceleration 0.0026073
investment_decision 0.0017556
private_investment 0.0017342
invest 0.0016828
capital_formation 0.0015575
saving 0.0011697
investment_projects 0.0011259
investor’s 0.0010656
investor 0.0010337
investment_choices 0.0009474
speculative_motive 0.0009474
investments 0.0009318
inducement 0.0008967

Top terms 1960-1969

Token TF-IDF
investment 0.0050234
investment_decision 0.0037029
investment_decisions 0.0028910
public_investment 0.0028585
projects 0.0022960
investment_projects 0.0021988
investments 0.0020017
capital_intensive 0.0014818
marginal_efficiency 0.0013688
invest 0.0013557
investment_function 0.0012198
market_rate 0.0012198
investment_opportunities 0.0011568
investor 0.0010461
investment_policy 0.0010455

Top terms 1970-1979

Token TF-IDF
investment 0.0035722
investment_decisions 0.0027411
investment_decision 0.0025090
public_investment 0.0024043
investment_behavior 0.0021006
investments 0.0019515
investment_demand 0.0017118
jorgenson 0.0013278
portfolio 0.0012601
invest 0.0011403
investors 0.0011349
capital_stock 0.0010550
investment_policy 0.0010260
capital_theory 0.0009977
optimal_investment 0.0009437

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
I assume that firms have rational expectations about the behavior of the economy when they make investment decisions; they may or may not anticipate the offsetting policy actions, and I contrast the two cases. Stabilization Policy and Private Economic Behavior 1978 Brookings Papers on Economic Activity Martin Neil Baily , Edmund S. Phelps , Benjamin M. Friedman 0.765
Let us suppose first, therefore, that we are considering an intelligent investor who is operating on a substantial scale for his own account, and who is endeavoring to behave “rationally.” Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 0.741
Finally, it is worth noting how, as a by-product of this analysis, the well known von Mises-von Hayek proposition about rational economic choice in two alternative economic systems will have to be reversed: consistent investment choices appear now to be impossible in the unplanned economy. The Optimum Rate of Investment 1958 The Economic Journal Branko Horvat 0.728
Much has been written in recent years on the question of what constitutes rational investment behavior for a “firm” operating within a market system. Beyond Capitalism: A Role for Markets? 1974 Journal of Economic Issues David Dale Martin 0.723
Ill. Noneconomic Factors in the Investment Decision Choice, as the essential aspect of a decision, is subject not only to rational and economic criteria, but also to irrational and noneconomic ones. The Investment Decision in Our System of Capital Formation 1964 Eastern European Economics Drago Gorupić 0.710
The implications of the theory for consumption and investment behavior are discussed, as well as the role of rational expectations in determining contract provisions. Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 0.707
It is not self-evident that we shall choose one of two alternative quantities of goods offered for sale merely because the unit price happens to be lowest; it should be no more self-evident that we shall choose a certain investment alternative merely because the internal rate of interest happens to be the highest. Some Reflexions on the Theories of Choice between Alternative Investment Opportunities 1967 Weltwirtschaftliches Archiv Tönu Puu 0.705
Another advantage of the system is that it creates conditions in which the base level not only wants but also must undertake rational investment decisions, although they are rational from their own and not the general social point of view. The Investment System of a Socialist Economy 1973 Eastern European Economics Eugeniusz Rychlewski, A. I. Ross 0.705
While clear-cut investment decisions will always be difficult where conflicting objectives must be reconciled, the decisions are more likely to be rational if the 1. The Soviet Ural-Kuznetsk Combine: A Study in Investment Criteria and Industrialization Policies 1957 The Quarterly Journal of Economics Franklyn D. Holzman 0.704
The present writer hopes to discuss it in a separate not economic criterion of investment allocation. Choosing Techniques: Handpounding V. Machine-Milling of Rice: An Indian Case 1965 Oxford Economic Papers A. S. Bhalla 0.704
Reflections on the Rationality of Investment The findings of this study on the determinants of appropriations seem to be reasonable but not rational. Capital Appropriations and the Accelerator 1965 The Review of Economics and Statistics Albert Gailord Hart 0.703
In section 7 we shall then discuss the validity of these premises, and conclude that, even if we remain within the limits of an analysis conducted in ‘real’ and ‘static’ terms—abstracting, that is, from the obstacles which the monetary system and the state of expectations may raise for an equilibrating process —economic theory does not seem to provide a sufficient basis for the idea that market forces can ensure the adjustment of decisions to invest to decisions to save in the long period. Notes on consumption, investment and effective demand: I 1978 Cambridge Journal of Economics Pierangelo Garegnani 0.703
Under some human motivation or other, a group must come to perceive it to be both possible and good to undertake acts of capital investment; and, for their ’efforts to be tolerably successful, they must act with approximate rationality in selecting the directions toward which their enterprise is directed. The Take-Off Into Self-Sustained Growth 1956 The Economic Journal W. W. Rostow 0.699
Analysing individual decisions by themselves one cannot qualify as irrational the investments aimed at the elimination of physical Acta Oe 1 shortages or at the substitution of western imports - even if they are opposed to the central decisions intended to restrict the growth of investments. DEVELOPMENT — WITH SOME DIGRESSION: THE HUNGARIAN ECONOMIC MECHANISM IN THE SEVENTIES 1979 Acta Oeconomica L. ANTAL 0.697
The question therefore arises as to how, and with what degree of rationality, capital is allocated under these conditions. Imperfect Knowledge and Economic Efficiency 1953 Oxford Economic Papers G. B. Richardson 0.694
By considering, however, a number of other factors that enter into the investment decision, an analysis of broader scope may be made which sheds more light on this apparent economic irrationality and indicates how the conventional analysis needs to be modified. Custom Work and the Farmer’s Machinery-Investment Decision 1964 Illinois Agricultural Economics Norman Coward 0.691
It is, however, possible that - with respect to the need of infrastructural and social investments or to the discounting of values pertaining to the more distant future - the social optimum of the investments will be smaller than the rational maximum determined by the method expounded here. THE OPTIMAL RATE OF GROWTH OF THE CAPITAL STOCK 1972 Acta Oeconomica L. Mihályffy , Gy. Szakolczai 0.691
Only when this condition is met can the rational business also maximize by forming a relationship between investment-expectations and actual expenditure which leaves disturbances normally distributed; because only then will disturbances in expected-values also be normally distributed. The Board of Trade Capital-Investment-Forecasts: The Prediction of Gross-Fixed-Capital-Formation in U.K. Manufacturing Industry and Business Expectations 1970 The Journal of Industrial Economics C. M. Cannon 0.691
The alternative suggested here is to buy increased generality with respect to the nature of investments at the cost of decreased generality with respect to the nature of preferences. Security Pricing and Investment Criteria in Competitive Markets 1969 The American Economic Review Jan Mossin 0.688
This substantiates the assumption that in fact it may be possible to explain the capitalist investment or price policy on psychological grounds just as well as on the grounds of pure economic theory. THE 4TH HUNGARIAN-BRITISH ECONOMIC COLLOQUIUM 1973 Acta Oeconomica T. Palánkai 0.688

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Finally, it is worth noting how, as a by-product of this analysis, the well known von Mises-von Hayek proposition about rational economic choice in two alternative economic systems will have to be reversed: consistent investment choices appear now to be impossible in the unplanned economy. The Optimum Rate of Investment 1958 The Economic Journal Branko Horvat 0.728
While clear-cut investment decisions will always be difficult where conflicting objectives must be reconciled, the decisions are more likely to be rational if the 1. The Soviet Ural-Kuznetsk Combine: A Study in Investment Criteria and Industrialization Policies 1957 The Quarterly Journal of Economics Franklyn D. Holzman 0.704
Under some human motivation or other, a group must come to perceive it to be both possible and good to undertake acts of capital investment; and, for their ’efforts to be tolerably successful, they must act with approximate rationality in selecting the directions toward which their enterprise is directed. The Take-Off Into Self-Sustained Growth 1956 The Economic Journal W. W. Rostow 0.699
The question therefore arises as to how, and with what degree of rationality, capital is allocated under these conditions. Imperfect Knowledge and Economic Efficiency 1953 Oxford Economic Papers G. B. Richardson 0.694
In the analogue of the competitive market there would be no basis for a rational investment decision; here also the possibility of making profits or losses depends on the total commitment of resources, while it is by no means obvious that any way of obtaining information about this is available. Equilibrium, Expectations and Information 1959 The Economic Journal G. B. Richardson 0.685
Thus if we reject the obviously absurd assumption that investment fluctuations reflect changes in tastes, we are left to conclude that rational choice with respect to the amount of investment is possible only in a planned economy. The Optimum Rate of Investment 1958 The Economic Journal Branko Horvat 0.681
Another writer says that “where investment decisions are based on subjective judgments of the relative value of different things and not objective comparison of their values expressed in some common unit such as money, the correctness of these decisions can also only be determined by recourse to somebody’s judgment of the value of the results achieved.” A Critique of Marginal Cost Pricing 1955 Land Economics Robert W. Harbeson 0.680
It has extended the scope of the dilemma by insisting on the existence of quantitative economic criteria of investment choice, binding the project-maker and the planner alike, and it has almost in the same breath released the latter from such criteria and subordinated his decisions to socio-political imponderables only. A Note on Soviet Capital Controversy 1955 The Quarterly Journal of Economics Alfred Zauberman 0.674
Professor Kahn has recently given closer attention to this problem.4 According to his exegesis, the precautionary motive should not be lumped in with the transactions motive, as Keynes did, but it should be treated as a close partner of the speculative motive. Income, Assets, and the Demand for Money 1958 The Review of Economics and Statistics H. F. Lydall 0.671
As was stated earlier, it is impossible to generalize about the appropriate choice of investment priorities; the arguments made here are such that each case has to be examined on its own merits. Maintenance Costs and Economic Development 1959 Journal of Political Economy Rudolph C. Blitz 0.670
In the decisions on balance within ” productive ” investment, we should expect to find economic ideas more prevalent. The Formulation of Development Plans in the British Colonies 1959 The Economic Journal Douglas Dosser 0.670
1 A boundary of vagueness must always surround any category of investment, and there must always be doubtful cases; this is especially true where we are classifying by motive, because motives, in the economic no less than in the moral world, are mixed. The Disaggregation of Investment in the Study of Economic Growth 1956 The Economic Journal A. J. Youngson 0.669

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Let us suppose first, therefore, that we are considering an intelligent investor who is operating on a substantial scale for his own account, and who is endeavoring to behave “rationally.” Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 0.741
Ill. Noneconomic Factors in the Investment Decision Choice, as the essential aspect of a decision, is subject not only to rational and economic criteria, but also to irrational and noneconomic ones. The Investment Decision in Our System of Capital Formation 1964 Eastern European Economics Drago Gorupić 0.710
It is not self-evident that we shall choose one of two alternative quantities of goods offered for sale merely because the unit price happens to be lowest; it should be no more self-evident that we shall choose a certain investment alternative merely because the internal rate of interest happens to be the highest. Some Reflexions on the Theories of Choice between Alternative Investment Opportunities 1967 Weltwirtschaftliches Archiv Tönu Puu 0.705
The present writer hopes to discuss it in a separate not economic criterion of investment allocation. Choosing Techniques: Handpounding V. Machine-Milling of Rice: An Indian Case 1965 Oxford Economic Papers A. S. Bhalla 0.704
Reflections on the Rationality of Investment The findings of this study on the determinants of appropriations seem to be reasonable but not rational. Capital Appropriations and the Accelerator 1965 The Review of Economics and Statistics Albert Gailord Hart 0.703
By considering, however, a number of other factors that enter into the investment decision, an analysis of broader scope may be made which sheds more light on this apparent economic irrationality and indicates how the conventional analysis needs to be modified. Custom Work and the Farmer’s Machinery-Investment Decision 1964 Illinois Agricultural Economics Norman Coward 0.691
The alternative suggested here is to buy increased generality with respect to the nature of investments at the cost of decreased generality with respect to the nature of preferences. Security Pricing and Investment Criteria in Competitive Markets 1969 The American Economic Review Jan Mossin 0.688
35Here and subsequently in this paper, I am indebted to Professor Rosenberg’s article, previously mentioned, which analyses patterns of investment in terms of the rationality of choice. Economic History and Economic Underdevelopment 1961 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Barry E. Supple 0.687
that the rate of interest determined in an atomistic competitive market need have any normative significance in the planning of collective investment.” The Social Rate of Discount and the Optimal Rate of Investment: Comment 1964 The Quarterly Journal of Economics Gordon Tullock 0.674
Although invest ment has usually been hypothesized as being undertaken for profit motives, a good deal of debate has concerned itself with the form? Abstracts of Doctoral Dissertations Econometric Abstracts 1966 The American Economist NULL 0.673
Implications of these motivations for pricing and investment determination are derived. Doctoral Dissertation Abstracts in Microeconomics 1969 The American Economist NULL 0.673
To the extent to which any part of such an expenditure is investment in this sense it is rarely if ever “rational” investment based on a careful comparison of alternate investment opportunities, with the anticipated monetary return and the degree of safety as guiding rods. Investment in Human Capital: Comment 1961 The American Economic Review Harry G. Shaffer 0.672

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
I assume that firms have rational expectations about the behavior of the economy when they make investment decisions; they may or may not anticipate the offsetting policy actions, and I contrast the two cases. Stabilization Policy and Private Economic Behavior 1978 Brookings Papers on Economic Activity Martin Neil Baily , Edmund S. Phelps , Benjamin M. Friedman 0.765
Much has been written in recent years on the question of what constitutes rational investment behavior for a “firm” operating within a market system. Beyond Capitalism: A Role for Markets? 1974 Journal of Economic Issues David Dale Martin 0.723
The implications of the theory for consumption and investment behavior are discussed, as well as the role of rational expectations in determining contract provisions. Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 0.707
Another advantage of the system is that it creates conditions in which the base level not only wants but also must undertake rational investment decisions, although they are rational from their own and not the general social point of view. The Investment System of a Socialist Economy 1973 Eastern European Economics Eugeniusz Rychlewski, A. I. Ross 0.705
In section 7 we shall then discuss the validity of these premises, and conclude that, even if we remain within the limits of an analysis conducted in ‘real’ and ‘static’ terms—abstracting, that is, from the obstacles which the monetary system and the state of expectations may raise for an equilibrating process —economic theory does not seem to provide a sufficient basis for the idea that market forces can ensure the adjustment of decisions to invest to decisions to save in the long period. Notes on consumption, investment and effective demand: I 1978 Cambridge Journal of Economics Pierangelo Garegnani 0.703
Analysing individual decisions by themselves one cannot qualify as irrational the investments aimed at the elimination of physical Acta Oe 1 shortages or at the substitution of western imports - even if they are opposed to the central decisions intended to restrict the growth of investments. DEVELOPMENT — WITH SOME DIGRESSION: THE HUNGARIAN ECONOMIC MECHANISM IN THE SEVENTIES 1979 Acta Oeconomica L. ANTAL 0.697
It is, however, possible that - with respect to the need of infrastructural and social investments or to the discounting of values pertaining to the more distant future - the social optimum of the investments will be smaller than the rational maximum determined by the method expounded here. THE OPTIMAL RATE OF GROWTH OF THE CAPITAL STOCK 1972 Acta Oeconomica L. Mihályffy , Gy. Szakolczai 0.691
Only when this condition is met can the rational business also maximize by forming a relationship between investment-expectations and actual expenditure which leaves disturbances normally distributed; because only then will disturbances in expected-values also be normally distributed. The Board of Trade Capital-Investment-Forecasts: The Prediction of Gross-Fixed-Capital-Formation in U.K. Manufacturing Industry and Business Expectations 1970 The Journal of Industrial Economics C. M. Cannon 0.691
This substantiates the assumption that in fact it may be possible to explain the capitalist investment or price policy on psychological grounds just as well as on the grounds of pure economic theory. THE 4TH HUNGARIAN-BRITISH ECONOMIC COLLOQUIUM 1973 Acta Oeconomica T. Palánkai 0.688
There are different criteria for appraising investment and operation activity with marked dominance of the latter criteria, and as a result rational investment decisions are either not made or unwillingly executed if from the point of view of the operation criteria they are not advantageous or are risky. The Investment System of a Socialist Economy 1973 Eastern European Economics Eugeniusz Rychlewski, A. I. Ross 0.687
While the market may be the place where businessmen invest the bulk of their funds, the “parameters” that mainstream economists are so prone to ignore frequently are established in the political arena by an investment process that falls outside the purview of mainstream logic. The Challenge of Radical Political Economics 1974 Journal of Economic Issues Raymond S. Franklin, William K. Tabb 0.686
Moreover, it is well to recall that our conclusion regarding production-investment decisions does not assume that economic agents have homogeneous preferences or identical initial wealth endowments, or that they agree on assessed distribution functions. Information-Production and Capital Market Equilibrium 1975 The Journal of Finance Nicholas J. Gonedes 0.685

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 4.67% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Under some human motivation or other, a group must come to perceive it to be both possible and good to undertake acts of capital investment; and, for their ’efforts to be tolerably successful, they must act with approximate rationality in selecting the directions toward which their enterprise is directed. The Take-Off Into Self-Sustained Growth 1956 The Economic Journal W. W. Rostow 0.808
35Here and subsequently in this paper, I am indebted to Professor Rosenberg’s article, previously mentioned, which analyses patterns of investment in terms of the rationality of choice. Economic History and Economic Underdevelopment 1961 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Barry E. Supple 0.790
Reflections on the Rationality of Investment The findings of this study on the determinants of appropriations seem to be reasonable but not rational. Capital Appropriations and the Accelerator 1965 The Review of Economics and Statistics Albert Gailord Hart 0.790
It is through this investment activity that time and uncertainty enter into the economizing process and, “it is by way of the capital account that uncertainty enters into the rational management of production, and in changes in capital the special problem of profit lies. An Uncertainty Theory of Profit: Comment 1951 The American Economic Review J. A. Stockfisch 0.788
Much has been written in recent years on the question of what constitutes rational investment behavior for a “firm” operating within a market system. Beyond Capitalism: A Role for Markets? 1974 Journal of Economic Issues David Dale Martin 0.775
In the field of investment preferences I have suggested the breaking-down of the rationale of investment decisions into its component elements; in other words, to analyze the factual information available to a prospective investor, its relevance for the future, and the profit-and-loss expectations that arise from such considerations. Industrial Investment Decisions: A Comparative Analysis 1955 The Journal of Economic History Henry G. Aubrey 0.773
The alternative rationale for the profits theory of investment is that the rate of investment is constrained by the supply of funds. Econometric Studies of Investment Behavior: A Survey 1971 Journal of Economic Literature Dale W. Jorgenson 0.772

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
In view of this situation, I decided to look again at the basic theories of investment and some of the data problems involved. Business Investment in the 1970s: A Comparison of Models 1971 Brookings Papers on Economic Activity Charles W. Bischoff, Barry Bosworth , Robert Hall 0.840
It will at once be recognized by those familiar with the relevant literature that the foregoing is, in effect, no more than a static exposition of a problem much discussed in quasi-dynamic terms in connexion with the theory of investment. A New Approach to the Theory of the Firm 1952 Oxford Economic Papers André Gabor , I. F. Pearce 0.832
The present writer hopes to discuss it in a separate not economic criterion of investment allocation. Choosing Techniques: Handpounding V. Machine-Milling of Rice: An Indian Case 1965 Oxford Economic Papers A. S. Bhalla 0.831
A POSTSCRIPT ABOUT INVESTMENT It may be of interest that two assumptions about investment decisions in addition to the one made in the main text would produce essentially the same results. A Theory of Investment, Distribution, and Employment 1965 Oxford Economic Papers W. A. Eltis 0.829
on what decides whether or not there should be investment at any given time. A Note on Mr. Kaldor’s Trade Cycle Model 1956 Oxford Economic Papers J. Black 0.828
The essential point is that total investment should not be divided into pairs of categories which are inconsistent with one another; into induced investment, for example, which is a vaguely defined market-relationship category, and investment having a long earning life, which is a temporal category. The Disaggregation of Investment in the Study of Economic Growth 1956 The Economic Journal A. J. Youngson 0.822
Investment theory and empirical knowledge about it seem to be left in the following situation. Theory and Institutions in the Study of Investment Behavior 1963 The American Economic Review Edwin Kuh 0.821
In the case of investment in particular, two basic considerations have been suggested. A Generalisation of the Multiplier-Accelerator Model 1961 The Economic Journal J. T. Caff 0.819
The Simple Theory of Investment Determination Reconsidered. Funds, Investment and Multiplier 1962 Weltwirtschaftliches Archiv Masaichi Mizuno 0.819
We may illustrate this by reference to a controversy which has appeared on occasion in the literature on the principle: is investment a function of the rate of growth of output or of its level ? On a Theory of the Trade Cycle 1950 Economica A. D. Knox 0.818
Neither the net satisfaction expected from the investment nor the desirability of holding cash, to repeat, may be expressed by the investor in consciously quantitative terms, but it is again clear that comparisons are made in the actual world, and that decisions are reached in terms of “greater or less,” if not in terms of cardinal magnitudes. Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 0.818
Summary and Conclusions The results presented in this report lead to the following conclusions: First, the investment decision is related inherently to decisions with respect to other inputs whose adjustment it both affects and is affected by. An Alternative Model of Business Investment Spending 1972 Brookings Papers on Economic Activity M. Ishaq Nadiri , Franco Modigliani, R. J. Gordon 0.818
The individual investor, even if possessed of complete confidence in the government’s ability to fulfill its guarantee as to national income, must be less than 100% certain that demand for the product of his firm will increase at the “guaranteed” rate.6 This uncertainty may be regarded as a cost which retards investment. Guaranteed Growth of Income 1953 Econometrica Robert Eisner 0.817
Thus it is assumed that in making an investment each investor expects to receive a certain part of the resulting increase in output as profits even though profit levels are determined by different factors.7 It is about 6For instance, mistaken appreciation of the results of investment on output would cause the private to diverge from the social marginal efficiency of investment. Technological Progress, Investment, and Full-Employment Growth 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique J. G. Cragg 0.815
Consider the matter of economic principles underlying investment decisions. Developments in the Curriculum and Teaching of Finance: Discussion 1966 The Journal of Finance Charles F. Walker, Allan H. Meltzer , Edgar Peske , Bion B. Howard , John P. Shelton , Ragnar D. Naess 0.815

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
It will at once be recognized by those familiar with the relevant literature that the foregoing is, in effect, no more than a static exposition of a problem much discussed in quasi-dynamic terms in connexion with the theory of investment. A New Approach to the Theory of the Firm 1952 Oxford Economic Papers André Gabor , I. F. Pearce 0.832
on what decides whether or not there should be investment at any given time. A Note on Mr. Kaldor’s Trade Cycle Model 1956 Oxford Economic Papers J. Black 0.828
The essential point is that total investment should not be divided into pairs of categories which are inconsistent with one another; into induced investment, for example, which is a vaguely defined market-relationship category, and investment having a long earning life, which is a temporal category. The Disaggregation of Investment in the Study of Economic Growth 1956 The Economic Journal A. J. Youngson 0.822
We may illustrate this by reference to a controversy which has appeared on occasion in the literature on the principle: is investment a function of the rate of growth of output or of its level ? On a Theory of the Trade Cycle 1950 Economica A. D. Knox 0.818
The individual investor, even if possessed of complete confidence in the government’s ability to fulfill its guarantee as to national income, must be less than 100% certain that demand for the product of his firm will increase at the “guaranteed” rate.6 This uncertainty may be regarded as a cost which retards investment. Guaranteed Growth of Income 1953 Econometrica Robert Eisner 0.817
It is an implication of this analysis, though it cannot be pursued here in detail, that solutions to the problem of investment decision recently proposed by Boulding, Samuelson, Scitovsky, and the Lutzes are at least in part erroneous. On the Theory of Optimal Investment Decision 1958 Journal of Political Economy J. Hirshleifer 0.813
The reasoning is that, in certain categories of investment considered essential, there is likely to be no such choice on account of technical factors, and that the capital-output DHA? SOME ASPECTS OF TECHNICAL PROGRESS IN SMALL SCALE INDUSTRIES 1956 Indian Economic Review P. N. Dhar 0.813
A second group agrees explicitly or implicitly with this view of the general problem of investment choice but attempts to formulate a criterion which will govern the choice among alternative methods of producing a given output. Investment Alternatives in Soviet Economic Theory 1952 Journal of Political Economy Norman Kaplan 0.810
It is primarily this concept of investment as consisting in the release of idle balances which gives rise to difficulties.4 2 This note was prompted by a question of Professor D. H. Robertson’s, and has benefited by his criticisms. The Matrix Multiplier and an Ambiguity in the Keynesian Concept of Saving 1952 The Economic Journal Harry G. Johnson 0.808
Under some human motivation or other, a group must come to perceive it to be both possible and good to undertake acts of capital investment; and, for their ’efforts to be tolerably successful, they must act with approximate rationality in selecting the directions toward which their enterprise is directed. The Take-Off Into Self-Sustained Growth 1956 The Economic Journal W. W. Rostow 0.808

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
The present writer hopes to discuss it in a separate not economic criterion of investment allocation. Choosing Techniques: Handpounding V. Machine-Milling of Rice: An Indian Case 1965 Oxford Economic Papers A. S. Bhalla 0.831
A POSTSCRIPT ABOUT INVESTMENT It may be of interest that two assumptions about investment decisions in addition to the one made in the main text would produce essentially the same results. A Theory of Investment, Distribution, and Employment 1965 Oxford Economic Papers W. A. Eltis 0.829
Investment theory and empirical knowledge about it seem to be left in the following situation. Theory and Institutions in the Study of Investment Behavior 1963 The American Economic Review Edwin Kuh 0.821
In the case of investment in particular, two basic considerations have been suggested. A Generalisation of the Multiplier-Accelerator Model 1961 The Economic Journal J. T. Caff 0.819
The Simple Theory of Investment Determination Reconsidered. Funds, Investment and Multiplier 1962 Weltwirtschaftliches Archiv Masaichi Mizuno 0.819
Neither the net satisfaction expected from the investment nor the desirability of holding cash, to repeat, may be expressed by the investor in consciously quantitative terms, but it is again clear that comparisons are made in the actual world, and that decisions are reached in terms of “greater or less,” if not in terms of cardinal magnitudes. Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 0.818
Thus it is assumed that in making an investment each investor expects to receive a certain part of the resulting increase in output as profits even though profit levels are determined by different factors.7 It is about 6For instance, mistaken appreciation of the results of investment on output would cause the private to diverge from the social marginal efficiency of investment. Technological Progress, Investment, and Full-Employment Growth 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique J. G. Cragg 0.815
Consider the matter of economic principles underlying investment decisions. Developments in the Curriculum and Teaching of Finance: Discussion 1966 The Journal of Finance Charles F. Walker, Allan H. Meltzer , Edgar Peske , Bion B. Howard , John P. Shelton , Ragnar D. Naess 0.815
Moreover, sin In order to explore this problem in a more sophisticated and presumably more realistic’ context we now turn to a neoclassical model of investment which has enjoyed substantial popularity in recent years. The Use of Endogenous Variables in Dynamic Models of Investment 1969 The Quarterly Journal of Economics John P. Gould 0.812
In Section I we refer to earlier studies on this problem and formulate our hypothesis of investment behaviour. An Analysis of the Effects of Investment Incentives on Investment Behaviour in the British Economy 1969 Economica R. Agarwala , G. C. Goodson 0.811

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
In view of this situation, I decided to look again at the basic theories of investment and some of the data problems involved. Business Investment in the 1970s: A Comparison of Models 1971 Brookings Papers on Economic Activity Charles W. Bischoff, Barry Bosworth , Robert Hall 0.840
Summary and Conclusions The results presented in this report lead to the following conclusions: First, the investment decision is related inherently to decisions with respect to other inputs whose adjustment it both affects and is affected by. An Alternative Model of Business Investment Spending 1972 Brookings Papers on Economic Activity M. Ishaq Nadiri , Franco Modigliani, R. J. Gordon 0.818
the realisation of the investment pattern?may be difficult to ascertain. Use of Shadow Prices in Project Evaluation 1972 Indian Economic Review Ashok Rudra 0.814
In such an environment, the investment decision can be viewed as follows. Uncertainty, Permanent Demand, and Investment Behavior 1976 The American Economic Review Eleanor M. Birch , Calvin D. Siebert 0.811
The introduction of expectations into the treatment of investment therefore becomes necessary to the extent, and only to the extent, that the results of investment are treated as profits rather than material or physical goods.6 In chapter 12 of the General Theory, the treatment of investment loses even its formal resemblance to that of neoclassical economics. The Revolutionary Character of Post-Keynesian Economics 1977 Journal of Economic Issues Nina Shapiro 0.808
Investment is stimulated when capital is valued more highly in the market than it costs to produce it, and discouraged when its valuation is less than its replacement cost.” Business Investment in the 1970s: A Comparison of Models 1971 Brookings Papers on Economic Activity Charles W. Bischoff, Barry Bosworth , Robert Hall 0.805
Investment is stimulated when capital is valued more highly in the market than costs to produce it, and discouraged when its valuation is less than its replacement cost.” Monetary and Fiscal Policy in a Two-Sector Keynesian Model 1976 Journal of Money, Credit and Banking Arthur Benavie 0.805
are allowed to include any assumption that tends to magnify the role of investments, since our analysis is aimed precisely against overestimating the role of investments. The End of the Economic Miracle: Appearance and Reality in Economic Development 1971 Eastern European Economics Ferenc Jánossy , Hedy D. Jellinek 0.799
On the execution of investments From what has been said it may seem that the problem of investment equilibrium is only one of planning, decision and finances. INVESTMENT EQUILIBRIUM: MECHANISMS OF CONTROL AND DECISION 1971 Acta Oeconomica J. Drecin 0.798
As is clear in Keynes’s own discussion of investment decisions, the uncertainty surrounding investment is not the uncertainty concerning its “physical product” but rather the uncertainty concerning the realization of the value of its products.5 This realization is uncertain because the configuration of prices in the economy may change between the time of the installation of capital equipment and the time of the existence of its products. The Revolutionary Character of Post-Keynesian Economics 1977 Journal of Economic Issues Nina Shapiro 0.798

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Investment Decision in Our System of Capital Formation 1964 Eastern European Economics Drago Gorupić 18 0.608
Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 11 0.628
Some Reflexions on the Theories of Choice between Alternative Investment Opportunities 1967 Weltwirtschaftliches Archiv Tönu Puu 10 0.623
Ideal and Reality in the Choice between Alternative Techniques 1964 Oxford Economic Papers Ronald L. Meek 9 0.599
Uncertainty, Information and Investment Decisions 1971 The Journal of Finance R. G. E. Smith 9 0.599
Notes on consumption, investment and effective demand: I 1978 Cambridge Journal of Economics Pierangelo Garegnani 8 0.610
The Acceleration Principle and the Theory of Investment: A Survey 1952 Economica A. D. Knox 7 0.589
APPLICATION OF INVESTMENT CRITERIA IN THE CHOICE BETWEEN PROJECTS 1956 Indian Economic Review K. N. Raj 7 0.593
Cost-Benefit Analysis: A Survey 1965 The Economic Journal A. R. Prest, R. Turvey 7 0.620
The Revolutionary Character of Post-Keynesian Economics 1977 Journal of Economic Issues Nina Shapiro 7 0.611

Top articles (most sentences) of the cluster for each time window

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
The Acceleration Principle and the Theory of Investment: A Survey 1952 Economica A. D. Knox 7 0.589
APPLICATION OF INVESTMENT CRITERIA IN THE CHOICE BETWEEN PROJECTS 1956 Indian Economic Review K. N. Raj 7 0.593
The Disaggregation of Investment in the Study of Economic Growth 1956 The Economic Journal A. J. Youngson 6 0.622
Saving, Investment, and Stability 1956 The American Economic Review William A. Salant 5 0.607
Investment Alternatives in Soviet Economic Theory 1952 Journal of Political Economy Norman Kaplan 4 0.616
Industrial Investment Decisions: A Comparative Analysis 1955 The Journal of Economic History Henry G. Aubrey 4 0.625
The Optimum Rate of Investment 1958 The Economic Journal Branko Horvat 4 0.666
Accelerated Investment as a Force in Economic Development 1958 The Quarterly Journal of Economics Howard S. Ellis 4 0.607
International Specialization and the Concept of Balanced Growth 1958 The Quarterly Journal of Economics John Sheahan 4 0.591
Can Individual Investors be Induced to Furnish More Equity Capital? 1950 The Journal of Finance Lewis A. Froman 3 0.592
Notes on Trade Cycle Theory 1951 The Economic Journal R. F. Harrod 3 0.602
Hicks and the Real Cycle 1952 Journal of Political Economy Arthur F. Burns 3 0.597
A Critique of Marginal Cost Pricing 1955 Land Economics Robert W. Harbeson 3 0.640
A Note on Soviet Capital Controversy 1955 The Quarterly Journal of Economics Alfred Zauberman 3 0.638
External Economies, Investment, and Foresight 1955 Journal of Political Economy J. A. Stockfisch 3 0.596

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
The Investment Decision in Our System of Capital Formation 1964 Eastern European Economics Drago Gorupić 18 0.608
Uncertainty, Likelihoods and Investment Decisions 1960 The Quarterly Journal of Economics James W. Angell 11 0.628
Some Reflexions on the Theories of Choice between Alternative Investment Opportunities 1967 Weltwirtschaftliches Archiv Tönu Puu 10 0.623
Ideal and Reality in the Choice between Alternative Techniques 1964 Oxford Economic Papers Ronald L. Meek 9 0.599
Cost-Benefit Analysis: A Survey 1965 The Economic Journal A. R. Prest, R. Turvey 7 0.620
The Social Rate of Discount and The Optimal Rate of Investment 1963 The Quarterly Journal of Economics Stephen A. Marglin 6 0.604
Capital Appropriations and the Accelerator 1965 The Review of Economics and Statistics Albert Gailord Hart 6 0.610
Investment Effectiveness and Balanced Development of the National Economy 1963 Eastern European Economics József D. Szabó 5 0.595
A Theory of Investment, Distribution, and Employment 1965 Oxford Economic Papers W. A. Eltis 5 0.608
Some Further Comments on the Ambiguity and Usefulness of Marginal Efficiency as an Investment Criterion 1965 Oxford Economic Papers J. F. Wright 5 0.597
The Soviet and Polish Quest for a Criterion of Investment Efficiency 1962 Economica Alfred Zauberman 4 0.612
Funds, Investment and Multiplier 1962 Weltwirtschaftliches Archiv Masaichi Mizuno 4 0.607
Investment in Human Capital: A Theoretical Analysis 1962 Journal of Political Economy Gary S. Becker 4 0.605
Technological Progress, Investment, and Full-Employment Growth 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique J. G. Cragg 4 0.599
The Opportunity Costs of Public Investment 1963 The Quarterly Journal of Economics Stephen A. Marglin 4 0.600

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Uncertainty, Information and Investment Decisions 1971 The Journal of Finance R. G. E. Smith 9 0.599
Notes on consumption, investment and effective demand: I 1978 Cambridge Journal of Economics Pierangelo Garegnani 8 0.610
The Revolutionary Character of Post-Keynesian Economics 1977 Journal of Economic Issues Nina Shapiro 7 0.611
Investment, Interest Rates, and the Effects of Stabilization Policies 1977 Brookings Papers on Economic Activity Robert E. Hall , Christopher A. Sims, Franco Modigliani , William Brainard 7 0.608
Corporate Investment: Does Market Valuation Matter in the Aggregate? 1977 Brookings Papers on Economic Activity George M. von Furstenberg, Michael C. Lovell , James Tobin 7 0.605
INVESTMENT EQUILIBRIUM: MECHANISMS OF CONTROL AND DECISION 1971 Acta Oeconomica J. Drecin 6 0.601
Investment Dynamics of a Two-Sector Production Model 1972 Zeitschrift für Nationalökonomie / Journal of Economics Th. T. Sekine 6 0.607
Uncertainty and the Evaluation of Public Investment Decisions: Comment 1972 The American Economic Review E. J. Mishan 6 0.602
Investment Decisions in the Decentralized Sphere 1974 Eastern European Economics László Bukta, George Hajdu 6 0.619
The Investment Decision of the Firm Under Uncertainty and the Allocative Efficiency of Capital Markets 1976 The Journal of Finance Niels Christian Nielsen 6 0.601
Notes on consumption, investment and effective demand: II: PART II: MONETARY ANALYSIS 1979 Cambridge Journal of Economics Pierangelo Garegnani 5 0.603
Uncertainty and the Evaluation of Public Investment Decisions 1970 The American Economic Review Kenneth J. Arrow, Robert C. Lind 4 0.605
Toward a Dynamic Model of the Yugoslav Firm 1971 The Canadian Journal of Economics / Revue canadienne d’Economique Eirik G. Furubotn 4 0.614
THE OPTIMAL RATE OF GROWTH OF THE CAPITAL STOCK 1972 Acta Oeconomica L. Mihályffy , Gy. Szakolczai 4 0.643
Lags in Economic Behavior 1972 Econometrica Marc Nerlove 4 0.600

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0184866
8: farm, agriculture, agricultural, land, farmers 0.0033843
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0035413
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0237140
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0561210
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0610361
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.0707950
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0715423
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0933428
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0950360
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0963607
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0976930
10: valuations, economic_values, reconsideration, judgments, valuation -0.1082371

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0474728
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.0359052
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0263167
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.0291238
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0543882
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0874588
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1105879
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1204743
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1333662
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1498016
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2283488

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0221504
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0241367
72: model, models, modeling, rational_expectations, economic_models -0.0244916
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0315123
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0450665
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0460038
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.0634786
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0675396
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0746749
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0788258
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.1268765
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1604981

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.9608673
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.9543719
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.4490944
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.4348120
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.3954604
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.3685403
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.3552493
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.3081558
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.2760940
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.2313089
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1766466
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1033373
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0953138
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0952849
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0948147

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.9608673
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.9496438
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.3838950
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.3635105
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.3401545
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.3392326
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.3315795
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.2650821
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.2154656
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1492416
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1422133
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0929469
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0886059
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.0813097
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0747057

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.9543719
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.9496438
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.4689353
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.4531727
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.4339542
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.4257942
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.3457672
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.3444947
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.3227862
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1645888
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1385944
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1382558
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1348946
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1253790
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1251585

Intertemporal cluster 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning

The cluster gathers 1350 sentences from our corpus. It represents 0.83% of all the sentences selected over the whole period.

The community exists from 1950 to 1959.

The most recurring authors are Frank H. Knight (16 sentences), Ben W. Lewis (15 sentences), Rutledge Vining (15 sentences), John E. Elliott (13 sentences), Trygve Haavelmo (12 sentences), Walter A. Weisskopf (12 sentences), Howard S. Ellis (11 sentences), P. T. Bauer (11 sentences), Fritz Machlup (9 sentences), H. Scott Gordon (9 sentences).

The most recurring journals are The American Economic Review (251 sentences), The Quarterly Journal of Economics (144 sentences), Journal of Farm Economics (111 sentences), The Economic Journal (87 sentences), Journal of Political Economy (79 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_development 0.0005691
economic_planning 0.0004354
free_enterprise 0.0004328
underdeveloped 0.0003131
planning 0.0002980
central_planning 0.0002710
economic_change 0.0002710
private_enterprise 0.0002533
behavior 0.0002457
capitalistic 0.0002453
economic_progress 0.0002441
schumpeter’s 0.0002441
external_economies 0.0002360
strictly_economic 0.0002360
enterprise_system 0.0002313
democracy 0.0002289
economic_considerations 0.0002289
economic_criteria 0.0002211
economic_motivation 0.0002196
losers 0.0002196

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Some of this evidence can be interpreted in terms of “rational conduct,” but not in terms of economic maximization. Labor Attitudes Toward Industrialization in Underdeveloped Countries 1955 The American Economic Review Wilbert E. Moore 0.785
If we temporarily abandon all of our preconceived notions of how well-behaved, rational, logically constructed economies should behave, three cases will hold an interest for us: Case 1. Patinkin on Neo-Classical Monetary Theory: A Critique in Walrasian Specifics 1959 Southern Economic Journal Robert E. Kuenne 0.763
But there is a reason for the particular approach and the economic applications chosen by N-M and the apparent omissions just mentioned: it is their notion of rational economic behaviour, which we are going to discuss in the first section. Oligopoly as a Non-Zero-Sum Game 1957 The Review of Economic Studies H. Neisser 0.763
Rationalization of economic activity. The Huguenots in the French Economy, 1650-1750 1953 The Quarterly Journal of Economics Warren C. Scoville 0.747
Perhaps the limitations of the more abstract principles of economic behavior and of markets are not always recognized as explicitly as they should be. Value Theory for Economists 1956 The American Economic Review Frank H. Knight 0.738
The economic process, therefore, carried to its rational goal, implies the alternative process. Economic and Political Conditions of World Stability 1953 The Journal of Economic History Quincy Wright 0.734
supporting economic considerations have been brought forward with some force, but sometimes they flavour of rationalisation. The Iron and Steel Act, 1949 1950 The Economic Journal S. J. Langley 0.732
Perhaps a few additional comments should be made concerning the fundamental assumptions, particularly the postulate of rational action, the “economic principle” of aiming at the attainment of a maximum of given ends. The Problem of Verification in Economics 1955 Southern Economic Journal Fritz Machlup 0.732
1* The absence of such a conceptual scheme has frequently led to dangerous assumptions as to economic motivation, e.g.  Entrepreneur and Middle Class in Indonesia 1954 Economic Development and Cultural Change Justus M. van der Kroef 0.724
There are various alternative economic theories available to answer it, and we shall consider this question later in Section IV. Capital Accumulation and the Maintenance of Full Employment 1958 The Economic Journal D. G. Champernowne 0.719
Let me say clearly in advance that in no case do I reject the reasoning completely; but that in all cases I attach much greater weight than do the proponents of these theories to the limits of possible gain, to the risks and costs of the proposed line of action, and to the merits of alternative policies. Accelerated Investment as a Force in Economic Development 1958 The Quarterly Journal of Economics Howard S. Ellis 0.718
We are concerned here with the explanation of economic behavior and so are concerned with the utility function, and the behavior it implies, rather than with the structure or intuitive appeal of the axioms. Utility, Risk, and Linearity 1959 Journal of Political Economy G. C. Archibald 0.717
It is not presupposed that the concrete behavior involved in carrying out economic functions can be purely economic as thus defined. The Theory of an Economic System 1953 The American Economic Review Manuel Gottlieb 0.716
Whether or not the economic mind rests indifferent to ends, the civilized mind - and there is, of course, no reason why both minds should not reside in the same individual - simply cannot accept economic propositions or measures from any source without the most searching examination of the totality of their likely consequences. Economics and “The Possibility of Civilization”: Four Judgments 1953 The Quarterly Journal of Economics Dwight E. Robinson 0.710
The equilibrating forces inherent in the human drive for social efficiency modify the adjustments, anticipated in terms of the assumptions of pure economic rationality. Development of Agricultural Policy 1950 Journal of Farm Economics Arnold Brekke 0.707
Hence, economic tasks - whether aiming at the acquisition of wealth or the instruments of defence - are never rigidly given; on the contrary, the rational choice of an economic task must always fully weigh up its social implications. ECONOMIC AND INTELLECTUAL LIBERTIES 1950 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics MICHAEL POLANYI 0.705
And within its own sphere the economic democracy of the free market and price system would insure a continuous reciprocal adjustment of all private economic decisions and activities, such that they would all be rational, not only in the self-interests of those concerned, but, also, in fact, in the common interest of all in the society. The Future of Economic Liberalism 1952 The American Economic Review Overton H. Taylor 0.703
29 This transfer of economic function injects political aspects into the process of decision-making that are not present in the market economy. Economic Aspects of Urban Land Use Patterns 1958 The Journal of Industrial Economics Ernest M. Fisher 0.702
While this is the legitimate aspiration of the policy maker, rarely is it possible to achieve optimum rationality in the process of economic development. Some Reflections on Rational Policy for Economic Development in Underdeveloped Areas 1954 Economic Development and Cultural Change Ponna Wignaraja 0.700
In reality, the dispositions of economic units are the inextricable result of old intentions and new considerations with which any contradistinction between ex ante and ex post loses its point.” The Concept of Monetary Equilibrium, and Its Relation to Post-Keynesian Economics 1956 Weltwirtschaftliches Archiv F. J. de Jong 0.699

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 4% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
If we temporarily abandon all of our preconceived notions of how well-behaved, rational, logically constructed economies should behave, three cases will hold an interest for us: Case 1. Patinkin on Neo-Classical Monetary Theory: A Critique in Walrasian Specifics 1959 Southern Economic Journal Robert E. Kuenne 0.809
Perhaps a few additional comments should be made concerning the fundamental assumptions, particularly the postulate of rational action, the “economic principle” of aiming at the attainment of a maximum of given ends. The Problem of Verification in Economics 1955 Southern Economic Journal Fritz Machlup 0.760

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
There are various alternative economic theories available to answer it, and we shall consider this question later in Section IV. Capital Accumulation and the Maintenance of Full Employment 1958 The Economic Journal D. G. Champernowne 0.826
I would like to develop the reason why this possibility has a basis in economic fact and why this basis becomes solider and broader the more we sweep away the mists of phraseology and the unconscious acceptance of traditional economic relations that are weakening. European Convertibility 1957 The American Economic Review Frank W. Fetter 0.821
Some Implications for Economics I hope that these remarks will help provide some perspective for the discussions which follow. Operations Research and Economics 1958 The Review of Economics and Statistics W. W. Cooper 0.814
This book is, as it must be, in the main a study of economic techniques, in a much lesser degree a study in human relations. Economic Prehistory of Europe 1952 The Economic History Review John Saltmarsh 0.811
If we temporarily abandon all of our preconceived notions of how well-behaved, rational, logically constructed economies should behave, three cases will hold an interest for us: Case 1. Patinkin on Neo-Classical Monetary Theory: A Critique in Walrasian Specifics 1959 Southern Economic Journal Robert E. Kuenne 0.809
Again, there should be no doubt that mental attitudes, religious, ethical, legal, political and other social norms, prejudices, customs, etc., are highly important in many economic problems; that it is methodologically sound to include such matters among the underlying conditions; and that there is no harm in regarding them as part of the „structure of the economy” - as long as one avoids an air of mysticism by specifying precisely what one is talking about, and just when and why it is supposed to be relevant. Structure and Structural Change: Weaselwords and Jargon 1958 Zeitschrift für Nationalökonomie / Journal of Economics Fritz Machlup 0.803
II, presents the views of a number of economists. Consumer Instalment Credit 1957 The American Economic Review Warren L. Smith 0.798
Perhaps the limitations of the more abstract principles of economic behavior and of markets are not always recognized as explicitly as they should be. Value Theory for Economists 1956 The American Economic Review Frank H. Knight 0.797
As we have observed the buffeting that economic tendencies actually receive in the process of yielding up their consequences, we have come to speak less of causes and more of determinants and functional relationships. Economic Research in Relation to Public Policy 1953 The American Economic Review Robert D. Calkins 0.793
In the light of our traditional theory, we might expect their economic activities not only to be guided by, but to be rather closely determined, indeed, almost compelled, by the automatic, competitive market forces on which we like to believe we rely to regulate the conduct of our economic affairs. Development of Large-Scale Organization: The Soviet Steel Industry: Economic Implications 1952 The Journal of Economic History Ben W. Lewis 0.792
Does it not assume away the things we should be thinking most about?27 The economic system manufactures not only products but also tastes, ideas, men, and cultural change, and all of these are interrelated in complex fashion. Some Limitations of Competitive Equilibrium 1950 Southern Economic Journal Boris C. Swerling 0.792
The third part raises questions regarding the study of the behavior or operating characteristics of the actual economic system that are apart from any immediate and specific topic of social discussion-the search for any permanencies and uniformities in the structure and functioning of an economic system that may be brought to the level of consciousness as setting the conditions under which solutions of social problems are to be sought. Economic Theory and Quantitative Research: A Broad Interpretation of the Mitchell Position 1951 The American Economic Review Rutledge Vining 0.792
It seems reasonable to assume that general economic welfare in the society will depend not only upon the market point x, but also upon the system, S, under which x is obtained. The Notion of Involuntary Economic Decisions 1950 Econometrica Trygve Haavelmo 0.788
In the opening pages of this paper I referred to the necessity of asking not one but a series of questions in depth about economic phenomena. The Pragmatic Basis of Economic Theory 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique H. Scott Gordon 0.786
Abstract general theory must be elaborated and made more specific as a particular area of economic reality comes under investigation. Methodological Problems in Agricultural Policy Research 1955 Journal of Farm Economics G. E. Brandow 0.786

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Economic Planning Reconsidered 1958 The Quarterly Journal of Economics John E. Elliott 13 0.602
Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 12 0.633
The Notion of Involuntary Economic Decisions 1950 Econometrica Trygve Haavelmo 9 0.622
The Pragmatic Basis of Economic Theory 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique H. Scott Gordon 9 0.622
The Future of Economic Liberalism 1952 The American Economic Review Overton H. Taylor 9 0.636
Methodological Issues in Quantitative Economics: Variations Upon a Theme by F. H. Knight 1950 The American Economic Review Rutledge Vining 8 0.638
The Theory of an Economic System 1953 The American Economic Review Manuel Gottlieb 8 0.632
The Rôle of Principles in Economics and Politics 1951 The American Economic Review Frank H. Knight 7 0.621
Scarcity, Marxism, and Gosplan 1953 Oxford Economic Papers P. J. D. Wiles 7 0.614
Uncertainty, Evolution, and Economic Theory 1950 Journal of Political Economy Armen A. Alchian 6 0.635

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0065885
8: farm, agriculture, agricultural, land, farmers -0.0292950
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0331124
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0707950
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0992762
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1076140
10: valuations, economic_values, reconsideration, judgments, valuation -0.1090348
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1138038
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1242580
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1317211
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1347284
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1576001
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1614895

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.4794631
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.4578853
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.4341576
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.4270550
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.3901669
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3693823
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1966937
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1860587
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.1806001
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1797396
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1739873
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1594504
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1593403
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.1590538
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1478939

Intertemporal cluster 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer

The cluster gathers 2838 sentences from our corpus. It represents 1.75% of all the sentences selected over the whole period.

The community exists from 1950 to 1979.

The most recurring authors are E. J. Mishan (39 sentences), James M. Buchanan (29 sentences), George J. Stigler (24 sentences), Paul A. Samuelson (23 sentences), Gary S. Becker (20 sentences), Kenneth J. Arrow (20 sentences), John G. Head (19 sentences), Tibor Scitovsky (19 sentences), Ronald L. Meek (18 sentences), Milton Friedman (17 sentences).

The most recurring journals are The American Economic Review (332 sentences), Journal of Political Economy (283 sentences), The Quarterly Journal of Economics (192 sentences), The Economic Journal (174 sentences), Economica (170 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
demand_theory 0.0005630
diminishing_marginal 0.0005286
utility_function 0.0005181
consumer’s 0.0005074
consumer 0.0004848
utility_theory 0.0004730
consumer_choice 0.0004673
optimal 0.0004622
consumer_behavior 0.0004441
preferences 0.0004080
consumer_demand 0.0003983
demand_functions 0.0003976
utility_maximization 0.0003849
utility_functions 0.0003841
expected_utility 0.0003731
future_consumption 0.0003627
demand_curves 0.0003609
allocation 0.0003580
rational_consumer 0.0003276
interpersonal 0.0003006

Top TF-IDF terms describing the community for each time window

Top terms 1950-1959

Token TF-IDF
diminishing_marginal 0.0015291
interpersonal 0.0011152
welfare_economics 0.0010815
optimum_allocation 0.0010533
marginal_utility 0.0008497
scarcity 0.0008489
cardinal 0.0008226
diminishing 0.0007984
interpersonal_comparisons 0.0007348
resource 0.0007014
satisfactions 0.0006874
utility_theory 0.0006836
allocation 0.0006758
scarce 0.0006693
scarce_resources 0.0006562

Top terms 1960-1969

Token TF-IDF
quantity_theory 0.0009752
balances 0.0008864
real_balances 0.0008501
consumer’s 0.0008311
consumed 0.0007032
expenditure 0.0006956
demand_curves 0.0006930
consumer 0.0006899
social_rate 0.0006791
consumer_demand 0.0006635
holdings 0.0006611
demand_theory 0.0006474
indivisibility 0.0006319
stocks 0.0006206
demand_curve 0.0005960

Top terms 1970-1979

Token TF-IDF
demand_theory 0.0011830
consumer 0.0011061
consumer_choice 0.0009992
utility_function 0.0009737
future_consumption 0.0009648
consumer’s 0.0009055
demand_functions 0.0008474
consumer_theory 0.0008349
utility_maximization 0.0008301
consumer_behavior 0.0007897
utility_maximizing 0.0007477
optimal 0.0007311
individual’s_utility 0.0007305
consumption_function 0.0007287
expected_utility 0.0007084

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Yet, if we accept the proposition that in the real world, business and consumers are often motivated by non-economic factors or rather recognize that “real” economic behavior is much more complex than assumed in the conventional model of “rational” economic behavior, then the economist is faced with a dilemma: he can no longer assume a simple profit maximization model and he cannot justify the assumption that any firm always both maximizes the efficiency of any program and automatically minimizes its cost; for assuming the latter would be an error which “…should be taken seriously for it can lead to some wild compromising criteria. Environmental Control at the Crossroads 1971 Journal of Economic Issues Harold Wolozin 0.800
To the extent that rationality for consumers may concur with rationality for agents more generally, a secondary theme that can be abstracted from revealed preference theory is the pursuit of the concept of rational choice. Ordinal Preference and Rational Choice 1973 Econometrica Hans G. Herzberger 0.770
This case is particularly relevant as a justification for the assumption of consumer rationality in partial equilibrium analysis. Composite Goods and Revealed Preference 1978 International Economic Review Xavier Calsamiglia 0.744
Another aspect of the rational model of choice in consumption may be briefly mentioned. Utilities, Attitudes, Choices: A Review Note 1958 Econometrica Kenneth J. Arrow 0.737
One provocative conclusion that emerges from this approach is that the rational economic man in his role as consumer will not seek the conventional consumer equilibrium position under normal circumstances. The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 0.736
It is natural to begin the series of illustrations with those theories regarding the rational behavior of private subjects-consumers and firms-under so called “quantity adjustment”. Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 0.736
The expenditure minimization concept of rationality in our highly idealized situation is consistent with models which include risk, uncertainty, growth, or irregularities in consumption behavior. The Effect of Indivisibilities in Consumer Choice Theory 1970 The American Economist Edward Gordon 0.736
1 As soon as we postulate that the norm relating means to ends is that of intrinsic rationality,2 the maximisation of a utility index is implied, and the foundation stone of economic analysis has been laid. Economics and the Social Sciences 1950 The Economic Journal A. G. Papandreou 0.732
’4 Ekern and Wilson and 14 An alternative to the forecasting interpretation is to view an incomplete market equilibrium as a rational expectations equilibrium in which consumers use their equilibrium implicit prices to evaluate production plans. On the Relationship between Complete and Incomplete Financial Market Models 1979 International Economic Review David P. Baron 0.732
At some point, presumably, it is advantageous to give up a little of the parsimony and elegance of economic theories about the behavior of consumers, workers, and businessmen, for improvement in ability to explain and predict that behavior. The Achievement Motive and Economic Behavior 1964 Economic Development and Cultural Change James N. Morgan 0.731
Private rationality requires that holdings of cash be chosen such that the value of resources saved are equal at the margin to the value of goods and services that the same resources would produce in their best alternative use. What Traditional Monetary Theory Really Wasn’t 1969 The Canadian Journal of Economics / Revue canadienne d’Economique Robert Clower 0.730
40 The recent “rational-expectations” approach to business cycles, which relies on consumer organization may not be that obvious. Vertical Integration, Appropriable Rents, and the Competitive Contracting Process 1978 The Journal of Law & Economics Benjamin Klein , Robert G. Crawford, Armen A. Alchian 0.730
“Rational Expectations, Econometric Exogeneity, and Consumption.” Estimation of Dynamic Labor Demand Schedules under Rational Expectations 1978 Journal of Political Economy Thomas J. Sargent 0.730
1 deny that households act “rationally” since rational behavior is now taken to signify maximization of a consistent and transitive function.6 How can these extensive criticisms be reconciled with the fact that the main implication of utility theory-that market demand curves would be negatively inclined-has been consistently verified empirically and found extremely useful in practical problems? Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.729
Instead, the following essay will seek to show that even on the assumption of economic rationality, the traditional model of consumer choice may not be tenable. The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 0.728
If a rational individual determines his choices in the market for private products and factors in such a way that it will enhance his basic welfare level, it is reasonable to assume that his choices for public goods will also be guided by this consideration. The Pure Theory of Public Expenditure: Welfare Levels as Feasibility Conditions 1971 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics KARL W. ROSKAMP 0.728
The position taken in the present paper is that it may be rational for individuals to take into account the dispersion of utility values. A Contribution to the Pathology of Gambling 1960 Zeitschrift für Nationalökonomie / Journal of Economics Richard E. Quandt 0.722
Economic theory has rarely bothered to discuss the ends as such; it has seldom been interested in the impact of unconscious needs; and it has paid very limited attention to the problem of what exactly it meant to classify as “rational,” with respect to either ends or choices. Psychological Assumptions of Economic Theory 1950 The American Journal of Economics and Sociology Albert Lauterbach 0.720
This analytical statement must be distinguished from the frequently encountered arithmetical statement that a market would behave rationally even if only a few households did, assuming always that the average consumption of other households did not move perversely. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.720
One of our critics states flatly that: “Theory or ‘intuition’ is necessary to specify components of autonomous expenditure,”37 without, of course, specifying what the content of the one theory is that is to give content to the other theory, or how different “intuitions” are to be reconciled. Reply to Ando and Modigliani and to DePrano and Mayer 1965 The American Economic Review Milton Friedman, David Meiselman 0.714

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Another aspect of the rational model of choice in consumption may be briefly mentioned. Utilities, Attitudes, Choices: A Review Note 1958 Econometrica Kenneth J. Arrow 0.737
1 As soon as we postulate that the norm relating means to ends is that of intrinsic rationality,2 the maximisation of a utility index is implied, and the foundation stone of economic analysis has been laid. Economics and the Social Sciences 1950 The Economic Journal A. G. Papandreou 0.732
Economic theory has rarely bothered to discuss the ends as such; it has seldom been interested in the impact of unconscious needs; and it has paid very limited attention to the problem of what exactly it meant to classify as “rational,” with respect to either ends or choices. Psychological Assumptions of Economic Theory 1950 The American Journal of Economics and Sociology Albert Lauterbach 0.720
Subsequently, after general relative scarcity of goods had been recognized as a factor which was fundamental to any economic considerations, the idea of maximization provided a “rational principle” to quite a number of economic doctrines; that is to say, a principle which, when generally observed, could be assumed to assure the smooth functioning of the system envisaged by the doctrine. Patterns of Economic Reasoning 1953 The American Economic Review Karl Pribram 0.713
Thus, according to Professor Pigou, the freely functioning price-system and rational behaviour on the part of individuals will not lead to an optimum utilization of resources over time.8 This argument has yet to be refuted on a priori grounds, and it is not intended to go into it here. Conservation and Capital Theory: A Comment 1956 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Gordon K. Goundrey 0.713
Some rational analysis of business behavior under such circumstances may be possible, but the scarcity conception is not a useful point of departure. Advertising, Product Variation, and the Limits of Economics 1951 Journal of Political Economy Alfred Sherrard 0.711
The rationality of an economy, as Professor Hoover has shown, “can only be understood in terms of the interrelations among units of production. The History of Cities in the Economically Advanced Areas 1955 Economic Development and Cultural Change Eric E. Lampard 0.704
Thus, through variations in the current price of a durable good, the freedom of each economic unit to do as it pleases is rationalized with the necessity for units in the aggregate to hold a predetermined quantity of each durable good. An Investigation Into the Dynamics of Investment 1954 The American Economic Review R. W. Clower 0.704
As will become clear in the sequel, the great simplification which the concept of “utility” introduced in economic theory was not entirely gratuitous since its general adoption led to many unfounded controversies and also influenced us in refusing to accept some elemental facts because they did not fit in the theoretical scheme. Choice, Expectations and Measurability 1954 The Quarterly Journal of Economics Nicholas Georgescu-Roegen 0.701
It was assumed that the freedom of each individual to balance his marginal utilities and disutilities was limited only by a similar freedom of all competitors; that assumption was conceived as the logical basis for assuring the most rational or economic use of a limited supply of productive resources confronted with a much larger demand. Patterns of Economic Reasoning 1953 The American Economic Review Karl Pribram 0.699
A closely related argument is also of considerable significance: it has been pointed out that economics is clearly unrealistic if it is content to concentrate upon given and unchanging wants as datum. Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 0.697
If the writer can judge on the basis of conversations he has had with some economists on the problem, he must conclude that the “proportionalist position” is still held quite tenaciously in some quarters. The Proportionality Controversy and the Theory of Production 1955 The Quarterly Journal of Economics Harvey Leibenstein 0.696

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
One provocative conclusion that emerges from this approach is that the rational economic man in his role as consumer will not seek the conventional consumer equilibrium position under normal circumstances. The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 0.736
It is natural to begin the series of illustrations with those theories regarding the rational behavior of private subjects-consumers and firms-under so called “quantity adjustment”. Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 0.736
At some point, presumably, it is advantageous to give up a little of the parsimony and elegance of economic theories about the behavior of consumers, workers, and businessmen, for improvement in ability to explain and predict that behavior. The Achievement Motive and Economic Behavior 1964 Economic Development and Cultural Change James N. Morgan 0.731
Private rationality requires that holdings of cash be chosen such that the value of resources saved are equal at the margin to the value of goods and services that the same resources would produce in their best alternative use. What Traditional Monetary Theory Really Wasn’t 1969 The Canadian Journal of Economics / Revue canadienne d’Economique Robert Clower 0.730
1 deny that households act “rationally” since rational behavior is now taken to signify maximization of a consistent and transitive function.6 How can these extensive criticisms be reconciled with the fact that the main implication of utility theory-that market demand curves would be negatively inclined-has been consistently verified empirically and found extremely useful in practical problems? Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.729
Instead, the following essay will seek to show that even on the assumption of economic rationality, the traditional model of consumer choice may not be tenable. The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 0.728
The position taken in the present paper is that it may be rational for individuals to take into account the dispersion of utility values. A Contribution to the Pathology of Gambling 1960 Zeitschrift für Nationalökonomie / Journal of Economics Richard E. Quandt 0.722
This analytical statement must be distinguished from the frequently encountered arithmetical statement that a market would behave rationally even if only a few households did, assuming always that the average consumption of other households did not move perversely. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.720
One of our critics states flatly that: “Theory or ‘intuition’ is necessary to specify components of autonomous expenditure,”37 without, of course, specifying what the content of the one theory is that is to give content to the other theory, or how different “intuitions” are to be reconciled. Reply to Ando and Modigliani and to DePrano and Mayer 1965 The American Economic Review Milton Friedman, David Meiselman 0.714
Here not only are the margins satisfied, but they are satisfied for individuals rather than the collectives of the actual economy, and for individuals whose time-preferences are, as Harrod sees it, rational, giving equal weight to present and future utilities.4 All of this comes from the fact that in his later writing Harrod seeks to explain savings, and to show how rational, individual savings decisions are determined. A Synoptic View of Some Simple Models of Growth 1965 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique A. Asimakopulos, J. C. Weldon 0.713
RATIONALITY We examine Problem 2: When is a consumer rational? Revealed Preference Theory 1966 Econometrica Marcel K. Richter 0.713
Devotees of the theory of rational behaviour find it easy to persuade themselves that there is some magic in working with utility functions and budget constraints that take explicit account of future as well as present alternatives. Permanent Income and Transitory Balances: Hahn’s Paradox 1963 Oxford Economic Papers Robert W. Clower 0.710
Utility analysis does not imply that market demand curves necessarily have sizable elasticities; nevertheless, rational behavior is popularly believed to produce sizable responses in at least some markets. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.710

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
Yet, if we accept the proposition that in the real world, business and consumers are often motivated by non-economic factors or rather recognize that “real” economic behavior is much more complex than assumed in the conventional model of “rational” economic behavior, then the economist is faced with a dilemma: he can no longer assume a simple profit maximization model and he cannot justify the assumption that any firm always both maximizes the efficiency of any program and automatically minimizes its cost; for assuming the latter would be an error which “…should be taken seriously for it can lead to some wild compromising criteria. Environmental Control at the Crossroads 1971 Journal of Economic Issues Harold Wolozin 0.800
To the extent that rationality for consumers may concur with rationality for agents more generally, a secondary theme that can be abstracted from revealed preference theory is the pursuit of the concept of rational choice. Ordinal Preference and Rational Choice 1973 Econometrica Hans G. Herzberger 0.770
This case is particularly relevant as a justification for the assumption of consumer rationality in partial equilibrium analysis. Composite Goods and Revealed Preference 1978 International Economic Review Xavier Calsamiglia 0.744
The expenditure minimization concept of rationality in our highly idealized situation is consistent with models which include risk, uncertainty, growth, or irregularities in consumption behavior. The Effect of Indivisibilities in Consumer Choice Theory 1970 The American Economist Edward Gordon 0.736
’4 Ekern and Wilson and 14 An alternative to the forecasting interpretation is to view an incomplete market equilibrium as a rational expectations equilibrium in which consumers use their equilibrium implicit prices to evaluate production plans. On the Relationship between Complete and Incomplete Financial Market Models 1979 International Economic Review David P. Baron 0.732
40 The recent “rational-expectations” approach to business cycles, which relies on consumer organization may not be that obvious. Vertical Integration, Appropriable Rents, and the Competitive Contracting Process 1978 The Journal of Law & Economics Benjamin Klein , Robert G. Crawford, Armen A. Alchian 0.730
“Rational Expectations, Econometric Exogeneity, and Consumption.” Estimation of Dynamic Labor Demand Schedules under Rational Expectations 1978 Journal of Political Economy Thomas J. Sargent 0.730
If a rational individual determines his choices in the market for private products and factors in such a way that it will enhance his basic welfare level, it is reasonable to assume that his choices for public goods will also be guided by this consideration. The Pure Theory of Public Expenditure: Welfare Levels as Feasibility Conditions 1971 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics KARL W. ROSKAMP 0.728
In the language of game theory, the outcomes generated by the demand- revealing mechanism are not necessarily individually rational. Some Limitations of Demand Revealing Processes 1977 Public Choice Theodore Groves, John O. Ledyard 0.711
It is surpassingly convenient for the economist to assume that consumer tastes are “given” and that consumers are “rational,” but the economist chooses so to assume, and whether the resulting theory conforms sufficiently to the real world to be useful in solving economic problems is an important and seldom asked question. American Institutionalism: Premature Death, Permanent Resurrection 1978 Journal of Economic Issues Philip A. Klein 0.710
PRESERVATION OF THE RATIONALITY PROPERTIES In this section we examine to what extent the rationality properties of the original demand correspondence are inherited by the composite demand correspondence. Composite Goods and Revealed Preference 1978 International Economic Review Xavier Calsamiglia 0.703
The rational consumer chooses among goods on the basis of the relation of their prices to his values. Minorities and Public Education: An Economic Analysis of an Aspect of the Education of the Children of Minority Groups 1971 The American Journal of Economics and Sociology Bernard Brown 0.701
Thus Samuelson’s assumption that the cost of the decision vector chosen is exactly equal to the dget constraint could be called the spend-thrift version of rational behavior and can be inconsistent with the expenditure minimization concept of rational behavior. The Effect of Indivisibilities in Consumer Choice Theory 1970 The American Economist Edward Gordon 0.701

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 8% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
1 deny that households act “rationally” since rational behavior is now taken to signify maximization of a consistent and transitive function.6 How can these extensive criticisms be reconciled with the fact that the main implication of utility theory-that market demand curves would be negatively inclined-has been consistently verified empirically and found extremely useful in practical problems? Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.812
The position taken in the present paper is that it may be rational for individuals to take into account the dispersion of utility values. A Contribution to the Pathology of Gambling 1960 Zeitschrift für Nationalökonomie / Journal of Economics Richard E. Quandt 0.808
This case is particularly relevant as a justification for the assumption of consumer rationality in partial equilibrium analysis. Composite Goods and Revealed Preference 1978 International Economic Review Xavier Calsamiglia 0.786
The modest purpose of this note is to suggest that “marginal buying” can in fact be rationalized without distorting established utility theory. The Plateau Demand Curve and Utility Theory 1955 Journal of Political Economy G. Warren Nutter 0.783
1 As soon as we postulate that the norm relating means to ends is that of intrinsic rationality,2 the maximisation of a utility index is implied, and the foundation stone of economic analysis has been laid. Economics and the Social Sciences 1950 The Economic Journal A. G. Papandreou 0.774
It is natural to begin the series of illustrations with those theories regarding the rational behavior of private subjects-consumers and firms-under so called “quantity adjustment”. Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 0.772
Instead, the following essay will seek to show that even on the assumption of economic rationality, the traditional model of consumer choice may not be tenable. The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 0.771
Another aspect of the rational model of choice in consumption may be briefly mentioned. Utilities, Attitudes, Choices: A Review Note 1958 Econometrica Kenneth J. Arrow 0.770
Thus, according to Professor Pigou, the freely functioning price-system and rational behaviour on the part of individuals will not lead to an optimum utilization of resources over time.8 This argument has yet to be refuted on a priori grounds, and it is not intended to go into it here. Conservation and Capital Theory: A Comment 1956 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Gordon K. Goundrey 0.767
A REPLY TO I. KIRZNER GARY S. BECKER Columbia University IN A recent article I argued that many important results of current economic theory do not really depend on rational individual behavior;’ in particular, market demand curves would be negatively inclined not only when households maximize utility but also when they choose impulsively or follow habit. Rational Action and Economic Theory: A Reply to I. Kirzner 1963 Journal of Political Economy Gary S. Becker 0.764
Utility analysis does not imply that market demand curves necessarily have sizable elasticities; nevertheless, rational behavior is popularly believed to produce sizable responses in at least some markets. Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.763
Also, the assumptions of market knowledge and rational behaviour that underlie the doctrine of consumer sovereignty are argued to be not entirely realistic, and merit wants may be created to correct the consequent ” distortion in the preference structure “. The Public Economy 1960 Economica Jack Wiseman 0.759

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
J some recent literature, could contribute to making the theory of utility and demand somewhat more specific and substantial than the general outline on which the theory is usually based today. Ragnar Frisch’s Contributions to Economics 1969 The Swedish Journal of Economics Leif Johansen 0.831
Yet, if we accept the proposition that in the real world, business and consumers are often motivated by non-economic factors or rather recognize that “real” economic behavior is much more complex than assumed in the conventional model of “rational” economic behavior, then the economist is faced with a dilemma: he can no longer assume a simple profit maximization model and he cannot justify the assumption that any firm always both maximizes the efficiency of any program and automatically minimizes its cost; for assuming the latter would be an error which “…should be taken seriously for it can lead to some wild compromising criteria. Environmental Control at the Crossroads 1971 Journal of Economic Issues Harold Wolozin 0.821
This assumption is less justified than others; but it provides an introduction, at least, to the more complex problem raised by the presence of many consumers who evaluate the working of the economic system in light of their own utility functions. Marshallian External Economies and Optimal Tax-Subsidy Structure 1971 Econometrica Masahiko Aoki 0.816
Since similar views are stated in the author’s book on utility theory and since his discussion is described as ” adequate ” by the reviewer in this journal and tacitly approved in other reviews,3 it is thought worth while to indicate briefly our objections to his interpretation. Majumdar on “Behaviourist Cardinalism” 1960 Economica Richard G. Davis, Walter G. Mellon 0.812
1 deny that households act “rationally” since rational behavior is now taken to signify maximization of a consistent and transitive function.6 How can these extensive criticisms be reconciled with the fact that the main implication of utility theory-that market demand curves would be negatively inclined-has been consistently verified empirically and found extremely useful in practical problems? Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.812
As will become clear in the sequel, the great simplification which the concept of “utility” introduced in economic theory was not entirely gratuitous since its general adoption led to many unfounded controversies and also influenced us in refusing to accept some elemental facts because they did not fit in the theoretical scheme. Choice, Expectations and Measurability 1954 The Quarterly Journal of Economics Nicholas Georgescu-Roegen 0.810
There can be little doubt-whatever the intent of the author of this theoretical concept-that substantially this course has been actively advocated by Balogh, Schumacher, and kindred spirits.8 III I have maintained the thesis that the central economic problem is the application of scarce means to unlimited wants; that scarcity resolves itself principally into cost to individuals and the uncovered demand resolves itself ultimately into the unsatisfied wants of individuals; and finally, that the basic economic process is thus a weighing of costs to individuals and of utilities or satisfactions to individuals. The Economic Way of Thinking 1950 The American Economic Review Howard S. Ellis 0.808
The position taken in the present paper is that it may be rational for individuals to take into account the dispersion of utility values. A Contribution to the Pathology of Gambling 1960 Zeitschrift für Nationalökonomie / Journal of Economics Richard E. Quandt 0.808
At one extreme stands the view, perhaps best associated with the founders of utility theory, that the utility of each product depends solely on consump- * I am very grateful to A. M. Okun, J. Tobin, and J. H. Young for their criticism of earlier drafts of this paper. On the Independence of Utility of Product Groups 1956 The Review of Economics and Statistics G. Warren Nutter 0.806
In this framework prices are explicitly assumed as given and we avoid the problem, which thus far has not been satisfactorily handled, of relating social surpluses, or consumer utilities, or satisfactions derivable from several commodities.40 This problem would confront us if we were to proceed from the analysis of Section III. A General Location Principle of an Optimum Space-Economy 1952 Econometrica Walter Isard 0.804
that economic theory is capable of being formulated-consistently with each person acting as an individual utility, or wealth, maximizer without constraints imposed by competitors, and without conventions or taboos about wages or prices-so as to imply shortages, surpluses, unemployment, queues, idle resources, and nonprice rationing with price stability.” Lags in Economic Behavior 1972 Econometrica Marc Nerlove 0.802
One cannot rigorously demonstrate the law of demand, but rather, from the directly observable fact that demand diminishes with the increase of price we deduce the consequence that the final degrees of utility may each be considered -as far as this phenomenon is concerned-as approximately dependent only on the quantity of the commodity to which it is related.1’0 In the Manuel, however, he showed that the additive utility function leads to conclusions which are contradicted by experience,“’ but defended it as an approximation which was permissible for large categories of expenditure and for small changes in the quantities of substitutes or complements. The Development of Utility Theory. I 1950 Journal of Political Economy George J. Stigler 0.800
Thirty or forty years ago the principle that consumers seek to maximize “utility” was generally accepted as furnishing an adequate explanation of their behavior for purposes of orthodox economic theory. Progress in Developing a Set of Principles in the Area of Consumer Behavior 1954 Journal of Farm Economics Herman M. Southworth 0.799
It is true that we do not wish, as a rule, to receive as much as possible of the kind of goods in which the valuation is made in order to satisfy our ultimate desires, but, whichever ultimate desires - or preferences - about collections of goods we want to satisfy, we can obtain objectively more desirable collections by market exchange, if we originally have at our disposal a larger quantity of the kind of goods in which the valuation is made. Some Reflexions on the Theories of Choice between Alternative Investment Opportunities 1967 Weltwirtschaftliches Archiv Tönu Puu 0.797
It is surpassingly convenient for the economist to assume that consumer tastes are “given” and that consumers are “rational,” but the economist chooses so to assume, and whether the resulting theory conforms sufficiently to the real world to be useful in solving economic problems is an important and seldom asked question. American Institutionalism: Premature Death, Permanent Resurrection 1978 Journal of Economic Issues Philip A. Klein 0.797

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
As will become clear in the sequel, the great simplification which the concept of “utility” introduced in economic theory was not entirely gratuitous since its general adoption led to many unfounded controversies and also influenced us in refusing to accept some elemental facts because they did not fit in the theoretical scheme. Choice, Expectations and Measurability 1954 The Quarterly Journal of Economics Nicholas Georgescu-Roegen 0.810
There can be little doubt-whatever the intent of the author of this theoretical concept-that substantially this course has been actively advocated by Balogh, Schumacher, and kindred spirits.8 III I have maintained the thesis that the central economic problem is the application of scarce means to unlimited wants; that scarcity resolves itself principally into cost to individuals and the uncovered demand resolves itself ultimately into the unsatisfied wants of individuals; and finally, that the basic economic process is thus a weighing of costs to individuals and of utilities or satisfactions to individuals. The Economic Way of Thinking 1950 The American Economic Review Howard S. Ellis 0.808
At one extreme stands the view, perhaps best associated with the founders of utility theory, that the utility of each product depends solely on consump- * I am very grateful to A. M. Okun, J. Tobin, and J. H. Young for their criticism of earlier drafts of this paper. On the Independence of Utility of Product Groups 1956 The Review of Economics and Statistics G. Warren Nutter 0.806
In this framework prices are explicitly assumed as given and we avoid the problem, which thus far has not been satisfactorily handled, of relating social surpluses, or consumer utilities, or satisfactions derivable from several commodities.40 This problem would confront us if we were to proceed from the analysis of Section III. A General Location Principle of an Optimum Space-Economy 1952 Econometrica Walter Isard 0.804
One cannot rigorously demonstrate the law of demand, but rather, from the directly observable fact that demand diminishes with the increase of price we deduce the consequence that the final degrees of utility may each be considered -as far as this phenomenon is concerned-as approximately dependent only on the quantity of the commodity to which it is related.1’0 In the Manuel, however, he showed that the additive utility function leads to conclusions which are contradicted by experience,“’ but defended it as an approximation which was permissible for large categories of expenditure and for small changes in the quantities of substitutes or complements. The Development of Utility Theory. I 1950 Journal of Political Economy George J. Stigler 0.800
Thirty or forty years ago the principle that consumers seek to maximize “utility” was generally accepted as furnishing an adequate explanation of their behavior for purposes of orthodox economic theory. Progress in Developing a Set of Principles in the Area of Consumer Behavior 1954 Journal of Farm Economics Herman M. Southworth 0.799
I shall then go on to examine some ways in which we can relax the assumptions, so as to build up a utility theory which is not confined within quite such narrow bounds. The Measurement of Real Income 1958 Oxford Economic Papers J. R. Hicks 0.796
The ideal action is upon aggregate demand, not upon the relative sizes of specific lines of expenditure, for steps of the latter sort, if desirable, do not in general become so or cease to be so in response to inflation or deflation.3 The prevalent sense that it is desperately difficult to bring men to take advantage of the means to enjoy goods is to be felt in the welcome according to allocation-influencing devices. A Libertarian Reaction to the President’s Report 1954 Southern Economic Journal Clarence E. Philbrook 0.794
All that is assumed is that man has a tendency to look at value from the pocket-book viewpoint, that he has a tendency to seek maximization of a bundle of utilities, and, given scarcity of resources and wherewithal, that in the end he must somehow act in conformance with an economizing principle. The Lonely Crowd and the Economic Man 1956 The Quarterly Journal of Economics Theodore Levitt 0.792
It is true that in his reformulation Mr. Little manages to dispense with some of the concepts and axioms which were formerly employed; but this economy is made possible not as a result of his change of method but rather because he is not concerned with providing a subjective explanation of consumers’ behaviour.2 If it is thought desirable to give some such explanation, then, of course, use must be made of the subjective concepts ‘preference’ and ‘indifference’ and of the axiom that the consumer always chooses what he prefers. The Common Sense of Indifference Curves 1950 Oxford Economic Papers Charles Kennedy 0.790

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
J some recent literature, could contribute to making the theory of utility and demand somewhat more specific and substantial than the general outline on which the theory is usually based today. Ragnar Frisch’s Contributions to Economics 1969 The Swedish Journal of Economics Leif Johansen 0.831
Since similar views are stated in the author’s book on utility theory and since his discussion is described as ” adequate ” by the reviewer in this journal and tacitly approved in other reviews,3 it is thought worth while to indicate briefly our objections to his interpretation. Majumdar on “Behaviourist Cardinalism” 1960 Economica Richard G. Davis, Walter G. Mellon 0.812
1 deny that households act “rationally” since rational behavior is now taken to signify maximization of a consistent and transitive function.6 How can these extensive criticisms be reconciled with the fact that the main implication of utility theory-that market demand curves would be negatively inclined-has been consistently verified empirically and found extremely useful in practical problems? Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 0.812
The position taken in the present paper is that it may be rational for individuals to take into account the dispersion of utility values. A Contribution to the Pathology of Gambling 1960 Zeitschrift für Nationalökonomie / Journal of Economics Richard E. Quandt 0.808
It is true that we do not wish, as a rule, to receive as much as possible of the kind of goods in which the valuation is made in order to satisfy our ultimate desires, but, whichever ultimate desires - or preferences - about collections of goods we want to satisfy, we can obtain objectively more desirable collections by market exchange, if we originally have at our disposal a larger quantity of the kind of goods in which the valuation is made. Some Reflexions on the Theories of Choice between Alternative Investment Opportunities 1967 Weltwirtschaftliches Archiv Tönu Puu 0.797
We have not claimed any precise knowledge of individuals’ utility functions but have concluded that utility must be a function of many desired items, that there are trade-off or substitution possibilities among these items, and that, if one becomes more expensive relative to others, less of that item will be demanded. Divergences between Individual and Total Costs within Government 1964 The American Economic Review Roland N. McKean 0.787
In this theory utility does not necessarily depend on the quantities consumed themselves; it may also depend on certain intermediate entities which themselves are functions of the quantities consumed, or of still further entities of the same kind. The Present State of Consumption Theory 1961 Econometrica H. S. Houthakker 0.786
The aim is to provide a bridge between the laity and the specialists in utility theory and to do it as informally as possible without violating the core of the arguments; except in the eyes of a purist, laying a rude hand here and there does not invariably lead to loss of virtue. Choice and Order: Or First Things First 1964 Economica D. Banerjee 0.786
The consumer’s ” welfare ” may be said to depend not only on the level of prices he must pay for goods within a particular commodity group but also on the choice which is available to him within that group. A Comparative Study of Retail Milk Prices in Western Europe 1963 The Economic Journal D. I. Bateman 0.780
That the consumption of some individuals creates externalities, whether psychic or objectively measurable, implies only that a compensation scheme or public action is necessary if the consumption is to occur at the optimal level4. Merit Wants: a Normatively Empty Box 1968 FinanzArchiv / Public Finance Analysis Charles E. McLure, Jr. 0.780
By making small changes in the assumption of equal relative valuation of different types of consumption, some of the binding constraints can be made inactive, viz.  INTERPRETATION OF A LINEAR PROGRAMMING OPTIMUM WITH SPECIAL REFERENCE TO SANDEE’S PLANNING MODEL FOR INDIA 1961 Indian Economic Review D. P. Kapil 0.780

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
Yet, if we accept the proposition that in the real world, business and consumers are often motivated by non-economic factors or rather recognize that “real” economic behavior is much more complex than assumed in the conventional model of “rational” economic behavior, then the economist is faced with a dilemma: he can no longer assume a simple profit maximization model and he cannot justify the assumption that any firm always both maximizes the efficiency of any program and automatically minimizes its cost; for assuming the latter would be an error which “…should be taken seriously for it can lead to some wild compromising criteria. Environmental Control at the Crossroads 1971 Journal of Economic Issues Harold Wolozin 0.821
This assumption is less justified than others; but it provides an introduction, at least, to the more complex problem raised by the presence of many consumers who evaluate the working of the economic system in light of their own utility functions. Marshallian External Economies and Optimal Tax-Subsidy Structure 1971 Econometrica Masahiko Aoki 0.816
that economic theory is capable of being formulated-consistently with each person acting as an individual utility, or wealth, maximizer without constraints imposed by competitors, and without conventions or taboos about wages or prices-so as to imply shortages, surpluses, unemployment, queues, idle resources, and nonprice rationing with price stability.” Lags in Economic Behavior 1972 Econometrica Marc Nerlove 0.802
It is surpassingly convenient for the economist to assume that consumer tastes are “given” and that consumers are “rational,” but the economist chooses so to assume, and whether the resulting theory conforms sufficiently to the real world to be useful in solving economic problems is an important and seldom asked question. American Institutionalism: Premature Death, Permanent Resurrection 1978 Journal of Economic Issues Philip A. Klein 0.797
In this paper the economist’s concept of utility is used as that common denominator. The Economic Effects of Grade Inflation on Instructor Evaluations: A Theoretical Approach 1975 The Journal of Economic Education Richard B. McKenzie 0.796
A brief glance at the opposite extreme assumption of perfect substitutability in consumption is of interest. Terms of Trade Fluctuations and the Income Instability of Factor Owners 1973 Economica R. Albert Berry 0.795
The restated theory has many important implications for the structure of preferences over commodities, implications which do not follow from the currently orthodox “indifferent” approach. The Austrian Theory of the Marginal Use and of Ordinal Marginal Utility 1977 Zeitschrift für Nationalökonomie / Journal of Economics J. Huston McCulloch 0.790
Concluding Remarks I began this paper by casting doubt on the dictum, fundamental to normative economics, that each man knows his own interest best, or put more formally, that his revealed choices identify the combination of goods which, subject to institutional and budgetary constraints, maximises his utility. Economic Criteria for Intergenerational Comparisons 1977 Zeitschrift für Nationalökonomie / Journal of Economics Ezra J. Mishan 0.787
This case is particularly relevant as a justification for the assumption of consumer rationality in partial equilibrium analysis. Composite Goods and Revealed Preference 1978 International Economic Review Xavier Calsamiglia 0.786
The fact that several hypothèses about the determining factors of con sumption and about the mathematical form of the consumption function compete side by side is not unique to this branch of économies. An Empirical Reexamination of the Permanent Income Hypothesis: A Time Series Study of West Germany 1971 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Helmar Drost 0.785

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
On Merit Goods 1966 FinanzArchiv / Public Finance Analysis John G. Head 14 0.617
The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 13 0.645
A Re-Appraisal of the Principles of Resource Allocation 1957 Economica E. J. Mishan 11 0.611
Choice, Expectations and Measurability 1954 The Quarterly Journal of Economics Nicholas Georgescu-Roegen 10 0.616
Concerning Utility 1954 Economica Charles Kennedy 10 0.605
Some Thoughts on Marxism, Scarcity, and Gosplan 1955 Oxford Economic Papers Ronald L. Meek 10 0.628
The Development of Utility Theory. I 1950 Journal of Political Economy George J. Stigler 9 0.613
The Present State of Consumption Theory 1961 Econometrica H. S. Houthakker 9 0.601
The Properties and Relevancy of Merit Goods 1971 FinanzArchiv / Public Finance Analysis Allan G. Pulsipher 9 0.600
The Interrelation between Central Priorities and Individual Preferences in a Socialist Planned Economy 1974 Eastern European Economics Josef Adamíček, Marian Sling 9 0.624

Top articles (most sentences) of the cluster for each time window

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
A Re-Appraisal of the Principles of Resource Allocation 1957 Economica E. J. Mishan 11 0.611
Choice, Expectations and Measurability 1954 The Quarterly Journal of Economics Nicholas Georgescu-Roegen 10 0.616
Concerning Utility 1954 Economica Charles Kennedy 10 0.605
Some Thoughts on Marxism, Scarcity, and Gosplan 1955 Oxford Economic Papers Ronald L. Meek 10 0.628
The Development of Utility Theory. I 1950 Journal of Political Economy George J. Stigler 9 0.613
The Economic Way of Thinking 1950 The American Economic Review Howard S. Ellis 7 0.639
Neurophysiological Economics 1950 Journal of Political Economy A. B. Wolfe 7 0.599
The Expected-Utility Hypothesis and the Measurability of Utility 1952 Journal of Political Economy Milton Friedman, L. J. Savage 7 0.612
On Descriptions of Consumers’ Behaviour 1954 Economica V. C. Walsh 7 0.604
Economic Theory as a Guide to Policy: Some Suggestions for Re-Appraisal 1955 The Economic Journal H. Tyszynski 7 0.595
Utility and the “Ordinalist Fallacy” 1958 The Review of Economic Studies W. E. Armstrong 7 0.596
The Development of Utility Theory. II 1950 Journal of Political Economy George J. Stigler 6 0.626
Advertising, Product Variation, and the Limits of Economics 1951 Journal of Political Economy Alfred Sherrard 6 0.613
Conflicts between Some Assumptions Underlying Production and Welfare Economics 1952 Journal of Farm Economics Arnold Brekke , Norman Zellner 6 0.602
Robertson on Utility and Scope 1953 Economica Lionel Robbins 6 0.610

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
On Merit Goods 1966 FinanzArchiv / Public Finance Analysis John G. Head 14 0.617
The General Incompatibility of the Traditional Consumer Equilibrium with Economic Rationality–An Exploratory Analysis 1966 Oxford Economic Papers Ralph Anspach 13 0.645
The Present State of Consumption Theory 1961 Econometrica H. S. Houthakker 9 0.601
Methodenstreit over Demand Curves 1960 Journal of Political Economy Leland B. Yeager 8 0.606
Irrational Behavior and Economic Theory 1962 Journal of Political Economy Gary S. Becker 8 0.661
On Some Applications of the Utility Tree 1963 Southern Economic Journal Eirik G. Furubotn 7 0.597
Lindahl’s Theory of the Budget 1963 FinanzArchiv / Public Finance Analysis J. G. Head 6 0.611
Structural Economic Thought On the Significance of the Austrian School Today 1969 Zeitschrift für Nationalökonomie / Journal of Economics Erich Streissler 6 0.592
A Survey of Welfare Economics, 1939-59 1960 The Economic Journal E. J. Mishan 5 0.601
Recent Theories Concerning the Nature and Role of Interest 1961 The Economic Journal G. L. Shackle 5 0.605
On the Optimum Rate of Savings 1963 Weltwirtschaftliches Archiv Arnold Heertje 5 0.614
Irrational Behavior and Economic Theory: A Comment 1963 Journal of Political Economy John F. Chant 5 0.603
The Recent Debate on Welfare Criteria 1965 Oxford Economic Papers E. J. Mishan 5 0.598
Say’s Law: Origins and Content 1967 Economica A. S. Skinner 5 0.620
A Critique of Present and Proposed Standards 1960 The American Economic Review Tibor Scitovsky 4 0.623

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
The Properties and Relevancy of Merit Goods 1971 FinanzArchiv / Public Finance Analysis Allan G. Pulsipher 9 0.600
The Interrelation between Central Priorities and Individual Preferences in a Socialist Planned Economy 1974 Eastern European Economics Josef Adamíček, Marian Sling 9 0.624
Consumer Behavior Versus Economic Theory 1974 Recherches Économiques de Louvain / Louvain Economic Review Richard SCHMALENSEE 6 0.621
A Curmudgeon’s Guide to Microeconomics 1970 Journal of Economic Literature Martin Shubik 5 0.606
A Contribution to the New Theory of Demand: A Rehabilitation of the Giffen Good 1971 The Canadian Journal of Economics / Revue canadienne d’Economique Richard G. Lipsey, Gideon Rosenbluth 5 0.600
Surveys in Applied Economics: Models of Consumer Behaviour 1972 The Economic Journal Alan Brown , Angus Deaton 5 0.608
Notes for an Economic Theory of Socialism 1970 Public Choice James M. Buchanan 4 0.590
Macroeconomic Models and the Demand for Money under Market Disequilibrium 1971 Journal of Money, Credit and Banking Donald P. Tucker 4 0.610
A New Approach to the Theory of Consumer Behavior 1973 The American Economist Tibor Scitovsky 4 0.627
Behaviour and the Concept of Preference 1973 Economica Amartya Sen 4 0.610
Demand Theory and the Economist’s Propensity to Assume 1973 Journal of Economic Issues Philip A. Klein 4 0.596
Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians 1976 The Economic Journal J. A. Kregel 4 0.611
CAN CHANGING CONSUMER’S TASTES SAVE RESOURCES? 1977 Journal of Cultural Economics Tibor Scitovsky 4 0.599
Rational Expectations, Econometric Exogeneity, and Consumption 1978 Journal of Political Economy Thomas J. Sargent 4 0.616
On the Methodological Boundaries of Economic Analysis 1978 Journal of Economic Issues Richard B. McKenzie 4 0.599

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
53: social_choice, decision_maker, maker, decisions, rational_choice 0.0025727
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0041691
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0237140
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0391438
8: farm, agriculture, agricultural, land, farmers -0.0438834
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0480352
10: valuations, economic_values, reconsideration, judgments, valuation -0.0532882
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0612347
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1048052
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1259435
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1614895
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1828371
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.2365947

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0664652
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0401116
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.0436413
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0536599
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0543882
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0575262
8: farm, agriculture, agricultural, land, farmers -0.1140550
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1215502
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1312975
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1771792
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.1921794

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0272700
53: social_choice, decision_maker, maker, decisions, rational_choice 0.0019751
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0241367
72: model, models, modeling, rational_expectations, economic_models -0.0245260
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0352577
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0451408
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0527944
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0833816
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.1326425
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1381737
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.1468880
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1623455

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.7165925
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.6691216
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.6580323
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.5665665
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.3616967
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.2462059
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.2269706
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.2269090
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1795931
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1779420
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1542787
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1289118
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1159048
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0953262
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0848497

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.8120286
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.7670143
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.7165925
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.4664864
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.4494930
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.3456616
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.3111459
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1833878
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1627876
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1489313
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1001414
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0970017
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0763511
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0664652
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0594143

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.8120286
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.6580323
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.5523308
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.4110118
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.3188286
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.2797395
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.2473941
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1871136
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1726931
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1418314
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.1382774
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0937679
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0793013
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0788641
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0732412

Intertemporal cluster 48: economic_considerations, recommendations, solutions, game_theory, dilemma

The cluster gathers 680 sentences from our corpus. It represents 0.42% of all the sentences selected over the whole period.

The community exists from 1950 to 1959.

The most recurring authors are Rutledge Vining (11 sentences), Campbell R. McConnell (8 sentences), Ben W. Lewis (7 sentences), Paul A. Samuelson (7 sentences), Harvey M. Wagner (6 sentences), Herbert Johnston (6 sentences), Trygve Haavelmo (6 sentences), A. L. Macfie (5 sentences), D. Gale Johnson (5 sentences), Frank H. Knight (5 sentences).

The most recurring journals are The American Economic Review (127 sentences), Journal of Farm Economics (95 sentences), The Quarterly Journal of Economics (59 sentences), Southern Economic Journal (50 sentences), The Economic Journal (44 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_considerations 0.0005768
economic_aspect 0.0005660
recommendations 0.0005033
complication 0.0005002
solutions 0.0004516
game_theory 0.0004416
dilemma 0.0004278
ethical 0.0004040
model 0.0004018
political_considerations 0.0003752
nash 0.0003533
water 0.0003533
efficient_allocation 0.0003396
policy_decision 0.0003396
public_opinion 0.0003359
disagreement 0.0003295
curiosity 0.0003243
compromises 0.0003232
facets 0.0003232
social_life 0.0003076

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The present writer’s inclination is to question the advisability of seeking solutions possessing the required equilibrium properties but sacrificing the rationality of behavior. What Has Happened to the Theory of Games 1953 The American Economic Review Leonid Hurwicz 0.800
The underlying reasoning is interesting from an economist’s point of view. Soviet Agriculture under Khrushchev 1959 The American Economic Review Lazar Volin 0.710
In seeking for a solution to an economic problem a certain kind of truth is sought. Economic Theory and Quantitative Research: A Broad Interpretation of the Mitchell Position 1951 The American Economic Review Rutledge Vining 0.706
As is usual in economic science, much depends on a careful statement of the problem we want to consider. The Influence of Productivity on Economic Welfare 1952 The Economic Journal J. Tinbergen 0.702
This brings us to an application of economic thought which is rather unique. The Scandinavian Countries 1956 The American Economic Review Hans Brems 0.699
Some of USERS Economic theory has much to contribute to the resolution of these problems. Theoretical Considerations of Water Allocation among Competing Uses and Users 1956 Journal of Farm Economics John F. Timmons 0.698
The problem of rational policy is a complex one of balancing several values, including resource allocation, income allocation, security, progress, and social tension, against one another. Competition and Countervailing Power: Their Roles in the American Economy 1954 The American Economic Review John Perry Miller 0.697
Now there is a danger that this purely logical problem of drawing appropriate conclusions from given premisses may be regarded, perhaps implicitly, as an adequate description of the actual problem with which our economic system is concerned and from which it derives its rationale. Imperfect Knowledge and Economic Efficiency 1953 Oxford Economic Papers G. B. Richardson 0.697
Potentialities of a somewhat similar nature could hardly be ignored with regard to the time-honored controversy between conceptual and operational economic thinking. AMERICAN ECONOMIC THEORY COMES OF AGE 1956 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics THEO SURANYI-UNGER 0.695
“26 As for the”unpredictability” of human behavior 23 To the present writer it is at least logically feasible that the economizing problem could be reversed. Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 0.694
Herein lies a real dilemma for economic theorizing. An Economist’s Confessions 1952 The American Economic Review John H. Williams 0.692
Here also, perhaps, one encounters some divergence of economic thinking. Growth or Stagnation in the American Economy 1954 The Review of Economics and Statistics Alvin H. Hansen 0.689
Doubts whether the economist can establish such principles began, however, to arise at the beginning of this century, when we became aware of the insoluble difficulties that beset the economist when he tries to measure and compare different people’s utility. The State of Welfare Economics 1951 The American Economic Review Tibor Scitovsky 0.686
Finally, a difference of opinion on the economic contents of one particular relation in a certain model may be quoted. Schumpeter and Quantitative Research in Economics 1951 The Review of Economics and Statistics J. Tinbergen 0.686
Economic controversies can be more readily understood and economic knowledge furthered if we decide at the outset whether the author of a proposal is attempting to construct an ideal type of economic system or whether he is formulating a program for adoption in the world as it is. The American Economic Association Committee Report on Economic Instability 1951 The American Economic Review Arthur Smithies 0.685
A second phase of a solution lies in providing a framework for making rational decisions. Solution to the Problem of Low Income in the South: Farm Reorganization 1957 Journal of Farm Economics Roger C. Woodworth 0.685
4 This is a surprising tailpiece to find on an economic theory; and almost certainly it is a criterion which creates more problems than it solves. Notes on Countervailing Power 1958 The Economic Journal Alex Hunter 0.683
A mind used to a certain type of formal determination for the solution of economic problems will be reluctant to give up com? The Theory of Monopolistic Competition: A General Theory of Economic Activity 1955 Indian Economic Review F. Perroux 0.683
Economists have troubled themselves about noneconomic determinants of “economic” behavior for two reasons. Sociological Value Theory, Economic Analyses, and Economic Policy 1953 The American Economic Review Joseph J. Spengler 0.682
“The Economic Problem” is not confined to static division; it does not reflect an assumption that product is fixed in amount and that economic alternatives relate only to kinds and direction. Economic Understanding: Why and What 1957 The American Economic Review Ben W. Lewis 0.678

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 4% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Now there is a danger that this purely logical problem of drawing appropriate conclusions from given premisses may be regarded, perhaps implicitly, as an adequate description of the actual problem with which our economic system is concerned and from which it derives its rationale. Imperfect Knowledge and Economic Efficiency 1953 Oxford Economic Papers G. B. Richardson 0.791
The present writer’s inclination is to question the advisability of seeking solutions possessing the required equilibrium properties but sacrificing the rationality of behavior. What Has Happened to the Theory of Games 1953 The American Economic Review Leonid Hurwicz 0.783

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Some of USERS Economic theory has much to contribute to the resolution of these problems. Theoretical Considerations of Water Allocation among Competing Uses and Users 1956 Journal of Farm Economics John F. Timmons 0.859
Herein lies a real dilemma for economic theorizing. An Economist’s Confessions 1952 The American Economic Review John H. Williams 0.848
As is usual in economic science, much depends on a careful statement of the problem we want to consider. The Influence of Productivity on Economic Welfare 1952 The Economic Journal J. Tinbergen 0.846
In seeking for a solution to an economic problem a certain kind of truth is sought. Economic Theory and Quantitative Research: A Broad Interpretation of the Mitchell Position 1951 The American Economic Review Rutledge Vining 0.822
The various positions of economists on these interrelated questions become more than a little difficult to sort out. Institutional and Theoretical Implications of Economic Change 1954 The American Economic Review Calvin B. Hoover 0.821
Doubts whether the economist can establish such principles began, however, to arise at the beginning of this century, when we became aware of the insoluble difficulties that beset the economist when he tries to measure and compare different people’s utility. The State of Welfare Economics 1951 The American Economic Review Tibor Scitovsky 0.818
Economic controversies can be more readily understood and economic knowledge furthered if we decide at the outset whether the author of a proposal is attempting to construct an ideal type of economic system or whether he is formulating a program for adoption in the world as it is. The American Economic Association Committee Report on Economic Instability 1951 The American Economic Review Arthur Smithies 0.814
There are several facets of the problem in which economists should be interested. Military Procurement Policies: World War II and Today 1952 The American Economic Review John Perry Miller 0.813
The economic answer to a problem frequently has political, sociological or other ramifications. Generalization versus Specialization in Graduate Training 1954 Journal of Farm Economics Bernard J. Bowlen 0.811
This brings us to an application of economic thought which is rather unique. The Scandinavian Countries 1956 The American Economic Review Hans Brems 0.809
VII There is much to be done before there is an economics which is as basically problem-solving as was the economics of Adam Smith, Ricardo, and Mill, or for that matter Marshall’s, or Wicksell’s, each in its setting. A Review of Business Cycle Theory 1950 Southern Economic Journal Ernst W. Swanson 0.803
A thorough discussion of these problems among both ” theoretical ” and ” applied ” economists may considerably contribute to the elucidation of the issues involved, and perhaps lead towards a substantial measure of agreement on answers to these questions. Economic Theory as a Guide to Policy: Some Suggestions for Re-Appraisal 1955 The Economic Journal H. Tyszynski 0.801
It is a subject that is both very interesting and very difficult: interesting because it deals with the heart of our economic science, the selection of alternatives to satisfy wants; and difficult because it involves familiarity with a number of disciplines- economics, statistics, philosophy, sociology, and psychology. Risk and Hypothesis Testing 1959 Journal of Farm Economics David J. Allee 0.798
The conflict is discussed as a problem which arises as a result of the nature of economics or of social science in general. Value Judgments in Economics: A Comment 1956 Southern Economic Journal David D. Martin 0.798
However, as we move into economic problems involving questions of choice, it should be recognized that a different set of principles is involved than in dealing with the physical sciences and problems of use. Developing a Set of Basic Principles for Economic Extension 1954 Journal of Farm Economics J. Carroll Bottum 0.796
To recognize this fact raises many more problems about the teaching of economics than it settles, but at least it helps us to identify the issues and the considerations. Round Table on Report of Committee on the Teaching of Elementary Economics: Comments on the Teaching of Economics 1951 The American Economic Review Ben W. Lewis 0.796

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Advocacy versus Analysis in Economics 1955 Southern Economic Journal Campbell R. McConnell 7 0.622
Economics and Ethics 1950 The American Journal of Economics and Sociology Herbert Johnston 6 0.618
Economic Theory and Quantitative Research: A Broad Interpretation of the Mitchell Position 1951 The American Economic Review Rutledge Vining 4 0.622
Sociological Value Theory, Economic Analyses, and Economic Policy 1953 The American Economic Review Joseph J. Spengler 4 0.622
Public Policy and Political Considerations 1957 The Review of Economics and Statistics Betty G. Fishman, Leo Fishman 4 0.628
Tinbergen on Policy-Making 1958 Journal of Political Economy Charles E. Lindblom 4 0.609
The Notion of Involuntary Economic Decisions 1950 Econometrica Trygve Haavelmo 3 0.633
Methodological Issues in Quantitative Economics: Variations Upon a Theme by F. H. Knight 1950 The American Economic Review Rutledge Vining 3 0.619
Keynesianism and Inflation 1951 Journal of Political Economy Walter A. Morton 3 0.590
A Historian’s Perspective on Modern Economic Theory 1952 The American Economic Review W. W. Rostow 3 0.625

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0628609
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0053413
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.0331124
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0612347
10: valuations, economic_values, reconsideration, judgments, valuation -0.0614632
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0715423
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0742489
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0952557
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1039158
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1219084
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1236860
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1287598
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.1374568

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3382855
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.3302407
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2106473
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.2036620
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1821975
1900-1919 1: commission, tariff, mill’s, court, commerce 0.1655609
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1319869
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1297054
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1285586
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1268898
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1240723
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.1227833
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1185700
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1144393
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1065669

Intertemporal cluster 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system

The cluster gathers 2212 sentences from our corpus. It represents 1.37% of all the sentences selected over the whole period.

The community exists from 1950 to 1979.

The most recurring authors are Edward H. Chamberlin (26 sentences), G. B. Richardson (19 sentences), James M. Buchanan (18 sentences), Kenneth J. Arrow (16 sentences), J. Hirshleifer (14 sentences), Jesse W. Markham (13 sentences), Shorey Peterson (13 sentences), Stephen H. Sosnick (13 sentences), Warren J. Samuels (13 sentences), Israel M. Kirzner (12 sentences).

The most recurring journals are The American Economic Review (339 sentences), The Quarterly Journal of Economics (184 sentences), Journal of Political Economy (141 sentences), Journal of Economic Issues (113 sentences), The Journal of Finance (102 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
pure_competition 0.0009350
oligopoly 0.0007711
perfect_competition 0.0006270
oligopolistic 0.0006151
market_system 0.0006043
imperfections 0.0005923
monopolistic 0.0005747
market 0.0005530
imperfect_competition 0.0005530
market_efficiency 0.0005288
free_competition 0.0005164
monopolistic_competition 0.0004957
market_mechanism 0.0004911
markets 0.0004868
model 0.0004819
market_equilibrium 0.0004812
market_failure 0.0004717
capital_market 0.0004646
perfectly_competitive 0.0004560
externalities 0.0004394

Top TF-IDF terms describing the community for each time window

Top terms 1950-1959

Token TF-IDF
perfect_competition 0.0032135
monopolistic 0.0030129
imperfect_competition 0.0025059
monopolistic_competition 0.0024664
pure_competition 0.0024098
workable 0.0023962
oligopoly 0.0022377
oligopolistic 0.0018037
monopoly 0.0017736
free_competition 0.0014470
competitors 0.0012906
monopolies 0.0011932
countervailing 0.0011775
imperfection 0.0010703
andrews 0.0009629

Top terms 1960-1969

Token TF-IDF
pure_competition 0.0021372
perfect_competition 0.0012091
monopolistic 0.0011903
market_mechanism 0.0011721
market_system 0.0010956
free_competition 0.0010888
oligopoly 0.0010686
monopolistic_competition 0.0009943
oligopolistic 0.0009162
market_structure 0.0008821
market_power 0.0007935
antitrust 0.0007856
imperfections 0.0007234
monopoly 0.0007028
model 0.0006699

Top terms 1970-1979

Token TF-IDF
capital_market 0.0012254
markets_theory 0.0011790
market_efficiency 0.0011303
efficient_markets 0.0011224
markets 0.0010560
market_system 0.0010490
market_failure 0.0010151
imperfections 0.0009843
market_imperfections 0.0009386
market_equilibrium 0.0008652
nonmarket 0.0008419
market_mechanism 0.0008394
disequilibrium 0.0007747
perfect_market 0.0007378
externalities 0.0007345

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The market economizes on the non-rational component of behavior, but it by no means eliminates the non-rational component. The Non-Rational Domain and the Limits of Economic Analysis 1979 Southern Economic Journal Richard B. McKenzie 0.796
In this subsection we consider several other equilibrium concepts, implying either less or more rationality in the market. Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information 1976 The Quarterly Journal of Economics Michael Rothschild, Joseph Stiglitz 0.780
The theory of market rationality is open to criticism on two levels. Methodological Problems in Contrasting Economic Systems 1970 The American Journal of Economics and Sociology Horst K. Betz, E. K. Hunt 0.764
This new concept of rational behavior allows Neumann-Morgenstern to steer clear of the traps into which the discussion, especially of duopoly, has fallen before. Recent Developments of American Economic Thinking 1951 Weltwirtschaftliches Archiv Emil Kauder 0.755
In Part III an attempt is made to determine the size of market necessary for the attainment of high degrees of “rationalization.” The Survival Technique and the Extent of Suboptimal Capacity 1964 Journal of Political Economy Leonard W. Weiss 0.743
In turn, the rational-expectations hypothesis leads to a theory of “efficient markets,” applicable to active auction markets in securities and commodities. Editors’ Summary 1976 Brookings Papers on Economic Activity Arthur M. Okun , George L. Perry 0.737
The often implied expectation of a necessary world trend toward free competition has worn thinner and thinner; the traditional identification of rational choices with price decisions on a free market has lost ground; what is more, the actual range of nonrational behavior has been more widely explored; and collective action or social policy is ordinarily no longer considered a mere copy-and an undesirable one at that-of individual action. Round Table on Report of Committee on the Teaching of Elementary Economics: Difficulties in Teaching Economics–Possible Solutions 1951 The American Economic Review Albert Lauterbach 0.723
To this irrationality must be added one which follows from competition among consumers, or among producers. Growth Versus Choice 1956 The Economic Journal P. Wiles 0.717
One notices this in at least three areas of economiiic thought: in the theory of the market, in the theory of development, and in the theory of decision making, both public and private. The Economics of Knowledge and the Knowledge of Economics 1966 The American Economic Review Kenneth E. Boulding 0.715
Competition in the proper psychological meaning is only one of many irrational motives which have both a real and a proper place in individual behavior in markets-not to mention errors of manifold kinds which are inevitably committed. Institutionalism and Empiricism in Economics 1952 The American Economic Review Frank H. Knight 0.714
ASSUMPTION 8: Symmetric market rationality. A Multiperiod Equilibrium Asset Pricing Model 1978 Econometrica R. C. Stapleton , M. G. Subrahmanyam 0.714
Generically, in the model considered here, a rational expectations equilibrium reveals to all traders the information possessed by all of the traders taken together.3 Seen in a broader context, this property of equilibrium might cast doubt on the incentives for a trader to obtain information about the environment prior to entering the market, provided he could count on other traders obtaining the same information, which would then be revealed by market prices. Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices 1979 Econometrica Roy Radner 0.714
It is doubtful whether his reasonable price can be identified with a rational price from the viewpoint of pure and perfect competition theory.63 His analysis of market conduct is concentrated on one given market. John R. Commons’s Legal Economic Theory 1971 Journal of Economic Issues R. A. Gonce 0.713
One common bias even in contemporary research is the more or less explicit assumption of market rationality and optimality, while actual markets are becoming less and less perfect and in some areas disappearing altogether. Institutional Economics 1978 Journal of Economic Issues Gunnar Myrdal 0.710
Although this view departs considerably from standard notions of market equilibrium, in the Hung arian context it is a rational approach to operating the economy. Economic reform in Hungary: problems and prospects 1977 Cambridge Journal of Economics P. G. Hare 0.709
The agents are ‘rational’ and the markets competitive. Employment and Wages in Dual Agriculture 1971 Oxford Economic Papers Robert Mabro 0.707
It challenges the principle that more is better and opens up the question of what sort of wants we should generate, what sort of men we should make.12 It is obvious that the criterion of market efficiency involves a sort of ego-centric myopia of which one should be wary in any serious discussion of normative economics. Methodological Problems in Contrasting Economic Systems 1970 The American Journal of Economics and Sociology Horst K. Betz, E. K. Hunt 0.701
The venerable issues of the role of competition and the rationality of compensating balances are placed in a new perspective in sections V and VI respectively. The Demand for Compensating Balances 1977 Southern Economic Journal David R. Meinster 0.700
As reference to the literature cited earlier in this section will verify, our predictions of the operations of markets and of the economy are sensitive to our assumptions about mechanisms at the level of decision processes. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.699
It has been argued that these models cannot explain the persistence of unemployment, and they are therefore an inaccurate guide to the effects of policy.4 Although the existence of rational expectations in all markets in the economy can be questioned, it seems sensible that behavior in speculativeauction markets, such as those in which bonds and common stocks are traded, would reflect available information. Efficient-Markets Theory: Implications for Monetary Policy 1978 Brookings Papers on Economic Activity Frederic S. Mishkin 0.697

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
This new concept of rational behavior allows Neumann-Morgenstern to steer clear of the traps into which the discussion, especially of duopoly, has fallen before. Recent Developments of American Economic Thinking 1951 Weltwirtschaftliches Archiv Emil Kauder 0.755
The often implied expectation of a necessary world trend toward free competition has worn thinner and thinner; the traditional identification of rational choices with price decisions on a free market has lost ground; what is more, the actual range of nonrational behavior has been more widely explored; and collective action or social policy is ordinarily no longer considered a mere copy-and an undesirable one at that-of individual action. Round Table on Report of Committee on the Teaching of Elementary Economics: Difficulties in Teaching Economics–Possible Solutions 1951 The American Economic Review Albert Lauterbach 0.723
To this irrationality must be added one which follows from competition among consumers, or among producers. Growth Versus Choice 1956 The Economic Journal P. Wiles 0.717
Competition in the proper psychological meaning is only one of many irrational motives which have both a real and a proper place in individual behavior in markets-not to mention errors of manifold kinds which are inevitably committed. Institutionalism and Empiricism in Economics 1952 The American Economic Review Frank H. Knight 0.714
The implication is that if consumers acted rationally and with full knowledge the diversity of products would be reduced to a degree compatible with pure competition with no loss in aggregate satisfaction and with an increase in productive efficiency. A Critique of Marginal Cost Pricing 1955 Land Economics Robert W. Harbeson 0.688
This alone seems to me a very reasonable ground for challenging the validity of monopolistic competition, but, as indicated, I am quite prepared to trust to the measure of rationality which I find to be possessed by ordinary housewives. [Two Comments on ‘Competition in Retail Trade’]: A Reply 1951 Oxford Economic Papers P. W. S. Andrews 0.687
When an investigator sets himself to look into “imperfections,” he has apparently begun to question the traditional assumptions of perfect competition, perfect mobility of the factors, and perfect economic rationality on the part of decision makers. A Comment on Professor Schultz’ “Framework for Land Economics” 1951 Journal of Farm Economics C. W. Loomer 0.684
If he is to refute Mr. Andrews, Professor Robinson must show, not that the normal cost pricing rule constitutes a rational code of behaviour for business men-Mr. Andrews would agree with him only too readily here-but that the imperfect competition theories do so. The Case Against the Imperfect Competition Theories 1951 The Economic Journal M. J. Farrell 0.678
Accordingly, bilateral monopolistic rationalization appears to offer itself here as a more promising explanatory hypothesis than the Galbraithian doctrine of countervailing power.’ The Report of the Attorney General’s Committee on Antitrust Laws 1956 The Quarterly Journal of Economics Jesse W. Markham 0.673
I then believed it was possible to have a coherent though abstract doctrine of economics in which competition was the only dominant force; and I then defined ‘normal’ as that which the undisturbed play of competition would bring about: and now I regard that position as untenable from an abstract as well as from a practical point of view “. Marshall’s Principles of Economics in the Light of Contemporary Economic Though 1952 Economica C. W. Guillebaud 0.671
In other words, it is of the essence of the competitive system that the profit opportunities open to one seller depend on the actions proposed by others, so that, for example, if A, B, C, … are all equally well placed to supply a given market, then A cannot rationally decide upon a particular level of output without some knowledge of what B, C, . Equilibrium, Expectations and Information 1959 The Economic Journal G. B. Richardson 0.670
It is my contention that an explanation of intense competition cannot be satisfactorily given unless an assumption equivalent to profit-maximizing behavior is made. Biological Analogies in the Theory of the Firm: Rejoinder 1953 The American Economic Review Edith T. Penrose 0.666

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
In Part III an attempt is made to determine the size of market necessary for the attainment of high degrees of “rationalization.” The Survival Technique and the Extent of Suboptimal Capacity 1964 Journal of Political Economy Leonard W. Weiss 0.743
One notices this in at least three areas of economiiic thought: in the theory of the market, in the theory of development, and in the theory of decision making, both public and private. The Economics of Knowledge and the Knowledge of Economics 1966 The American Economic Review Kenneth E. Boulding 0.715
To say that private enterprise is inefficient because indivisibilities and imperfect knowledge are part of life, or because people are susceptible to the human weaknesses subsumed in the term moral hazards, or because marketing commodity-options is not costless, or because persons are risk-averse, is to say little more than that the competitive equilibrium would be different if these were not the facts of life. Information and Efficiency: Another Viewpoint 1969 The Journal of Law & Economics Harold Demsetz 0.693
We write reasonably rather than rationally since, in an oligopolistic market, rational policies are not unambiguous. Advertising Market Structure and Performance 1967 The Review of Economics and Statistics William S. Comanor, Thomas A. Wilson 0.692
If one makes such assumptions at all, he should make them explicitly, not cloak them in vague concepts like ‘market perfection’ or ‘rational behaviour’. Permanent Income and Transitory Balances: Hahn’s Paradox 1963 Oxford Economic Papers Robert W. Clower 0.688
Postscript I wish to repeat here what has been suggested above in several places: that the failure of the market to insure against uncertainties has created many social institutions in which the usual assumptions of the market are to some extent contradicted. Uncertainty and the Welfare Economics of Medical Care 1963 The American Economic Review Kenneth J. Arrow 0.685
It follows then, that Buchanan’s quarrel is not, or ought not to be, with Robbins’ own emphasis on allocation and choice at all, but is properly to be restricted to that literature that is concerned, in the name of economics, with the attainment of efficient solutions, and that evaluates the market primarily with respect to its efficiency as an “allocative mechanism.” What Economists Do 1965 Southern Economic Journal Israel M. Kirzner 0.682
The inherent incompatibility between the interests of the consumer and those of the producer, operating as rational decisionmaking economic units, was mitigated by the basic similarity of motivations of both sides. Adaptation of Cooperatives to Economic Changes: The Israeli Experience 1967 Journal of Farm Economics Yehuda Don 0.681
First of all, note that the sharp difference in result as between the market and the political solution emerges only if the self-interest assumption about human motivation is consistently adopted and applied. Politics, Policy, and the Pigovian Margins 1962 Economica James M. Buchanan 0.679
Severe critics of the enterprise system idealized by our antitrust program may be satisfied to substitute for rational man or rational firm a rational group point of view or rational programming by a state planning commission. Is Oligopoly Illegal? A Jurisprudential Approach 1960 The Quarterly Journal of Economics Jacob Weissman 0.679
Not the least among the many achievements of economic science has been the ability to erect a rigorous analytical system on the principle of competition a principle so basic to economic reasoning that not even such powerful yet diverse critics of orthodox theory as Marx and Keynes could avoid relying upon it -without ever clearly specifying what, exactly, competition is. Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 0.678
113-14; italics min market mechanism will not, in the long run, extend the ” range of choice ” farther than would happen in the absence of interference.’ On Optimising the Rate of Saving 1961 The Economic Journal Amartya Kumar Sen 0.674

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
The market economizes on the non-rational component of behavior, but it by no means eliminates the non-rational component. The Non-Rational Domain and the Limits of Economic Analysis 1979 Southern Economic Journal Richard B. McKenzie 0.796
In this subsection we consider several other equilibrium concepts, implying either less or more rationality in the market. Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information 1976 The Quarterly Journal of Economics Michael Rothschild, Joseph Stiglitz 0.780
The theory of market rationality is open to criticism on two levels. Methodological Problems in Contrasting Economic Systems 1970 The American Journal of Economics and Sociology Horst K. Betz, E. K. Hunt 0.764
In turn, the rational-expectations hypothesis leads to a theory of “efficient markets,” applicable to active auction markets in securities and commodities. Editors’ Summary 1976 Brookings Papers on Economic Activity Arthur M. Okun , George L. Perry 0.737
ASSUMPTION 8: Symmetric market rationality. A Multiperiod Equilibrium Asset Pricing Model 1978 Econometrica R. C. Stapleton , M. G. Subrahmanyam 0.714
Generically, in the model considered here, a rational expectations equilibrium reveals to all traders the information possessed by all of the traders taken together.3 Seen in a broader context, this property of equilibrium might cast doubt on the incentives for a trader to obtain information about the environment prior to entering the market, provided he could count on other traders obtaining the same information, which would then be revealed by market prices. Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices 1979 Econometrica Roy Radner 0.714
It is doubtful whether his reasonable price can be identified with a rational price from the viewpoint of pure and perfect competition theory.63 His analysis of market conduct is concentrated on one given market. John R. Commons’s Legal Economic Theory 1971 Journal of Economic Issues R. A. Gonce 0.713
One common bias even in contemporary research is the more or less explicit assumption of market rationality and optimality, while actual markets are becoming less and less perfect and in some areas disappearing altogether. Institutional Economics 1978 Journal of Economic Issues Gunnar Myrdal 0.710
Although this view departs considerably from standard notions of market equilibrium, in the Hung arian context it is a rational approach to operating the economy. Economic reform in Hungary: problems and prospects 1977 Cambridge Journal of Economics P. G. Hare 0.709
The agents are ‘rational’ and the markets competitive. Employment and Wages in Dual Agriculture 1971 Oxford Economic Papers Robert Mabro 0.707
It challenges the principle that more is better and opens up the question of what sort of wants we should generate, what sort of men we should make.12 It is obvious that the criterion of market efficiency involves a sort of ego-centric myopia of which one should be wary in any serious discussion of normative economics. Methodological Problems in Contrasting Economic Systems 1970 The American Journal of Economics and Sociology Horst K. Betz, E. K. Hunt 0.701
The venerable issues of the role of competition and the rationality of compensating balances are placed in a new perspective in sections V and VI respectively. The Demand for Compensating Balances 1977 Southern Economic Journal David R. Meinster 0.700

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 4% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The venerable issues of the role of competition and the rationality of compensating balances are placed in a new perspective in sections V and VI respectively. The Demand for Compensating Balances 1977 Southern Economic Journal David R. Meinster 0.813
It is doubtful whether his reasonable price can be identified with a rational price from the viewpoint of pure and perfect competition theory.63 His analysis of market conduct is concentrated on one given market. John R. Commons’s Legal Economic Theory 1971 Journal of Economic Issues R. A. Gonce 0.808
One common bias even in contemporary research is the more or less explicit assumption of market rationality and optimality, while actual markets are becoming less and less perfect and in some areas disappearing altogether. Institutional Economics 1978 Journal of Economic Issues Gunnar Myrdal 0.800
In this subsection we consider several other equilibrium concepts, implying either less or more rationality in the market. Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information 1976 The Quarterly Journal of Economics Michael Rothschild, Joseph Stiglitz 0.781
In other words, it is of the essence of the competitive system that the profit opportunities open to one seller depend on the actions proposed by others, so that, for example, if A, B, C, … are all equally well placed to supply a given market, then A cannot rationally decide upon a particular level of output without some knowledge of what B, C, . Equilibrium, Expectations and Information 1959 The Economic Journal G. B. Richardson 0.779
The often implied expectation of a necessary world trend toward free competition has worn thinner and thinner; the traditional identification of rational choices with price decisions on a free market has lost ground; what is more, the actual range of nonrational behavior has been more widely explored; and collective action or social policy is ordinarily no longer considered a mere copy-and an undesirable one at that-of individual action. Round Table on Report of Committee on the Teaching of Elementary Economics: Difficulties in Teaching Economics–Possible Solutions 1951 The American Economic Review Albert Lauterbach 0.773

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Our difficulties with prevailing market theory are exemplified in the following specific situation. A Diversity Theory for Market Processes in Food Retailing 1966 Journal of Farm Economics Eugene R. Beem , A. R. Oxenfeldt 0.834
It would be rather surprising if the institution of the so-called ‘common markets’ did not bring theoreticians to insist on some aspects of reality which the theory of monopolistic competition tends to leave in the dark. Common Markets: Towards a Theory of Market Integration 1962 The Journal of Industrial Economics Louis Phlips 0.830
When an economic theorist attempts to analyze any market, he encounters simultaneously two extremely different worlds whose aims are often in conflict with each other, yet these worlds must be brought into mutual adjustment so that trade may take place. Adam Smith’s Concept of Equilibrium 1976 Journal of Economic Issues M. L. Myers 0.829
The conclusion is not, of course, that markets are useless instruments for satisfying human wants, but four lessons may be drawn from our analysis. Markets and the Satisfaction of Human Wants 1978 Journal of Economic Issues Robert E. Lane 0.826
An implication of the discussion so far for a market equilibrium 3. On the Tax Structure of Interest Rates 1969 The Quarterly Journal of Economics Gordon Pye 0.822
Not the least among the many achievements of economic science has been the ability to erect a rigorous analytical system on the principle of competition a principle so basic to economic reasoning that not even such powerful yet diverse critics of orthodox theory as Marx and Keynes could avoid relying upon it -without ever clearly specifying what, exactly, competition is. Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 0.813
The venerable issues of the role of competition and the rationality of compensating balances are placed in a new perspective in sections V and VI respectively. The Demand for Compensating Balances 1977 Southern Economic Journal David R. Meinster 0.813
This statement will have to be qualified in Sections IV and V of this paper, in which we investigate the implications of various assumptions about markets and behavior. The Allocation of Investment in a Dynamic Economy 1967 The Quarterly Journal of Economics Karl Shell , Joseph E. Stiglitz 0.812
I propose here the view that, when the market fails to achieve an optimal state, society will, to some extent at least, recognize the gap, and nonmarket social institutions will arise attempting to bridge it.9 Certainly this process is not necessarily conscious; nor is it uniformly successful in approaching more closely to optimality when the entire range of consequences is considered. Uncertainty and the Welfare Economics of Medical Care 1963 The American Economic Review Kenneth J. Arrow 0.810
As no one knows better than the author of The Worldly Philosophers, our profession’s obsession with “the market” goes back at least to the time of Thomas Aquinas and his principle of “just price,” and has persisted at least to the time of Richard Nixon and his abhorrence of “controls.” [Comment on Heilbroner] 1971 Journal of Economic Issues C. E. Ayres 0.810
One notices this in at least three areas of economiiic thought: in the theory of the market, in the theory of development, and in the theory of decision making, both public and private. The Economics of Knowledge and the Knowledge of Economics 1966 The American Economic Review Kenneth E. Boulding 0.809
To the degree that that effort is successful, it seems reasonable to predict that the idea of the market and that of competition may increasingly come to be separately identified, and competition itself may be, once again, what it was at the hands of Adam Smith: a disequilibrium, behavioral concept which is meaningful and relevant in terms of the contemporary pattern of economic life. Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 0.809
Whether or not this arithmetic is always completely borne out by the facts, it is clear that, so far as competition does consist in giving the consumer more for his money, the main issue is not between A and B, but between B and the public, and that the interest of the public is paramount.22 To be sure, this “arithmetic” generally is borne out by the facts, but by posing the issue directly, Clark and Commons open up a wider range of situations in which the presumption for free competition might be called into question. Commons, Clark, and the Emerging Post-Coasian Law and Economics 1976 Journal of Economic Issues Victor P. Goldberg 0.809
It is doubtful whether his reasonable price can be identified with a rational price from the viewpoint of pure and perfect competition theory.63 His analysis of market conduct is concentrated on one given market. John R. Commons’s Legal Economic Theory 1971 Journal of Economic Issues R. A. Gonce 0.808
In this paper, we shall be concerned almost exclusively with a third explanation, that of markets. The Economic Growth of the Chesapeake and the European Market, 1697-1775 1964 The Journal of Economic History Jacob M. Price 0.807

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Competition plays an indispensable role in a free market economy; to the extent that the pressures of competition are lessened and diffused by concentrates, economic decisions are left to a handful of persons who are not responsible by ballot, contract or market to those whose lives are substantially conditioned by the decisions. Economics by Admonition 1959 The American Economic Review Ben W. Lewis 0.804
REVIEW In other words, although useful results are sometimes obtained by assuming the existence of intense competition, the assumption itself is no more “realistic” nor “intellectually more modest”’3 than the assumption that individual firms try to maximize their profits. Biological Analogies in the Theory of the Firm: Rejoinder 1953 The American Economic Review Edith T. Penrose 0.800
market, then, have this peculiarity that they occur only when both parties, though motivated by contrary impulses, think they can gain from a reciprocal agreement: hence the principle of the natural harmony of diverging interests as immutably presiding over the relations of the market. Political Ideology as a Tool of Functional Analysis in Socio-Political Dynamics: An Hypothesis 1959 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Léon Dion 0.797
Competition in the proper psychological meaning is only one of many irrational motives which have both a real and a proper place in individual behavior in markets-not to mention errors of manifold kinds which are inevitably committed. Institutionalism and Empiricism in Economics 1952 The American Economic Review Frank H. Knight 0.797
The exposition of the fundamental features of a ‘purely competitive’ market, especially in the elementary statements of economic doctrine which have most influenced general thinking on these matters, proceed in terms of a great flexibility of market price, in accordance with the shifting balance between demand and supply. Some Aspects of Competition in Retail Trade 1950 Oxford Economic Papers P. W. S. Andrews 0.787
I believe that this is only one of numerous ways in which the subject may be presented, but I hope it is one in which the theory emerges more clearly as a general one, designed to replace that of pure competition as a basis for analysing the whole economy. Monopolistic Competition Revisited 1951 Economica Edward H. Chamberlin 0.785
I shall argue that, apart f rom such pedagogic merit as they may have, the theories of monopolistic and imperfect competition have not proved to be useful formulations, in the sense that Marshall’s formulations were useful; that they have not directed attention toward significant and observable relationships. Advertising, Product Variation, and the Limits of Economics 1951 Journal of Political Economy Alfred Sherrard 0.785
The classical economists did not commit the error of regarding “perfect” competition as the most beneficial state of affairs; for they did not mistake the presentation of a theoretical model, useful as an intellectual exercise in economic analysis, for a norm of public policy. Antitrust Policy Re-Examined 1950 Journal of Political Economy Neil H. Jacoby 0.784
VI The conclusion to be drawn from the particular form of this analysis is that there is within imperfect competition an area, created by the form of consumer demand, which is not amenable to adjustment in the direction of “better” allocative patterns of the economy. Product Differentiation and Welfare Economics 1955 The Quarterly Journal of Economics Alex Hunter 0.780
In other words, it is of the essence of the competitive system that the profit opportunities open to one seller depend on the actions proposed by others, so that, for example, if A, B, C, … are all equally well placed to supply a given market, then A cannot rationally decide upon a particular level of output without some knowledge of what B, C, . Equilibrium, Expectations and Information 1959 The Economic Journal G. B. Richardson 0.779

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Our difficulties with prevailing market theory are exemplified in the following specific situation. A Diversity Theory for Market Processes in Food Retailing 1966 Journal of Farm Economics Eugene R. Beem , A. R. Oxenfeldt 0.834
It would be rather surprising if the institution of the so-called ‘common markets’ did not bring theoreticians to insist on some aspects of reality which the theory of monopolistic competition tends to leave in the dark. Common Markets: Towards a Theory of Market Integration 1962 The Journal of Industrial Economics Louis Phlips 0.830
An implication of the discussion so far for a market equilibrium 3. On the Tax Structure of Interest Rates 1969 The Quarterly Journal of Economics Gordon Pye 0.822
Not the least among the many achievements of economic science has been the ability to erect a rigorous analytical system on the principle of competition a principle so basic to economic reasoning that not even such powerful yet diverse critics of orthodox theory as Marx and Keynes could avoid relying upon it -without ever clearly specifying what, exactly, competition is. Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 0.813
This statement will have to be qualified in Sections IV and V of this paper, in which we investigate the implications of various assumptions about markets and behavior. The Allocation of Investment in a Dynamic Economy 1967 The Quarterly Journal of Economics Karl Shell , Joseph E. Stiglitz 0.812
I propose here the view that, when the market fails to achieve an optimal state, society will, to some extent at least, recognize the gap, and nonmarket social institutions will arise attempting to bridge it.9 Certainly this process is not necessarily conscious; nor is it uniformly successful in approaching more closely to optimality when the entire range of consequences is considered. Uncertainty and the Welfare Economics of Medical Care 1963 The American Economic Review Kenneth J. Arrow 0.810
One notices this in at least three areas of economiiic thought: in the theory of the market, in the theory of development, and in the theory of decision making, both public and private. The Economics of Knowledge and the Knowledge of Economics 1966 The American Economic Review Kenneth E. Boulding 0.809
To the degree that that effort is successful, it seems reasonable to predict that the idea of the market and that of competition may increasingly come to be separately identified, and competition itself may be, once again, what it was at the hands of Adam Smith: a disequilibrium, behavioral concept which is meaningful and relevant in terms of the contemporary pattern of economic life. Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 0.809
In this paper, we shall be concerned almost exclusively with a third explanation, that of markets. The Economic Growth of the Chesapeake and the European Market, 1697-1775 1964 The Journal of Economic History Jacob M. Price 0.807
Now the fact that an economic model in some degree involves imperfect competition does not necessarily imply that the concepts of competitive markets give little insight into the behavior of relative prices, resources allocations, and profitabilities. Analytical Aspects of Anti-Inflation Policy 1960 The American Economic Review Paul A. Samuelson, Robert M. Solow 0.798
In this excursion into market processes, among the most stimulating and provocative was that of J. M. Clark, and his paradoxical conclusion that “the retarded action of the market which permits different prices to prevail at the same time is not really an ‘imperfection,’ as theoretical economics has been inclined to regard it. The Origin and Early Development of Monopolistic Competition Theory 1961 The Quarterly Journal of Economics Edward H. Chamberlin 0.798

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
When an economic theorist attempts to analyze any market, he encounters simultaneously two extremely different worlds whose aims are often in conflict with each other, yet these worlds must be brought into mutual adjustment so that trade may take place. Adam Smith’s Concept of Equilibrium 1976 Journal of Economic Issues M. L. Myers 0.829
The conclusion is not, of course, that markets are useless instruments for satisfying human wants, but four lessons may be drawn from our analysis. Markets and the Satisfaction of Human Wants 1978 Journal of Economic Issues Robert E. Lane 0.826
The venerable issues of the role of competition and the rationality of compensating balances are placed in a new perspective in sections V and VI respectively. The Demand for Compensating Balances 1977 Southern Economic Journal David R. Meinster 0.813
As no one knows better than the author of The Worldly Philosophers, our profession’s obsession with “the market” goes back at least to the time of Thomas Aquinas and his principle of “just price,” and has persisted at least to the time of Richard Nixon and his abhorrence of “controls.” [Comment on Heilbroner] 1971 Journal of Economic Issues C. E. Ayres 0.810
Whether or not this arithmetic is always completely borne out by the facts, it is clear that, so far as competition does consist in giving the consumer more for his money, the main issue is not between A and B, but between B and the public, and that the interest of the public is paramount.22 To be sure, this “arithmetic” generally is borne out by the facts, but by posing the issue directly, Clark and Commons open up a wider range of situations in which the presumption for free competition might be called into question. Commons, Clark, and the Emerging Post-Coasian Law and Economics 1976 Journal of Economic Issues Victor P. Goldberg 0.809
It is doubtful whether his reasonable price can be identified with a rational price from the viewpoint of pure and perfect competition theory.63 His analysis of market conduct is concentrated on one given market. John R. Commons’s Legal Economic Theory 1971 Journal of Economic Issues R. A. Gonce 0.808
However, in its attempt to explain the mechanisms of market adjustment and equilibrium under conditions of perfect competition, conventional economic think ing has not found it appropriate to pay enough attention to such factors as economic and political power, group behavior, non-economic motivations, etc. The Sociological and Institutional Background of Perroux’s Economic Domination Theory 1977 The American Economist Ducarmel Bocage 0.806
• Different views of the role of markets. Are We Giving Answers to the Right Questions? 1975 Business Economics Sidney L. Jones 0.803
One common bias even in contemporary research is the more or less explicit assumption of market rationality and optimality, while actual markets are becoming less and less perfect and in some areas disappearing altogether. Institutional Economics 1978 Journal of Economic Issues Gunnar Myrdal 0.800
Economists in every business have had to face the fact that concepts must be developed to analyze the imperfections of markets, because es sentially no pure free markets exist in our economy. Presidential Address: The State of Business Economics 1974 Business Economics Roy E. Moor 0.800

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Is Oligopoly Illegal? A Jurisprudential Approach 1960 The Quarterly Journal of Economics Jacob Weissman 12 0.608
Antitrust and the Classic Model 1957 The American Economic Review Shorey Peterson 10 0.602
A Critique of Concepts of Workable Competition 1958 The Quarterly Journal of Economics Stephen H. Sosnick 9 0.592
Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 9 0.621
Entrepreneurship, Entitlement, and Economic Justice 1978 Eastern Economic Journal Israel M. Kirzner 9 0.614
The Origin and Early Development of Monopolistic Competition Theory 1961 The Quarterly Journal of Economics Edward H. Chamberlin 8 0.604
The Folklore of the Market: An Inquiry into the Economic Doctrines of the Chicago School 1975 Journal of Economic Issues Ezra J. Mishan 8 0.606
The Impact of Recent Monopoly Theory on the Schumpeterian System 1951 The Review of Economics and Statistics Edward H. Chamberlin 7 0.604
Product Differentiation and Welfare Economics 1955 The Quarterly Journal of Economics Alex Hunter 7 0.617
Uncertainty and the Welfare Economics of Medical Care 1963 The American Economic Review Kenneth J. Arrow 7 0.618

Top articles (most sentences) of the cluster for each time window

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Antitrust and the Classic Model 1957 The American Economic Review Shorey Peterson 10 0.602
A Critique of Concepts of Workable Competition 1958 The Quarterly Journal of Economics Stephen H. Sosnick 9 0.592
The Impact of Recent Monopoly Theory on the Schumpeterian System 1951 The Review of Economics and Statistics Edward H. Chamberlin 7 0.604
Product Differentiation and Welfare Economics 1955 The Quarterly Journal of Economics Alex Hunter 7 0.617
Monopolistic Competition Revisited 1951 Economica Edward H. Chamberlin 6 0.617
Perspectives on Monopoly 1951 Journal of Political Economy Neil H. Jacoby 5 0.595
The Inadequacy of the Theory of the Firm as a Branch of Welfare Economics 1952 Oxford Economic Papers T. Wilson 5 0.596
The Shoe Machinery Case and the Problem of the Good Trust 1954 The Quarterly Journal of Economics Lucile Sheppard Keyes 5 0.609
Competition and Countervailing Power: Their Roles in the American Economy 1954 The American Economic Review John Perry Miller 5 0.597
Perfect Competition, Historically Contemplated 1957 Journal of Political Economy George J. Stigler 5 0.597
Public Policy and Monopoly: A Dilemma in Remedial Action 1950 Southern Economic Journal Jesse W. Markham 4 0.608
Some Limitations of Competitive Equilibrium 1950 Southern Economic Journal Boris C. Swerling 4 0.605
Some Aspects of Competition in Retail Trade 1950 Oxford Economic Papers P. W. S. Andrews 4 0.592
Oligopolistic Indeterminacy 1952 Weltwirtschaftliches Archiv Fritz Machlup 4 0.625
Biological Analogies in the Theory of the Firm: Rejoinder 1953 The American Economic Review Edith T. Penrose 4 0.631

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
Is Oligopoly Illegal? A Jurisprudential Approach 1960 The Quarterly Journal of Economics Jacob Weissman 12 0.608
Economic Theory and the Meaning of Competition 1968 The Quarterly Journal of Economics Paul J. McNulty 9 0.621
The Origin and Early Development of Monopolistic Competition Theory 1961 The Quarterly Journal of Economics Edward H. Chamberlin 8 0.604
Uncertainty and the Welfare Economics of Medical Care 1963 The American Economic Review Kenneth J. Arrow 7 0.618
Objective Functions and Models of Corporate Optimization 1961 The Quarterly Journal of Economics Martin Shubik 6 0.593
Politics, Policy, and the Pigovian Margins 1962 Economica James M. Buchanan 6 0.620
Can People Be Trusted with Natural Resources? 1962 Land Economics J. W. Milliman 6 0.616
Common Markets: Towards a Theory of Market Integration 1962 The Journal of Industrial Economics Louis Phlips 6 0.590
The Theory of Restrictive Trade Practices 1965 Oxford Economic Papers G. B. Richardson 6 0.613
The Possibility of a Social Welfare Function 1966 The American Economic Review James S. Coleman 6 0.616
Market Structure Analysis as an Orientation for Research in Agricultural Economics 1961 Journal of Farm Economics Robert L. Clodius , Willard F. Mueller 5 0.609
British Nationalization and American Private Enterprise: Some Parallels and Contrasts 1965 The American Economic Review Ben W. Lewis 5 0.604
The Law and the Economics of Market Collusion in Europe, Great Britain, and the United States: An American Point of View 1966 The Journal of Industrial Economics Richard C. Bernhard 5 0.599
Ordo and Coercion: A Logical Critique 1960 Southern Economic Journal Henry M. Oliver, Jr. 4 0.607
Symposium on Restrictive Practices Legislation: Economic Analysis and Public Policy 1960 The Economic Journal J. Biseman 4 0.601

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Entrepreneurship, Entitlement, and Economic Justice 1978 Eastern Economic Journal Israel M. Kirzner 9 0.614
The Folklore of the Market: An Inquiry into the Economic Doctrines of the Chicago School 1975 Journal of Economic Issues Ezra J. Mishan 8 0.606
Economics: Allocation or Valuation? 1974 Journal of Economic Issues Philip A. Klein 7 0.610
Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 7 0.636
Efficient-Markets Theory: Implications for Monetary Policy 1978 Brookings Papers on Economic Activity Frederic S. Mishkin 6 0.630
Economics as a System of Belief 1970 The American Economic Review John Kenneth Galbraith 5 0.594
Relating the Study of Economics to the Problems of Modern Society 1971 The Journal of Economic Education Jerome Rothenberg 5 0.617
On Lemmings and Other Acquisitive Animals: Propositions on Consumption 1973 Journal of Economic Issues E. K. Hunt , Ralph C. d’Arge 5 0.592
Power and Illusion in the Marketplace: Institutions and Technology 1974 Journal of Economic Issues Thomas R. De Gregori 5 0.622
Beyond Capitalism: A Role for Markets? 1974 Journal of Economic Issues David Dale Martin 5 0.593
The Origin and Development of Media of Exchange 1976 Journal of Political Economy Robert A. Jones 5 0.611
Manias, Panics, and Rationality 1978 Eastern Economic Journal Charles P. Kindleberger 5 0.638
American Institutionalism: Premature Death, Permanent Resurrection 1978 Journal of Economic Issues Philip A. Klein 5 0.611
The Problem of Externality 1979 The Journal of Law & Economics Carl J. Dahlman 5 0.611
CRITICAL COMMENTS ON J. K. GALBRAITH’S BOOK 1971 Acta Oeconomica Gy. Becsky 4 0.593

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0851388
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0416393
8: farm, agriculture, agricultural, land, farmers -0.0178099
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.0328120
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.0536367
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0886552
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0888890
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0950360
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1023217
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1048052
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.1219084
10: valuations, economic_values, reconsideration, judgments, valuation -0.1291893
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1347284

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0231549
8: farm, agriculture, agricultural, land, farmers 0.0006238
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0002882
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0536599
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.0994413
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1073829
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1078458
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1157241
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.1249746
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1343218
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1498016

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0401448
43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0221504
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0352577
72: model, models, modeling, rational_expectations, economic_models -0.0590116
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0597011
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0923667
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0924690
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.0925958
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1109826
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1183391
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.1425165
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1462453

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.9250544
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.8327178
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.3434957
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.2436637
2010-2019 101: players, games, game_theory, player, game 0.2245445
2000-2009 101: players, games, game_theory, player, game 0.2220049
1990-1999 101: players, games, game_theory, player, game 0.2031386
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.1805984
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1711477
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1159293
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0937997
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0851388
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0767578
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.0662026
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.0567774

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.8327178
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.7931762
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.7014576
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.2749207
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.2110020
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.1909056
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.1795647
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1348598
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.1115328
2010-2019 101: players, games, game_theory, player, game 0.1106679
2000-2009 101: players, games, game_theory, player, game 0.1086217
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.1070212
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.1018811
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1005396
1990-1999 101: players, games, game_theory, player, game 0.0974654

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.7014576
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.6177468
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.5803067
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.4950669
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.4926071
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.3614604
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.3434957
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.1925563
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1535207
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.1422516
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1274611
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1232072
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.1129632
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.1108162
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.0962848

Intertemporal cluster 53: social_choice, decision_maker, maker, decisions, rational_choice

The cluster gathers 3318 sentences from our corpus. It represents 2.05% of all the sentences selected over the whole period.

The community exists from 1950 to 1979.

The most recurring authors are James M. Buchanan (67 sentences), Kenneth J. Arrow (49 sentences), Herbert A. Simon (34 sentences), E. J. Mishan (21 sentences), Nicholas Georgescu-Roegen (18 sentences), A. L. Macfie (17 sentences), Jerome Rothenberg (17 sentences), Amartya Sen (16 sentences), Hans G. Herzberger (16 sentences), Martin Shubik (16 sentences).

The most recurring journals are The American Economic Review (378 sentences), Journal of Political Economy (240 sentences), The Quarterly Journal of Economics (222 sentences), Econometrica (193 sentences), The Economic Journal (189 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
social_choice 0.0016851
decision_maker 0.0011660
maker 0.0009011
decisions 0.0008176
rational_choice 0.0007626
decision 0.0006615
decision_makers 0.0006264
optimal 0.0006228
voting 0.0005912
choice_functions 0.0005669
choice_process 0.0005633
makers 0.0005554
collective_choice 0.0005289
choices 0.0005102
preferences 0.0005030
economic_choice 0.0004846
individual_choice 0.0004757
collective_decision 0.0004567
collective_rationality 0.0004032
economic_decision 0.0004003

Top TF-IDF terms describing the community for each time window

Top terms 1950-1959

Token TF-IDF
market_choice 0.0020664
rational_choice 0.0010812
individual_choice 0.0010782
involving_risk 0.0010758
social_choice 0.0009999
voting 0.0009852
cardinal 0.0009765
economic_choice 0.0009667
orderings 0.0009513
involuntary 0.0009282
neumann 0.0009191
decision_taking 0.0008973
economic_assumption 0.0008973
intransitivity 0.0008973
decision 0.0008649

Top terms 1960-1969

Token TF-IDF
decision 0.0014086
social_choice 0.0013389
decision_maker 0.0011942
maker 0.0009112
judgments 0.0007853
individual_values 0.0007763
choice_process 0.0006876
trade_offs 0.0006869
decisions 0.0006842
economic_considerations 0.0006668
economic_choice 0.0006571
voting 0.0006523
social_decision 0.0006028
offs 0.0005925
political_considerations 0.0005879

Top terms 1970-1979

Token TF-IDF
social_choice 0.0027594
decision 0.0014052
collective_rationality 0.0011802
decision_maker 0.0010599
collective_choice 0.0010523
voting 0.0010470
rational_choice 0.0010064
choice_functions 0.0009714
decision_processes 0.0009617
public_choice 0.0009006
maker 0.0008491
decision_makers 0.0008413
optimal 0.0007997
individual_choice 0.0007244
collective_decision 0.0007240

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The study of economic choice is very often the uncovering of interesting characteristics common to rational behavior. A Property of Optimal Consumption Policies for Decision-Making under Uncertainty 1978 Southern Economic Journal Thayer Watkins 0.788
The rational choice which plans the achievement of a ” revenue “, by the disposition of resources, at a” cost” in some sense, virtually disappears from view, or becomes merged in the actual disposition of resources and the actual achievement of the actual ” revenue “. Economists’ Cost Rules and Equilibrium Theory 1960 Economica G. F. Thirlby 0.781
The fact that decisions are so frequently taken in this sort of way is generally regarded in the neo-classical tradition of economic theory, in which knowledge is assumed to be costless, as a reflection of the irrationality, or gullibility-cum-rapacity, of man in a capitalist economic system: it is on the contrary a manifestation of rationality in a situation in which the decisions that have to be taken are increasingly numerous, multiplying as incomes rise, while time is short and increasingly valuable. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.781
Economics makes possible rationality of choice. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.774
Such decisions should not be made upon economic grounds alone, but clarification of our thinking on the economics of these relationships is an important part of rational decision-making. Educational Shortage and Excess 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique M. J. Bowman 0.774
If rationality in individual behavior is considered a desirable feature of a choice process,23 there would appear to be several reasons for claiming that market choice should be preferred. Individual Choice in Voting and the Market 1954 Journal of Political Economy James M. Buchanan 0.773
POSTULATES OF RATIONALITY In this section we present the postulates which we consider descriptive of a rational approach to the problem of selecting a strategy. Rational Selection of Decision Functions 1954 Econometrica Herman Chernoff 0.773
Although the objection by many non-economists that the theory of choice assumes rationality is not well founded,3 it is difficult to distinguish operationally between irrational choices and poorly informed ones, and the new approach to the theory of choice does give appropriate recognition to the investment in and costly accumulation of information. On the New Theory of Consumer Behavior 1973 The Swedish Journal of Economics Robert T. Michael, Gary S. Becker 0.773
;2 “Basically, for Professor Hicks, as for Jevons and Marshall, economic decisions are made by an abstract calculating machine”;3 “I find myself continuing to believe … that, whatever the origin of the want, when it rises to consciousness, it is subject to a process which we call rational, when the human agent decides . What Kind of Psychology Does Economics Need? 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. Reinold Noyes 0.769
I shall have more to say later about the positive case for a descriptive theory of bounded rationality, but I would like to turn first to another territory within economic science that has gained rapidly in population since World War II, the domain of normative decision theory. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.768
Within this framework we can accommodate both the rational elements in choice, so much emphasized by economics, and the nonrational elements to which psychologists and sociologists often prefer to call attention. Theories of Decision-Making in Economics and Behavioral Science 1959 The American Economic Review Herbert A. Simon 0.766
We shall explore possible ways of formulating the process of rational choice in situations where we wish to take explicit account of the “internal” as well as the “external” constraints that define the problem of rationality for the organism. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.766
Consistency, Rationality and Collective Choice GEORGES BORDES University of Bordeaux 1 Laboratoire d’Analyse et de Recherche economique Though they are related, ” consistency ” and ” rationality ” are different concepts. Consistency, Rationality and Collective Choice 1976 The Review of Economic Studies Georges Bordes 0.766
Many of these decisions cannot be taken solely, or even mainly, on the basis of economic reasoning, as they are bound up with the larger strategy of economic planning, and hence with value judg? APPLICATION OF INVESTMENT CRITERIA IN THE CHOICE BETWEEN PROJECTS 1956 Indian Economic Review K. N. Raj 0.765
Such decisions are of course founded on the calculations of the effects and efforts they involve, but every rational decision is based on such calculations and this is not a specific feature of the market economy. Fundamental Characteristics of the Yugoslav Economic System 1963 Eastern European Economics Vojislav Rakić 0.762
Section 3 provides a brief summary of the arguments which have been advanced in support of “rationality conditions” in the case of social choice. Path Independence, Rationality, and Social Choice 1973 Econometrica Charles R. Plott 0.762
It is not very long since economists believed that there was a unique ” natural ” choice in which individual interests converged and which could be brought to light by the application of pure reason. Arrow’s General Possibility Theorem 1953 The Review of Economic Studies Murray C. Kemp 0.761
Here is a factor, neither legal nor economic, that blocks a “rational” decision-i.e., a market-oriented economic decision. Water Law and Economic Transfers of Water 1961 Journal of Farm Economics Frank J. Trelease 0.760
The behavior of the decision-maker, in making choices among alternative courses of action, is the crucial factor in the economic unit in determining what “has” happened in a positive sense as well as in determining what “should” happen in a normative sense. Integration of Law and Economics in Analyzing Agricultural Land Use Problems 1955 Journal of Farm Economics John F. Timmons 0.759
I March 1979 On the Explanation of Rules Using Rational Choice Models Alexander James Field Methodological debates in economics have a reputation for sterility based on their pleasant contribution to casual conversation and their apparent lack of any visible impact on the actual practice of the discipline.1 This reputation naturally discourages the thoughtful individual from making an additional contribution to the literature in this area. On the Explanation of Rules Using Rational Choice Models 1979 Journal of Economic Issues Alexander James Field 0.757

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
Economics makes possible rationality of choice. Individualism and Economic Theory 1950 The American Journal of Economics and Sociology Walter A. Weisskopf 0.774
If rationality in individual behavior is considered a desirable feature of a choice process,23 there would appear to be several reasons for claiming that market choice should be preferred. Individual Choice in Voting and the Market 1954 Journal of Political Economy James M. Buchanan 0.773
POSTULATES OF RATIONALITY In this section we present the postulates which we consider descriptive of a rational approach to the problem of selecting a strategy. Rational Selection of Decision Functions 1954 Econometrica Herman Chernoff 0.773
;2 “Basically, for Professor Hicks, as for Jevons and Marshall, economic decisions are made by an abstract calculating machine”;3 “I find myself continuing to believe … that, whatever the origin of the want, when it rises to consciousness, it is subject to a process which we call rational, when the human agent decides . What Kind of Psychology Does Economics Need? 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique C. Reinold Noyes 0.769
Within this framework we can accommodate both the rational elements in choice, so much emphasized by economics, and the nonrational elements to which psychologists and sociologists often prefer to call attention. Theories of Decision-Making in Economics and Behavioral Science 1959 The American Economic Review Herbert A. Simon 0.766
We shall explore possible ways of formulating the process of rational choice in situations where we wish to take explicit account of the “internal” as well as the “external” constraints that define the problem of rationality for the organism. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.766
Many of these decisions cannot be taken solely, or even mainly, on the basis of economic reasoning, as they are bound up with the larger strategy of economic planning, and hence with value judg? APPLICATION OF INVESTMENT CRITERIA IN THE CHOICE BETWEEN PROJECTS 1956 Indian Economic Review K. N. Raj 0.765
It is not very long since economists believed that there was a unique ” natural ” choice in which individual interests converged and which could be brought to light by the application of pure reason. Arrow’s General Possibility Theorem 1953 The Review of Economic Studies Murray C. Kemp 0.761
The behavior of the decision-maker, in making choices among alternative courses of action, is the crucial factor in the economic unit in determining what “has” happened in a positive sense as well as in determining what “should” happen in a normative sense. Integration of Law and Economics in Analyzing Agricultural Land Use Problems 1955 Journal of Farm Economics John F. Timmons 0.759
Whether our interests lie in the normative or in the descriptive aspects of rational choice, the construction of models of this kind should prove instructive. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.755
When the gains from correct decisions and the burden of mistaken ones both fall upon those interests actually making the decisions, motivations toward economic rationality should be stronger. Feather River Water for Southern California 1957 Land Economics James C. Dehaven, Jack Hirshleifer 0.754
Some general features of rational choice, 100. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.754

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
The rational choice which plans the achievement of a ” revenue “, by the disposition of resources, at a” cost” in some sense, virtually disappears from view, or becomes merged in the actual disposition of resources and the actual achievement of the actual ” revenue “. Economists’ Cost Rules and Equilibrium Theory 1960 Economica G. F. Thirlby 0.781
The fact that decisions are so frequently taken in this sort of way is generally regarded in the neo-classical tradition of economic theory, in which knowledge is assumed to be costless, as a reflection of the irrationality, or gullibility-cum-rapacity, of man in a capitalist economic system: it is on the contrary a manifestation of rationality in a situation in which the decisions that have to be taken are increasingly numerous, multiplying as incomes rise, while time is short and increasingly valuable. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.781
Such decisions should not be made upon economic grounds alone, but clarification of our thinking on the economics of these relationships is an important part of rational decision-making. Educational Shortage and Excess 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique M. J. Bowman 0.774
Such decisions are of course founded on the calculations of the effects and efforts they involve, but every rational decision is based on such calculations and this is not a specific feature of the market economy. Fundamental Characteristics of the Yugoslav Economic System 1963 Eastern European Economics Vojislav Rakić 0.762
Here is a factor, neither legal nor economic, that blocks a “rational” decision-i.e., a market-oriented economic decision. Water Law and Economic Transfers of Water 1961 Journal of Farm Economics Frank J. Trelease 0.760
Labor costs, the rationality of substituting labour by machinery, productivity, optimal location of plants and an indefinite number of other decisions can but be assessed and valued in the light of actual conditions in a state; but without their being rationally assessed final decisions or consultations about them, a precondition for partnership, are hardly imaginable. THE PEOBLEMS OF EAST-WEST TRADE 1968 Acta Oeconomica I. Vajda 0.753
A “range of choice” hypothesis is advanced and explained in terms of economic logic. Geography and Agricultural Income: An Additional Hypothesis 1967 Journal of Farm Economics David W. Norman, Emery N. Castle 0.738
THE DELIBERATENESS OF ECONOMIC CHOICES’ ELDON D. SMITH University of Kentucky In the investigation of any new subject-matter area, doubts usually emerge regarding the adequacy of the theoretical framework employed. The Deliberateness of Economic Choices 1962 Southern Economic Journal Eldon D. Smith 0.737
The method is implied by the apparatus of rational economic choice, but is by no means restricted to it. The Discipline and I 1967 The Journal of Economic History Alexander Gerschenkron 0.734
We must recognize there are other rational considerations, aside from economics, which must be accommodated. Adequacy of Current Research and Education as Viewed by a Farm Program Analyst 1962 Journal of Farm Economics Linley E. Juers 0.725
When there is a conflict between income and nonincome goals, rational decision making implies knowledge of the opportunity costs involved. Estimates and Projections of an Income-Efficient Commercial-Farm Industry in the North Central States 1966 Journal of Farm Economics Donald R. Kaldor, William E. Saupe 0.721
In actual economic life we also deal with situations in which the individual cannot hope to make rational decisions for himself. Federalism: Problems of Scale 1969 Public Choice Gordon Tullock 0.720
If a decision-maker diminishes his decision powers to preserve his job, then this is economically rational.’ On Satelliteship 1961 The Journal of Economic History George G. S. Murphy 0.720
Alternative Choice Criteria Various criteria have been suggested whose fulfilment supposedly constitutes rational choice behavior. Some Relations between Alternative Rational-Choice Criteria for Consumer-Behavior Theories Based on Weak Orderings 1962 Weltwirtschaftliches Archiv E. M. Fels 0.720

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
The study of economic choice is very often the uncovering of interesting characteristics common to rational behavior. A Property of Optimal Consumption Policies for Decision-Making under Uncertainty 1978 Southern Economic Journal Thayer Watkins 0.788
Although the objection by many non-economists that the theory of choice assumes rationality is not well founded,3 it is difficult to distinguish operationally between irrational choices and poorly informed ones, and the new approach to the theory of choice does give appropriate recognition to the investment in and costly accumulation of information. On the New Theory of Consumer Behavior 1973 The Swedish Journal of Economics Robert T. Michael, Gary S. Becker 0.773
I shall have more to say later about the positive case for a descriptive theory of bounded rationality, but I would like to turn first to another territory within economic science that has gained rapidly in population since World War II, the domain of normative decision theory. Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 0.768
Consistency, Rationality and Collective Choice GEORGES BORDES University of Bordeaux 1 Laboratoire d’Analyse et de Recherche economique Though they are related, ” consistency ” and ” rationality ” are different concepts. Consistency, Rationality and Collective Choice 1976 The Review of Economic Studies Georges Bordes 0.766
Section 3 provides a brief summary of the arguments which have been advanced in support of “rationality conditions” in the case of social choice. Path Independence, Rationality, and Social Choice 1973 Econometrica Charles R. Plott 0.762
I March 1979 On the Explanation of Rules Using Rational Choice Models Alexander James Field Methodological debates in economics have a reputation for sterility based on their pleasant contribution to casual conversation and their apparent lack of any visible impact on the actual practice of the discipline.1 This reputation naturally discourages the thoughtful individual from making an additional contribution to the literature in this area. On the Explanation of Rules Using Rational Choice Models 1979 Journal of Economic Issues Alexander James Field 0.757
Though that decision is by and large a rational economic process, its rationality is based on considerations usually associated with the theory of monopolistic competition.” U.S. Direct Investment in Canada: Consequences for the U.S. Economy 1973 The Journal of Finance Raymond Vernon 0.753
The importation of these theories of the processes of choice into economics could provide immense help in deepening our understanding of the dynamics of rationality, and of the influences upon choice of the institutional structure within which it takes place. Rationality as Process and as Product of Thought 1978 The American Economic Review Herbert A. Simon 0.744
While the theoretical framework of the essay is comparatively crude and while the argument is only developed for cases in which the objective function is quadratic after restrictions are taken into account, patterns emerge which are helpful from a prescriptive point of view and which also explain the rationality of actual behaviour which might otherwise appear to be irrational e.g., the decision-maker who has predictive ability but does not adjust to his short-term predictions may well be acting rationally. Economic Policy, Forecasting and Flexibility 1971 Weltwirtschaftliches Archiv Clem Tisdell 0.743
The Possibility of Rational Social Choice in an Economy Martin J. Bailey University of Maryland This paper examines the implications of an error or oversight in the statement and proof of Arrow’s celebrated General Possibility Theorem. The Possibility of Rational Social Choice in an Economy 1979 Journal of Political Economy Martin J. Bailey 0.740
The importance of this analysis resides simply in its implications for the general acceptability of the rational choice paradigm. Rational Choice, Light Guessing and the Gambler’s Fallacy 1975 Public Choice Rebecca S. Morrison, Peter C. Ordeshook 0.734
Whatever the future success may be of attempts to explain the characteristics of decision processes, in economic or noneconomic terms,9 the branches of economic theory that disregard processes entirely will- if they continue to play a role in the discipline- continue to require some defense against the charge of “unrealism.” Satisficing, Selection, and The Innovating Remnant 1971 The Quarterly Journal of Economics Sidney G. Winter 0.733

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 19.33% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
These decisions are certainly not to be made on purely economic grounds; and there is even some doubt whether they can be made rationally at all.32 But certainly “marginal” choices have to be made here and, while economics is obviously relevant, equilibrium analysis does an inadequate job of formulating the desirable social norms. Some Limitations of Competitive Equilibrium 1950 Southern Economic Journal Boris C. Swerling 0.834
The study of economic choice is very often the uncovering of interesting characteristics common to rational behavior. A Property of Optimal Consumption Policies for Decision-Making under Uncertainty 1978 Southern Economic Journal Thayer Watkins 0.813
Whether our interests lie in the normative or in the descriptive aspects of rational choice, the construction of models of this kind should prove instructive. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.806
The fact that decisions are so frequently taken in this sort of way is generally regarded in the neo-classical tradition of economic theory, in which knowledge is assumed to be costless, as a reflection of the irrationality, or gullibility-cum-rapacity, of man in a capitalist economic system: it is on the contrary a manifestation of rationality in a situation in which the decisions that have to be taken are increasingly numerous, multiplying as incomes rise, while time is short and increasingly valuable. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.801
If rationality in individual behavior is considered a desirable feature of a choice process,23 there would appear to be several reasons for claiming that market choice should be preferred. Individual Choice in Voting and the Market 1954 Journal of Political Economy James M. Buchanan 0.794
Although the objection by many non-economists that the theory of choice assumes rationality is not well founded,3 it is difficult to distinguish operationally between irrational choices and poorly informed ones, and the new approach to the theory of choice does give appropriate recognition to the investment in and costly accumulation of information. On the New Theory of Consumer Behavior 1973 The Swedish Journal of Economics Robert T. Michael, Gary S. Becker 0.792
I do not think it would be useful in *This article was originally part of an honors thesis entitled “Theories of Rational Choice Under Uncertainty” submitted at Harvard College, April 1952. Theory of the Reluctant Duelist 1956 The American Economic Review Daniel Ellsberg 0.790
Our aim will be to formulate the basic problems with a view to clarifying the causes underlying the application, the logic, and the rationality of two categories, namely, central priorities and individual preferences. The Interrelation between Central Priorities and Individual Preferences in a Socialist Planned Economy 1974 Eastern European Economics Josef Adamíček, Marian Sling 0.786
Alternative Choice Criteria Various criteria have been suggested whose fulfilment supposedly constitutes rational choice behavior. Some Relations between Alternative Rational-Choice Criteria for Consumer-Behavior Theories Based on Weak Orderings 1962 Weltwirtschaftliches Archiv E. M. Fels 0.785
In the domain of the theory of rational choice, it is at present a very open question whether there are empirically applicable quantitative concepts. A Finitistic Axiomatization of Subjective Probability and Utility 1956 Econometrica Donald Davidson, Patrick Suppes 0.783
Some general features of rational choice, 100. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.783
This hypothesis, if reasonably valid in a sufficiently wide domain, has far-reaching implications for economic theory.2 It provides a unified interpretation of two kinds of economic behavior that have traditionally been rationalized on divergent, and largely inconsistent, lines -first, choices among alternatives re- ’ We are indebted to William J. Baumol and Jacob Marschak for helpful comments on an earlier draft of this paper. The Expected-Utility Hypothesis and the Measurability of Utility 1952 Journal of Political Economy Milton Friedman, L. J. Savage 0.783
The importation of these theories of the processes of choice into economics could provide immense help in deepening our understanding of the dynamics of rationality, and of the influences upon choice of the institutional structure within which it takes place. Rationality as Process and as Product of Thought 1978 The American Economic Review Herbert A. Simon 0.782
Within this framework we can accommodate both the rational elements in choice, so much emphasized by economics, and the nonrational elements to which psychologists and sociologists often prefer to call attention. Theories of Decision-Making in Economics and Behavioral Science 1959 The American Economic Review Herbert A. Simon 0.781
For, it is perfectly possible to specify the conditions for a social decision process based on some sort of collective rationality stemming from a social ordering of preferences.44 There are problems, certainly. Philosophic Perceptions in Economic Thought 1971 Journal of Economic Issues Ben B. Seligman 0.779

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
The behavior of the decision-maker, in making choices among alternative courses of action, is the crucial factor in the economic unit in determining what “has” happened in a positive sense as well as in determining what “should” happen in a normative sense. Integration of Law and Economics in Analyzing Agricultural Land Use Problems 1955 Journal of Farm Economics John F. Timmons 0.850
Economic theory can shed some light upon the pathway to decision. Economic Theory and Immigration Policy 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Mabel F. Timlin 0.842
While the economist may be able to make certain presumptions about “utility” on the basis of observed facts about behavior, he must remain fundamentally ignorant concerning the actual ranking of alternatives until and unless that ranking is revealed by the overt action of the individual in choosing. Positive Economics, Welfare Economics, and Political Economy 1959 The Journal of Law & Economics James M. Buchanan 0.839
A “range of choice” hypothesis is advanced and explained in terms of economic logic. Geography and Agricultural Income: An Additional Hypothesis 1967 Journal of Farm Economics David W. Norman, Emery N. Castle 0.839
THE DELIBERATENESS OF ECONOMIC CHOICES’ ELDON D. SMITH University of Kentucky In the investigation of any new subject-matter area, doubts usually emerge regarding the adequacy of the theoretical framework employed. The Deliberateness of Economic Choices 1962 Southern Economic Journal Eldon D. Smith 0.837
These decisions are certainly not to be made on purely economic grounds; and there is even some doubt whether they can be made rationally at all.32 But certainly “marginal” choices have to be made here and, while economics is obviously relevant, equilibrium analysis does an inadequate job of formulating the desirable social norms. Some Limitations of Competitive Equilibrium 1950 Southern Economic Journal Boris C. Swerling 0.834
Thus we may need to reconsider the nature of the decision making of the individual we choose to regard as the economic decision maker. Oligopoly Theory, Communication, and Information 1975 The American Economic Review Martin Shubik 0.831
Thus, economics suggests the proposition that actual choices depend not only on preferences but on opportunities, and that under some circumstances quite small changes in either preferences or opportu- nities may result in large changes in actual choices made. Economics as a Moral Science 1969 The American Economic Review Kenneth E. Boulding 0.824
Many of these decisions cannot be taken solely, or even mainly, on the basis of economic reasoning, as they are bound up with the larger strategy of economic planning, and hence with value judg? APPLICATION OF INVESTMENT CRITERIA IN THE CHOICE BETWEEN PROJECTS 1956 Indian Economic Review K. N. Raj 0.813
The study of economic choice is very often the uncovering of interesting characteristics common to rational behavior. A Property of Optimal Consumption Policies for Decision-Making under Uncertainty 1978 Southern Economic Journal Thayer Watkins 0.813
It is the contention of the present writer that the notion of involuntary economic decisions, to become meaningful, must be derived from a comparison between alternative economic models, or frameworks, under which society may collectively choose to operate. The Notion of Involuntary Economic Decisions 1950 Econometrica Trygve Haavelmo 0.810
By exploring within a general equilibrium framework the economic implications of such choices and connecting them with specific policy measures, it is hoped that more conscious and more consistent choices may be made. Some Postwar Contributions of French Economists to Theory and Public Policy: With Special Emphasis on Problems of Resource Allocation 1964 The American Economic Review Jacques H. Drèze 0.808
It is remarkable that economic theory should so long have imagined itself to be speaking of choice when it has addressed itself to a world that is largely “certain” and therefore “determined.” Uncertainty, Choice, and the Marginal Efficiencies 1979 Journal of Post Keynesian Economics Douglas Vickers 0.807
Whether our interests lie in the normative or in the descriptive aspects of rational choice, the construction of models of this kind should prove instructive. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.806
While it is impossible to do justice to all such work in this brief section, an attempt is made to convey some of the ways in which this work overlaps economics with reference to three key areas, namely, decision-making, the search for information, and the role of reference groups. Consumer Economics, a Survey 1973 Journal of Economic Literature Robert Ferber 0.806

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1950-1959

Sentence Title Year Journal Authors Centroid Similarity
The behavior of the decision-maker, in making choices among alternative courses of action, is the crucial factor in the economic unit in determining what “has” happened in a positive sense as well as in determining what “should” happen in a normative sense. Integration of Law and Economics in Analyzing Agricultural Land Use Problems 1955 Journal of Farm Economics John F. Timmons 0.850
Economic theory can shed some light upon the pathway to decision. Economic Theory and Immigration Policy 1950 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Mabel F. Timlin 0.842
While the economist may be able to make certain presumptions about “utility” on the basis of observed facts about behavior, he must remain fundamentally ignorant concerning the actual ranking of alternatives until and unless that ranking is revealed by the overt action of the individual in choosing. Positive Economics, Welfare Economics, and Political Economy 1959 The Journal of Law & Economics James M. Buchanan 0.839
These decisions are certainly not to be made on purely economic grounds; and there is even some doubt whether they can be made rationally at all.32 But certainly “marginal” choices have to be made here and, while economics is obviously relevant, equilibrium analysis does an inadequate job of formulating the desirable social norms. Some Limitations of Competitive Equilibrium 1950 Southern Economic Journal Boris C. Swerling 0.834
Many of these decisions cannot be taken solely, or even mainly, on the basis of economic reasoning, as they are bound up with the larger strategy of economic planning, and hence with value judg? APPLICATION OF INVESTMENT CRITERIA IN THE CHOICE BETWEEN PROJECTS 1956 Indian Economic Review K. N. Raj 0.813
It is the contention of the present writer that the notion of involuntary economic decisions, to become meaningful, must be derived from a comparison between alternative economic models, or frameworks, under which society may collectively choose to operate. The Notion of Involuntary Economic Decisions 1950 Econometrica Trygve Haavelmo 0.810
Whether our interests lie in the normative or in the descriptive aspects of rational choice, the construction of models of this kind should prove instructive. A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 0.806
It is charged that we assume a decision maker to be “a consistent weigher of advantages and disadvantages-primarily economic in nature.” [Research on the Dynamics of the Farm Managerial Decision Process]: A Rejoinder 1956 Journal of Farm Economics Glenn L. Johnson, Joel Smith 0.800
“2 If the skeptical reader is inclined at this point to wonder why an economic generalization cannot describe collective choice and its results, Ellis explains that economics is concerned with”. Is Group Choice a Part of Economics? 1953 The Quarterly Journal of Economics Bushrod W. Allin 0.799
’The author, having so far kept his opinions submerged, is unable to avoid remarking that it would seem “better” to confine utility “theory” to attempts to explain or discern why a person chooses one thing rather than another-at equal pric Three Types of Choice Predictions Sure Prospects. The Meaning of Utility Measurement 1953 The American Economic Review Armen A. Alchian 0.794
If rationality in individual behavior is considered a desirable feature of a choice process,23 there would appear to be several reasons for claiming that market choice should be preferred. Individual Choice in Voting and the Market 1954 Journal of Political Economy James M. Buchanan 0.794

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
A “range of choice” hypothesis is advanced and explained in terms of economic logic. Geography and Agricultural Income: An Additional Hypothesis 1967 Journal of Farm Economics David W. Norman, Emery N. Castle 0.839
THE DELIBERATENESS OF ECONOMIC CHOICES’ ELDON D. SMITH University of Kentucky In the investigation of any new subject-matter area, doubts usually emerge regarding the adequacy of the theoretical framework employed. The Deliberateness of Economic Choices 1962 Southern Economic Journal Eldon D. Smith 0.837
Thus, economics suggests the proposition that actual choices depend not only on preferences but on opportunities, and that under some circumstances quite small changes in either preferences or opportu- nities may result in large changes in actual choices made. Economics as a Moral Science 1969 The American Economic Review Kenneth E. Boulding 0.824
By exploring within a general equilibrium framework the economic implications of such choices and connecting them with specific policy measures, it is hoped that more conscious and more consistent choices may be made. Some Postwar Contributions of French Economists to Theory and Public Policy: With Special Emphasis on Problems of Resource Allocation 1964 The American Economic Review Jacques H. Drèze 0.808
decision may not be wholly an economic one. Should Urban Land Be Publicly Owned? 1966 Land Economics Roy J. Burroughs 0.803
The fact that decisions are so frequently taken in this sort of way is generally regarded in the neo-classical tradition of economic theory, in which knowledge is assumed to be costless, as a reflection of the irrationality, or gullibility-cum-rapacity, of man in a capitalist economic system: it is on the contrary a manifestation of rationality in a situation in which the decisions that have to be taken are increasingly numerous, multiplying as incomes rise, while time is short and increasingly valuable. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.801
For both types of economic subjects the existence of restrictions on behavior and rules for the evaluation of the alternatives considered are assumed. Some Reflections on the Relation between Economic Theory and Empirical Reality 1967 The Swedish Journal of Economics Tõnu Puu 0.794
In spite of Ricardo’s urging that “it would be no answer to me to say that men were ignorant of the best and cheapest mode of conducting their business and paying their debts, because that is a question of fact, not of science, and might be urged against almost every proposition in Political Economy,” recent developments in economic theory and in psychological theory and experiment have attempted to deal specifically with decision making under conditions of uncertainty. Game Theory as an Approach to the Firm 1960 The American Economic Review Martin Shubik 0.792
two main conceptions of the choice process have been put forward by economic theorists. Investment Decision under Uncertainty: Applications of the State-Preference Approach 1966 The Quarterly Journal of Economics J. Hirshleifer 0.789
The choice of a social choice procedure is itself an intriguing and important question which has captured the attention of economists.7 Certain restrictions can be placed on the kinds of allowable social choice procedures. Income Redistribution and Social Choice: A Pragmatic Approach 1969 Public Choice A. Myrick Freeman III 0.786

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
Thus we may need to reconsider the nature of the decision making of the individual we choose to regard as the economic decision maker. Oligopoly Theory, Communication, and Information 1975 The American Economic Review Martin Shubik 0.831
The study of economic choice is very often the uncovering of interesting characteristics common to rational behavior. A Property of Optimal Consumption Policies for Decision-Making under Uncertainty 1978 Southern Economic Journal Thayer Watkins 0.813
It is remarkable that economic theory should so long have imagined itself to be speaking of choice when it has addressed itself to a world that is largely “certain” and therefore “determined.” Uncertainty, Choice, and the Marginal Efficiencies 1979 Journal of Post Keynesian Economics Douglas Vickers 0.807
While it is impossible to do justice to all such work in this brief section, an attempt is made to convey some of the ways in which this work overlaps economics with reference to three key areas, namely, decision-making, the search for information, and the role of reference groups. Consumer Economics, a Survey 1973 Journal of Economic Literature Robert Ferber 0.806
It proposes to open the theory to a more realistic view of decision processes, while retaining the equilibrium results of existing theory as a possible special case. Satisficing, Selection, and The Innovating Remnant 1971 The Quarterly Journal of Economics Sidney G. Winter 0.805
This paper explores some basic propositions implied by such decisions. The Entrepreneurship Decision and Black Economic Development 1976 The American Economic Review William D. Bradford , Alfred E. Osborne, Jr. 0.803
The choice of a specific option depends on how the practical and economic consequences flowing from that option are evaluated. Entry in Oligopoly Theory: A Survey 1979 Eastern Economic Journal Kofi O. Nti , Martin Shubik 0.799
The analysis contained in this paper shows what must be assumed for their procedure to be an appropriate basis for social choice. Constraints on Public Action and Rules for Social Decision 1970 The American Economic Review David F. Bradford 0.795
In this way, it becomes apparent that any method of choice among economic alternatives under uncertainty must be based on a pragmatic judgment which omits at least one criterion that seems desirable. On the Measurement of Fund Performance 1970 The Journal of Finance Harlan D. Mills 0.795
The division of economic decisions among the various levels is not always a matter of free choice - sometimes it is a matter of necessity. Economic Reforms in the Socialist Countries in the Sixties 1974 Eastern European Economics Jerzy Kleer 0.795
An explanatory theory is needed which invokes in some sense the choice processes of individual decision-makers. Some Comments on Urban Travel Demand Analysis, Model Calibration and the Economic Evaluation of Transport Plans 1976 Journal of Transport Economics and Policy A. F. Champernowne , H. C. W. L. Williams, J. D. Coelho 0.795

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Choice in Psychology and as Economic Assumption 1953 The Economic Journal A. L. Macfie 17 0.616
Individual Choice in Voting and the Market 1954 Journal of Political Economy James M. Buchanan 17 0.622
Ordinal Preference and Rational Choice 1973 Econometrica Hans G. Herzberger 16 0.640
Utilities, Attitudes, Choices: A Review Note 1958 Econometrica Kenneth J. Arrow 15 0.645
Are Formal Welfare Criteria Required? 1964 The Economic Journal S. K. Nath 15 0.612
Social Choice, Democracy, and Free Markets 1954 Journal of Political Economy James M. Buchanan 14 0.642
Satisficing, Selection, and The Innovating Remnant 1971 The Quarterly Journal of Economics Sidney G. Winter 14 0.638
A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 13 0.688
Criteria for Choice Among Risky Ventures 1959 Journal of Political Economy Henry Allen Latané 12 0.624
Utility, Strategy, and Social Decision Rules 1960 The Quarterly Journal of Economics William Vickrey 12 0.622

Top articles (most sentences) of the cluster for each time window

Top articles 1950-1959

Title Year Journal Authors Number sentences Similarity
Choice in Psychology and as Economic Assumption 1953 The Economic Journal A. L. Macfie 17 0.616
Individual Choice in Voting and the Market 1954 Journal of Political Economy James M. Buchanan 17 0.622
Utilities, Attitudes, Choices: A Review Note 1958 Econometrica Kenneth J. Arrow 15 0.645
Social Choice, Democracy, and Free Markets 1954 Journal of Political Economy James M. Buchanan 14 0.642
A Behavioral Model of Rational Choice 1955 The Quarterly Journal of Economics Herbert A. Simon 13 0.688
Criteria for Choice Among Risky Ventures 1959 Journal of Political Economy Henry Allen Latané 12 0.624
Alternative Approaches to the Theory of Choice in Risk-Taking Situations 1951 Econometrica Kenneth J. Arrow 11 0.606
A Difficulty in the Concept of Social Welfare 1950 Journal of Political Economy Kenneth J. Arrow 9 0.626
The Economic Way of Thinking 1950 The American Economic Review Howard S. Ellis 8 0.631
Scarcity, Marxism, and Gosplan 1953 Oxford Economic Papers P. J. D. Wiles 8 0.623
Theory of the Reluctant Duelist 1956 The American Economic Review Daniel Ellsberg 8 0.640
The Notion of Involuntary Economic Decisions 1950 Econometrica Trygve Haavelmo 6 0.626
Arrow’s General Possibility Theorem 1953 The Review of Economic Studies Murray C. Kemp 6 0.655
Information, Risk, Ignorance, and Indeterminacy 1954 The Quarterly Journal of Economics Martin Shubik 6 0.628
Utility and the Theory of Welfare 1951 Oxford Economic Papers W. E. Armstrong 5 0.615

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
Are Formal Welfare Criteria Required? 1964 The Economic Journal S. K. Nath 15 0.612
Utility, Strategy, and Social Decision Rules 1960 The Quarterly Journal of Economics William Vickrey 12 0.622
The Use of Economists in British Administration 1961 Oxford Economic Papers P. D. Henderson 10 0.620
Forecasts, Uncertainty and Decision-Making: A Review Article 1967 The Swedish Journal of Economics Carl Johan Åberg 10 0.614
Economic Reasoning and Military Science 1960 The American Economist T. C. Schelling 9 0.623
On Optimising the Rate of Saving 1961 The Economic Journal Amartya Kumar Sen 9 0.619
Politics, Policy, and the Pigovian Margins 1962 Economica James M. Buchanan 9 0.628
The Possibility of a Social Welfare Function 1966 The American Economic Review James S. Coleman 9 0.628
Themes in Dynamic Theory 1963 The Economic Journal R. F. Harrod 8 0.616
Notes on Welfare Economics and the Theory of Democracy 1962 The Economic Journal Harvey Leibenstein 6 0.602
The Investment Decision in Our System of Capital Formation 1964 Eastern European Economics Drago Gorupić 6 0.647
Policy, Poetry and Success 1966 The Economic Journal G. L. S. Shackle 6 0.610
The Theory of Optimal Investment Planning—An Operational Assessment 1967 Indian Economic Review S. Chakravarty 6 0.614
Systems Analysis and the Political Process 1968 The Journal of Law & Economics James R. Schlesinger 6 0.592
An Axiomatic Model of Logrolling 1969 The American Economic Review Robert Wilson 6 0.617

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Ordinal Preference and Rational Choice 1973 Econometrica Hans G. Herzberger 16 0.640
Satisficing, Selection, and The Innovating Remnant 1971 The Quarterly Journal of Economics Sidney G. Winter 14 0.638
From One-Dimensional to Multidimensional Economics : “Paradigm” Lost 1971 Zeitschrift für Nationalökonomie / Journal of Economics Hanns Abele 10 0.611
On Collective Rationality and a Generalized Impossibility Theorem 1974 The Review of Economic Studies Peter C. Fishburn 10 0.648
The Calculus of Rational Choice 1974 Public Choice William C. Stratmann 9 0.620
A Contractual Reformulation of Certain Aspects of Welfare Economics 1979 Economica Robert Sugden, Albert Weale 8 0.615
Environmental Control at the Crossroads 1971 Journal of Economic Issues Harold Wolozin 7 0.649
Freedom of Decision within the Framework of the Central Plan 1972 Eastern European Economics Stefan Bolland 7 0.637
Path Independence, Rationality, and Social Choice 1973 Econometrica Charles R. Plott 7 0.650
Normative Assumptions in the Study of Public Choice 1973 Public Choice Duncan MacRae Jr. 7 0.602
An Extension of Optimality Criteria: An Axiomatic Approach to Institutional Choice 1973 Journal of Political Economy Blaine Roberts 7 0.606
Rational Decision Making in Business Organizations 1979 The American Economic Review Herbert A. Simon 7 0.658
Synoptic versus Incremental Scholarly Advice in Economic Policy: Some Implications of So-Called “Rational” Tax Systems 1970 FinanzArchiv / Public Finance Analysis Gunther Engelhardt 6 0.618
Choice Functions and Revealed Preference 1971 The Review of Economic Studies Amartya K. Sen 6 0.684
ECONOMIC SYSTEMS THEORY AND GENERAL EQUILIBRIUM THEORY 1971 Acta Oeconomica J. Kornai 6 0.597

Closest clusters of the cluster per decade

Closest clusters within the 1950-1959 decade

Cluster Name Similarity
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1138708
10: valuations, economic_values, reconsideration, judgments, valuation 0.0052344
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0025727
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0035413
8: farm, agriculture, agricultural, land, farmers -0.0288287
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0650543
48: economic_considerations, recommendations, solutions, game_theory, dilemma -0.0742489
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0888890
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1113266
45: economic_development, economic_planning, free_enterprise, underdeveloped, planning -0.1317211
3: schumpeter, capitalism, feels, civilization, dynamic_economics -0.1387758
5: economic_history, historians, eighteenth_century, eighteenth, economic_historian -0.2307688
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2357204

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0577186
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0531570
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0575262
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0731826
8: farm, agriculture, agricultural, land, farmers -0.0762668
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.0973953
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1090751
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1105879
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1157241
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.1811254
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2248108

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0350369
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0019751
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0450665
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.0750925
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0923667
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1113827
72: model, models, modeling, rational_expectations, economic_models -0.1172456
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1175545
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1229992
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1322427
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.1438503
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1449551

Closest clusters with all decade, for 1950-1959

Time Window Cluster Name Similarity
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.8273813
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.7781845
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.7317456
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.6497519
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.5940568
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.3974464
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.2734097
1900-1919 1: commission, tariff, mill’s, court, commerce 0.2306380
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.2120124
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.2078074
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.2069643
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1857153
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1759091
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1440935
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1358383

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.7810116
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.7781845
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.5397677
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.4488305
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.4070171
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.3036115
1900-1919 1: commission, tariff, mill’s, court, commerce 0.3035954
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.2273425
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.2251619
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.1678902
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.1528842
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.1495205
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.1372937
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.1255123
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1128766

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.8273813
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.7810116
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.7617840
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.6266926
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.5739635
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.2256843
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.2024027
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1994934
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.1941696
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.1721879
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1716231
1900-1919 1: commission, tariff, mill’s, court, commerce 0.1404401
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.1352433
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.1308305
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1147746

Intertemporal cluster 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies

The cluster gathers 1267 sentences from our corpus. It represents 0.78% of all the sentences selected over the whole period.

The community exists from 1960 to 1969.

The most recurring authors are E. J. Mishan (16 sentences), Harry G. Johnson (14 sentences), Niles M. Hansen (12 sentences), A. S. Skinner (9 sentences), Kosta Mihailović (9 sentences), Syed Ahmad (9 sentences), Giuseppe Ugo Papi (8 sentences), V. K. R. V. Rao (8 sentences), Arthur Schweitzer (7 sentences), Barry E. Supple (7 sentences).

The most recurring journals are The American Economic Review (131 sentences), The Economic Journal (110 sentences), The Quarterly Journal of Economics (67 sentences), Eastern European Economics (66 sentences), Economic Development and Cultural Change (57 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
economic_development 0.0012923
economic_growth 0.0008537
underdeveloped 0.0008418
external_economies 0.0005375
diseconomies 0.0005179
model 0.0004160
soviet 0.0003995
economic_history 0.0003991
economic_progress 0.0003861
buchanan 0.0003651
capitalism 0.0003625
technical_progress 0.0003583
inputs 0.0003449
ricardo’s 0.0003305
national_economy 0.0003162
production_functions 0.0003147
goals 0.0003065
sectors 0.0003059
capitalistic 0.0002993
elite 0.0002892

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
We can make our thinking strictly rational in spite of this, but only by facing the valuations, not by evading Gunnar Myrdal faced up to this problem some twenty years ago in his An American Dilemma.16 His subsequent work in the field of economic development has enabled him to elaborate his original position on these issues. Progress in Dealing with Measurement and Quality Problems in Planning Land and Water Use 1962 Journal of Farm Economics Ayers Brinser 0.744
I do not mean to imply that Soviiet-style economies cannot also utilize rationality in decision making, or benefit from historical experience, nor that other economies cannot learn from their experiences- for example, the inevitability of coercion and regimentation which such systems involve-merely that the subject is sufficiently complicated as it is. Some Lessons of History for Developing Nations 1967 The American Economic Review Rondo Cameron 0.726
There is an abundant literature with the theme that lack of development is characterized by the absence of purposive, profit maximizing rationality. Notes on Invention and Innovation in Less Developed Countries 1966 The American Economic Review Richard S. Eckaus 0.722
“48 In general, Weber’s inquiry into the nature of the non-economic element in the development of rational capitalism provides important insights concerning the development of economic rationality within the framework of other economic systems. On the Sources of Economic Rationality 1964 Zeitschrift für Nationalökonomie / Journal of Economics Niles M. Hansen 0.717
Yet, while this is so, the development of economic arrangements and psychological and other attitudes can 1 This lecture was given to the Annual Meeting of the Royal Economic Society, July 9, 1964. Problems of Planning for Economic Growth in a Mixed Economy 1965 The Economic Journal Robert Shone 0.716
This is often accompanied by the argument, as in some theories of the “rise of capitalism,” that the appearance of such rationality will as a natural consequence lead to economic growth. Notes on Invention and Innovation in Less Developed Countries 1966 The American Economic Review Richard S. Eckaus 0.709
It is our contention that it would be sounder economics to teach that the rational region of production begins where APPxi is maximum and ends where MPPxi is zero. On Defining Uneconomic Regions of the Production Function 1969 American Journal of Agricultural Economics J. A. Seagraves , E. C. Pasour, Jr. 0.700
COMMUNICATIONS THE NON SEQUITUR OF THE “DEPENDENCE EFFECT” For well over a hundred years the critics of the free enterprise system have resorted to the argument that if production were only organized rationally, there would be no economic problem. The Non Sequitur of the “Dependence Effect” 1961 Southern Economic Journal F. A. Hayek 0.697
Conversely, the generality of a non-economic value basis for economic rationality in systems which have appeared and evolved in the present century tends to confirm the essential credibility of Weber’s propositions concerning the development of capitalism. On the Sources of Economic Rationality 1964 Zeitschrift für Nationalökonomie / Journal of Economics Niles M. Hansen 0.695
Perhaps it is possible to account for the direction of technical change in terms of rational optimising behaviour. A Survey of the Theory of Process-Innovations 1963 Economica M. Blaug 0.692
His doctoral dissertation, ” Rational Choice and Patterns of Growth in a Monetary Economy,” a summary of which appeared in the Papers and Proceedings 1967 issue of the American Economic Review, pages 534-44, has become one of the pillars upon which further theoretical development in this field stands. Miguel Sidrauski (1939-1968) 1969 Journal of Political Economy Hirofumi Uzawa 0.690
For that reason I restrict my remarks to cases in wthich rational choice with respect to the nature and extent of state participation in the economy is still possible. Some Lessons of History for Developing Nations 1967 The American Economic Review Rondo Cameron 0.690
To see how closely his conception of human nature resembles Frank Knight’s “rationalistic” view of man it is necessary to refer to Lange’s last work, Political Economy.22 In a chapter on “The Principle of Economic Rationality,” Lange discusses the difference between a traditional, precapitalist, “natural economy” and a developed market economy where commodities are exchanged for money. Market Socialism: A Humane Economy? 1969 Journal of Economic Issues Frank Roosevelt 0.689
It is in this area that economic sagacity can be made effective. Wage Differentials in Theory and Practice the Effect of Status on Wage Differentials 1962 The Journal of Finance Harry Lawrence Hall 0.683
and thus to extend the sphere of economic rationality to exceptional proportions. The Regional Aspect of Economic Development 1963 Eastern European Economics Kosta Mihailović 0.681
Imperfections in knowledge regarding managerial resources available, future prices, production responses, technology, institutions and human behavior receive proper consideration. An Effective Education Program in Farm Management 1964 Journal of Farm Economics Harold W. Walker 0.680
  1. nical changes easily within the reach of such peasants which would increase their output if only their psychological and cultural blockages could be removed.3 It is difficult in any case to distinguish the effects of irrationality from the absence of the customarily assumed profit maximizing motivations.
Notes on Invention and Innovation in Less Developed Countries 1966 The American Economic Review Richard S. Eckaus 0.680
The denial of economic inevitability as a legitimate basis for change is seen in this comment by another protective-minded committee member: “I am reluctant to disturb the status quo unless there are clear and compelling needs to do so and it can be shown that the change desirable.” Economic vs. Protective Values in Urban Land Use Change 1960 The American Journal of Economics and Sociology Sidney Willhelm, Gideon Sjoberg 0.678
The objection that by sticking to a short term growth criterion the economy does not become flexible, overlooks two factors : one is that imports are available to achieve flexibility ; and the second is that the long term decisions which may be irrational in the present year may become rational a few years hence, that is that they are not rejected forever, but only for the present. EXTERNAL ECONOMIES FROM A PLANNING STANDPOINT 1963 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics WOLFGANG F. STOLPER 0.676
One economic “common denominator” suggests itself. Educational Patterns in Southern Migration 1965 Southern Economic Journal Rashi Fein 0.676

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 6% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
We can make our thinking strictly rational in spite of this, but only by facing the valuations, not by evading Gunnar Myrdal faced up to this problem some twenty years ago in his An American Dilemma.16 His subsequent work in the field of economic development has enabled him to elaborate his original position on these issues. Progress in Dealing with Measurement and Quality Problems in Planning Land and Water Use 1962 Journal of Farm Economics Ayers Brinser 0.772
We shall shortly examine some aspects of this case in some details and also note that its validity extends beyond the rationale provided by irreversible external economies, contrary to what is sometimes thought. External Economies, Economic Development, and the Theory of Protection 1964 Oxford Economic Papers Pranab Bardhan 0.768
There is an abundant literature with the theme that lack of development is characterized by the absence of purposive, profit maximizing rationality. Notes on Invention and Innovation in Less Developed Countries 1966 The American Economic Review Richard S. Eckaus 0.754

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Yet, while this is so, the development of economic arrangements and psychological and other attitudes can 1 This lecture was given to the Annual Meeting of the Royal Economic Society, July 9, 1964. Problems of Planning for Economic Growth in a Mixed Economy 1965 The Economic Journal Robert Shone 0.803
But if in a developing society which is growing ever richer and where a growing division of labour makes the interrelations between producers manysided and so intricate that they become difficult to survey we take stand in principle for a natural economy and deny commodity relations, the existence and justification of commodity production, the role and function of prices and money - then we have renounced the possibility of economic calculation and of careful comparisons, and together with it abandoned the claim to achieve the greatest possible results with a minimum of input and to assert the requirements of thrift and efficiency in the national economy as a whole and in all of its fields. ON THE PLANNED CENTRAL CONTROL AND MANAGEMENT OF THE ECONOMY 1967 Acta Oeconomica Gy. Péter 0.799
Certain features of the present economy can be explained by this theory. A Theory of “Technical Unemployment”: One Aspect of Structural Unemployment 1967 The American Journal of Economics and Sociology Gordon Brunhild , Robert H. Burton 0.789
To consider one or the other method of economic development and not determine with some precision the time limit for achieving a satisfactory level of development, means to provide in advance for the emergence of a host of highly contrasting viewpoints, each defensible by very convincing arguments. Possibilities for the Development of Underdeveloped Areas 1963 Eastern European Economics Kiril Miljovski 0.784
A question which is raised immediately in this context, and one which bears directly on the theoretical superstructure of economics, involves the idea of whether there is a conflict between market determined comparative advantage and the acceleration of economic development ? Abstracts of Doctoral Dissertations on International Economics 1965 The American Economist NULL 0.782
Since the degree of economic development which has occurred and which may occur in a given area is a function of the accumulated technology, including that embodied in capital goods as well as that embodied in books, and of the permissiveness of the institutions, the policies and methods appropriate to one area may not be applicable to another. Institutions and Technology in Economic Progress: Schumpeter’s Theory of Economic Development as a Special Case of the Institutionalist Theory 1960 The American Journal of Economics and Sociology H. H. Liebhafsky 0.779
Once it is recognized and fully appreciated that economic development is a highly complex process involving variables which have non-economic as well as economic dimensions, the quest for a general theory of economic development and general policy principles, though undoubtedly fascinating, subsides in practical importance. Some Policy Problems in Economic Development 1961 Economic Development and Cultural Change John H. Adler 0.778
In view of all this, and particularly of the fact that the entire mechanism is under the general control of society which, by exercising adequate influence on economic movements, can obviate many shortcomings of a completely spontaneous and uncontrolled functioning of this mechanism - under such conditions, even despite the commodity form of production, better results may be achieved than under the conditions of private production. Fundamental Characteristics of the Yugoslav Economic System 1963 Eastern European Economics Vojislav Rakić 0.778
Although economic matters occupy, as indeed they should, a great deal of the author’s attention, and take up five entire chapters as well as fairly substantial sections of the remaining nine, the scope of the book is far wider than this. The Aristocracy in Transition 1969 The Economic History Review Robert Ashton 0.774
Effective economic progress is impeded by distortions in our value relations and, in particular, by our prices, on the one hand, and by distortions in the structure of the economy, on the other. The Economic Reform Viewed as a Problem 1969 Eastern European Economics Jaroslav Sokol, Lydia Castle 0.772
We can make our thinking strictly rational in spite of this, but only by facing the valuations, not by evading Gunnar Myrdal faced up to this problem some twenty years ago in his An American Dilemma.16 His subsequent work in the field of economic development has enabled him to elaborate his original position on these issues. Progress in Dealing with Measurement and Quality Problems in Planning Land and Water Use 1962 Journal of Farm Economics Ayers Brinser 0.772
The economic life is not solely determined by the physical nature of the capital good but is also strongly influenced by economic considerations. Technical Progress and Investment 1969 International Economic Review Susumu Koizumi 0.771
Far too simple do the theories appear to be which locate the prime cause of the economic development of a country, or of the entire international community, in the abundant availability of productive factors: in particular, in the accumulation of savings, to be transformed into productive factors. A Theory of Economic Development 1960 Weltwirtschaftliches Archiv Giuseppe Ugo Papi 0.771
If a consciously formed process of social production is not based on a skillful use of objective economic laws, it does not produce the desired effect; it gives rise to spontaneous phenomena and necessarily leads to large or small discontinuities and to an expansion of old disproportions or the creation of new ones in the national economy. Characteristics of the Collective-Farm Economy and Problems of Its Development 1966 Eastern European Economics V. G. Venzher 0.771
The choice here, as in much of economic analysis, is to judge in terms of the prevailing set of values of modern economic society; and in these terms the historical emergence of these very values in the process of economic growth is an explanatoryvariable. Quantitative Aspects of the Economic Growth of Nations: VII. The Share and Structures of Consumption 1962 Economic Development and Cultural Change Simon Kuznets 0.770

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Regional Aspect of Economic Development 1963 Eastern European Economics Kosta Mihailović 9 0.624
On the Sources of Economic Rationality 1964 Zeitschrift für Nationalökonomie / Journal of Economics Niles M. Hansen 9 0.632
A Survey of Welfare Economics, 1939-59 1960 The Economic Journal E. J. Mishan 8 0.617
A Theory of Economic Development 1960 Weltwirtschaftliches Archiv Giuseppe Ugo Papi 8 0.596
SOME REFLECTIONS ON THE ECONOMIC UTOPIA 1961 Indian Economic Review V. K. R. V. Rao 8 0.593
Institutions and Technology in Economic Progress: Schumpeter’s Theory of Economic Development as a Special Case of the Institutionalist Theory 1960 The American Journal of Economics and Sociology H. H. Liebhafsky 7 0.594
The Theory of Investment Cycles in a Socialist Economy 1968 Eastern European Economics Nikola Čobeljić , Radmila Stojanović 7 0.595
On the Scientific Foundations of Marginalism 1962 The American Journal of Economics and Sociology Adamantia Pollis , Bertram L. Koslin 6 0.605
On the Optimum Rate of Savings 1963 Weltwirtschaftliches Archiv Arnold Heertje 6 0.620
Sir James Steuart: International Relations 1963 The Economic History Review A. S. Skinner 6 0.602

Closest clusters of the cluster per decade

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0107383
60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0051053
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.0275269
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0291238
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0640441
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1249746
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1282725
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1530888
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1811254
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1921794
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.2081454

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.4897483
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.4794631
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.3793575
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.2783920
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.2221024
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1867965
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1857780
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1849407
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1771795
1900-1919 13: laborers, employer, employers, wages, pain 0.1726591
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1637241
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1569732
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1558192
1940-1949 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1467735
1920-1939 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1440485

Intertemporal cluster 60: policy_implications, london_school, revision_received, milton_friedman, friedman

The cluster gathers 1820 sentences from our corpus. It represents 1.12% of all the sentences selected over the whole period.

The community exists from 1960 to 1979.

The most recurring authors are Harry G. Johnson (16 sentences), Don Patinkin (9 sentences), R. H. Coase (9 sentences), Richard R. Nelson (9 sentences), Warren J. Samuels (9 sentences), George J. Stigler (8 sentences), Harold Demsetz (8 sentences), William J. Baumol (8 sentences), E. J. Mishan (7 sentences), Franco Modigliani (7 sentences).

The most recurring journals are The American Economic Review (215 sentences), Journal of Political Economy (112 sentences), The Economic Journal (102 sentences), The Journal of Finance (78 sentences), The Quarterly Journal of Economics (78 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
policy_implications 0.0013038
london_school 0.0012239
revision_received 0.0011678
milton_friedman 0.0011332
friedman 0.0009906
assistant 0.0009853
assistant_professor 0.0009443
earlier_version 0.0009443
milton 0.0009426
associate_professor 0.0008196
meetings 0.0007784
economics_university 0.0007741
earlier_draft 0.0007624
indebted 0.0007446
manuscript_received 0.0007382
draft 0.0007360
western_economic 0.0007148
comments 0.0007004
brookings 0.0006855
drafts 0.0006797

Top TF-IDF terms describing the community for each time window

Top terms 1960-1969

Token TF-IDF
policy_implications 0.0016705
oeconomica 0.0014086
milton_friedman 0.0011667
milton 0.0011498
acta_oeconomica 0.0011267
draft 0.0010219
indebted 0.0010082
economic_meaning 0.0010040
brookings 0.0009877
acta 0.0009669
earlier_draft 0.0009399
friedman 0.0008992
model 0.0008927
economic_significance 0.0008924
ford 0.0008804

Top terms 1970-1979

Token TF-IDF
revision_received 0.0028156
london_school 0.0025258
earlier_version 0.0025238
policy_implications 0.0023164
assistant_professor 0.0022316
assistant 0.0021955
milton_friedman 0.0021814
western_economic 0.0020827
meetings 0.0020743
economics_university 0.0019462
milton 0.0017914
economic_association 0.0017637
manuscript_received 0.0016766
economics_association 0.0015667
associate_professor 0.0015269

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
One must also, if one is rational, take into account the effect that one’s own policy * Manuscript received March 26, 1974; revised August 20, 1974. l This paper is based on a chapter of my Ph. Noncooperative and Dominant Player Solutions in Discrete Dynamic Games 1975 International Economic Review Finn Kydland 0.789
We find it hard to believe that there is even any point in trying to fill such an economic box.3 What is to be said about the introduction of a construct which is unnecessary in explaining the phenomenon with which it deals; which has bizarre and implausible implications; which creates havoc in the analysis of widely accepted policy remedies; and, finally, which is associated with no support other than that which comes from the fact that it has been algebraically specified? External Diseconomies in Competitive Supply: Comment 1973 The American Economic Review Alan Nichols 0.716
Economic theory tells us that there are two possibilities. The Effect of Statutory Minimum Wage Increases on Teen-Age Employment 1969 The Journal of Law & Economics Yale Brozen 0.714
The economic meaning of this proposition is interesting. A SIMPLE GENERALIZATION OF THE PHILLIPS-TYPE MODEL OF ECONOMIC STABILIZATION 1966 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics J. K. SENGUPTA 0.713
An economic aspect of this argument should be noted. Quantitative Aspects of the Economic Growth of Nations: IX. Level and Structure of Foreign Trade: Comparisons for Recent Years 1964 Economic Development and Cultural Change Simon Kuznets 0.712
Since this type of reasoning takes us beyond the discipline of economics, it should be postponed to the next section of this paper. Market Socialism: A Humane Economy? 1969 Journal of Economic Issues Frank Roosevelt 0.708
I am merely an economist and am further handicapped as a reviewer of this book by an incurable scepticism about the meaningfulness of either dogmatic or “rationalistic” exposition of moral principles. “Possessive Individualism” as Original Sin 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Jacob Viner 0.708
It becomes an objective at which rational policy should be aiming. Growth and Anti-Growth 1966 Oxford Economic Papers J. R. Hicks 0.707
Neither do I regard it as appropriate here to discuss the economic meaning of the assumptions more than perfunctorily: but the reader will be as well aware as I, that it is more important to understand assumptions than to follow the proof of their implications. Some Implications of Golden Age Conditions when Saving Equal Profits 1962 The Review of Economic Studies D. G. Champernowne 0.704
I shall develop my answer in three stages: first, a brief general statement; second, a discussion of some of the new concepts and approaches that economic theorists have found useful in their own work, and which have a more general application; and third, examination of some examples drawn from recent experience and public debate in this country. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.700
The assumptions are restrictive but are not, it may be contended, out of keeping with the traditions of economic theory or unreasonable considering the orientation of the discussion.5 Similar results can be obtained under much less restrictive assumptions, but not without encumbering the exposition. The Production Function in Allocation and Growth: A Synthesis 1962 The American Economic Review Marvin Frankel 0.700
In addition to remarks made throughout this article, a few other cases of doubtful economic reasoning may be noted. Canadian-American Relations: The Russian View 1960 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique S. G. Triantis 0.697
A wide variety of opinions is expressed on this problem in economic circles. The Relationships between Intensive Economic Development and Agriculture 1970 Eastern European Economics Ernö Csizmadia , Czaba L. Köhalmi, Ernö Czizmadia 0.696
We would like to stress, therefore, that we are presenting a well-defined game in the descriptive sense, formulated independently of any assumptions of equilibrium or of what might or might not be “rational” behavior. Trade Using One Commodity as a Means of Payment 1977 Journal of Political Economy Lloyd Shapley, Martin Shubik 0.694
In brief, most of us have been preoccupied either with problems of immediate public concern, or with the elucidation of received principles which do not illuminate economic phenomena of major significance. Technological Change and Economic Theory 1965 The American Economic Review Jacob Schmookler 0.693
It is to be expected on the basis of economic theory. Forecasting Errors and Business Cycles 1967 The American Economic Review John A. Carlson 0.692
This principle has been questioned particularly from the point of view of economic efficiency2. Intergovernmental Financial Relations: The Case of the German Federal Republic 1966 Weltwirtschaftliches Archiv Emilio Gerelli 0.690
The present article, however, attempts to treat the essence of Friedman and Becker’s reasoning in a more general way. A Short Note on the Transmission of Shocks in Simultaneous Models 1960 Econometrica P. Nørregaard Rasmussen 0.688
This paper identifies economic criteria which provide a basis for 1 These issues have been discussed recently in a number of articles. Uncertainty, Currency Areas and the Exchange Rate System 1972 Economica Robert Z. Aliber 0.685
Beyond that, what, may we ask, do the conclusions of this paper suggest with respect to an ideal policy. The Economics of the Right-to-Work Controversy 1966 Southern Economic Journal Lowell E. Gallaway 0.684
6 The behavioral inferences drawn in this paper are somewhat different from those usually made in economic analysis. The Regulatory Cobweb: Inflation, Deflation, Regulatory Lags and the Effects of Alternative Administrative Rules in Public Utilities 1976 Southern Economic Journal Robert M. Spann 0.684
This article presents an essentially economic explanation. The Cost of Poor Relief in South-East England, 1790-1834 1975 The Economic History Review D. A. Baugh 0.684

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
Economic theory tells us that there are two possibilities. The Effect of Statutory Minimum Wage Increases on Teen-Age Employment 1969 The Journal of Law & Economics Yale Brozen 0.714
The economic meaning of this proposition is interesting. A SIMPLE GENERALIZATION OF THE PHILLIPS-TYPE MODEL OF ECONOMIC STABILIZATION 1966 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics J. K. SENGUPTA 0.713
An economic aspect of this argument should be noted. Quantitative Aspects of the Economic Growth of Nations: IX. Level and Structure of Foreign Trade: Comparisons for Recent Years 1964 Economic Development and Cultural Change Simon Kuznets 0.712
Since this type of reasoning takes us beyond the discipline of economics, it should be postponed to the next section of this paper. Market Socialism: A Humane Economy? 1969 Journal of Economic Issues Frank Roosevelt 0.708
I am merely an economist and am further handicapped as a reviewer of this book by an incurable scepticism about the meaningfulness of either dogmatic or “rationalistic” exposition of moral principles. “Possessive Individualism” as Original Sin 1963 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Jacob Viner 0.708
It becomes an objective at which rational policy should be aiming. Growth and Anti-Growth 1966 Oxford Economic Papers J. R. Hicks 0.707
Neither do I regard it as appropriate here to discuss the economic meaning of the assumptions more than perfunctorily: but the reader will be as well aware as I, that it is more important to understand assumptions than to follow the proof of their implications. Some Implications of Golden Age Conditions when Saving Equal Profits 1962 The Review of Economic Studies D. G. Champernowne 0.704
I shall develop my answer in three stages: first, a brief general statement; second, a discussion of some of the new concepts and approaches that economic theorists have found useful in their own work, and which have a more general application; and third, examination of some examples drawn from recent experience and public debate in this country. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.700
The assumptions are restrictive but are not, it may be contended, out of keeping with the traditions of economic theory or unreasonable considering the orientation of the discussion.5 Similar results can be obtained under much less restrictive assumptions, but not without encumbering the exposition. The Production Function in Allocation and Growth: A Synthesis 1962 The American Economic Review Marvin Frankel 0.700
In addition to remarks made throughout this article, a few other cases of doubtful economic reasoning may be noted. Canadian-American Relations: The Russian View 1960 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique S. G. Triantis 0.697
In brief, most of us have been preoccupied either with problems of immediate public concern, or with the elucidation of received principles which do not illuminate economic phenomena of major significance. Technological Change and Economic Theory 1965 The American Economic Review Jacob Schmookler 0.693
It is to be expected on the basis of economic theory. Forecasting Errors and Business Cycles 1967 The American Economic Review John A. Carlson 0.692

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
One must also, if one is rational, take into account the effect that one’s own policy * Manuscript received March 26, 1974; revised August 20, 1974. l This paper is based on a chapter of my Ph. Noncooperative and Dominant Player Solutions in Discrete Dynamic Games 1975 International Economic Review Finn Kydland 0.789
We find it hard to believe that there is even any point in trying to fill such an economic box.3 What is to be said about the introduction of a construct which is unnecessary in explaining the phenomenon with which it deals; which has bizarre and implausible implications; which creates havoc in the analysis of widely accepted policy remedies; and, finally, which is associated with no support other than that which comes from the fact that it has been algebraically specified? External Diseconomies in Competitive Supply: Comment 1973 The American Economic Review Alan Nichols 0.716
A wide variety of opinions is expressed on this problem in economic circles. The Relationships between Intensive Economic Development and Agriculture 1970 Eastern European Economics Ernö Csizmadia , Czaba L. Köhalmi, Ernö Czizmadia 0.696
We would like to stress, therefore, that we are presenting a well-defined game in the descriptive sense, formulated independently of any assumptions of equilibrium or of what might or might not be “rational” behavior. Trade Using One Commodity as a Means of Payment 1977 Journal of Political Economy Lloyd Shapley, Martin Shubik 0.694
This paper identifies economic criteria which provide a basis for 1 These issues have been discussed recently in a number of articles. Uncertainty, Currency Areas and the Exchange Rate System 1972 Economica Robert Z. Aliber 0.685
6 The behavioral inferences drawn in this paper are somewhat different from those usually made in economic analysis. The Regulatory Cobweb: Inflation, Deflation, Regulatory Lags and the Effects of Alternative Administrative Rules in Public Utilities 1976 Southern Economic Journal Robert M. Spann 0.684
This article presents an essentially economic explanation. The Cost of Poor Relief in South-East England, 1790-1834 1975 The Economic History Review D. A. Baugh 0.684
I note, quoting David Levhari and Don Patinkin, “that it would be more consistent with general considerations of economic theorv if . Keynes-Wicksell and Neoclassical Models of Money and Growth 1972 The American Economic Review Stanley Fischer 0.678
At least we want an economic interpretation of this condition, which is the first open question of this paper. An Equivalence Theorem for the Core of an Economy Whose Atoms Are Not “Too” Big 1971 Econometrica Jean Jaskold Gabszewicz, Jean-François Mertens 0.678
Another economist will make light of such frictional resistances and will push his analysis rapidly through to the new equilibrium condition in which everything is all right again.20 However much it may be difficult to demonstrate the motivations of Prof. Friedman in order to show that his method, which leads him to insert new goals and change old ones, when combined with his clear statements of political belief, results in goal structures quite “conservative” in content, we can always consult another observation of Lutz, who noted both the difficulty of establishing proofs for normative motive, and the associated natural ease with which suspicions on the question come to our mind. The Central Characteristics of Professor Friedman’s Analysis and the Issue of Normativism 1975 Eastern Economic Journal Thomas J. Velk 0.677
Be that as it may, it is the contention of this author that these conclusions are based on an erroneous application of economic theory. Paul Douglas and the Cobb-Douglas Production Function 1974 Eastern Economic Journal T. S. Saini 0.675
A second purpose of this paper, then, is to question the validity of this presumption. Exchange Rate Policy in Relation to Internal and External Balance 1977 The Scandinavian Journal of Economics Sixten Korkman 0.673

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
In the meantime, a major purpose of this paper has been to generate more interest and research output by scholars, and perhaps, more understanding among economists of the highly complex and often elusive issues involved. Bank Merger Policy and Problems: A Linkage Theory of Oligopoly 1970 Journal of Money, Credit and Banking Elinor Harris Solomon 0.851
A discussion of these results, the inferences which can be drawn from them, and their policy implications appears in the final section of the paper. The Determinants of R & D Expenditures 1976 The Canadian Journal of Economics / Revue canadienne d’Economique J.D. Howe , D.G. McFetridge 0.851
We find it hard to believe that there is even any point in trying to fill such an economic box.3 What is to be said about the introduction of a construct which is unnecessary in explaining the phenomenon with which it deals; which has bizarre and implausible implications; which creates havoc in the analysis of widely accepted policy remedies; and, finally, which is associated with no support other than that which comes from the fact that it has been algebraically specified? External Diseconomies in Competitive Supply: Comment 1973 The American Economic Review Alan Nichols 0.844
This discussant is especially delighted with the author’s revealed preference regarding the proper relationship between economic theory and observation: the economic model is presented explicitly and is presented first. Growth and Trade: Some Hypotheses About Long-Term Trends: Discussion 1964 The Journal of Economic History Jeffrey G. Williamson 0.842
IV The analysis of this paper has three primary implications for policy and future research. The Interest Rate, Taxation, and the Personal Savings Incentive 1968 The Quarterly Journal of Economics M. S. Feldstein, S. C. Tsiang 0.838
This paper will examine the reasons for, and implications of, these conclusions. On Risk-Adjusted Capitalization Rates and Valuation by Individuals 1970 The Journal of Finance Michael Adler 0.837
Many writers of books in this area attempt to relate their subjects to economic analysis, but they seldom adequately appraise the relevance of the current stage of development of economic theory. Notes on New Books 1976 The Economic Journal NULL 0.835
These alternative hypotheses are presented and put in proper economic perspective. Industrial Growth and Stagnation in the Low Countries, 1800-1850 1976 The Journal of Economic History Joel Mokyr 0.834
In all cases authors should we would further suggeststateboth their assumptions and their conclusions in ordinary economic language, and should also aim, whenever possible, at presenting the main stages of their argu ments in such terms. On the Use of Deductive Systems in Economics, with Special Reference to Mathematics 1962 The American Economist Stuart I. Greenbaum 0.832
I shall develop my answer in three stages: first, a brief general statement; second, a discussion of some of the new concepts and approaches that economic theorists have found useful in their own work, and which have a more general application; and third, examination of some examples drawn from recent experience and public debate in this country. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.830
The purpose of the foregoing comments was to provide an economic motivation for the subject matter of this paper. The Correspondence of Efficiency Frontier as a Generalization of the Cost Function 1973 International Economic Review Yair Mundlak, Zvi Volcani 0.830
23 Still other parts of the theoretical framework are developed more fully in the course of the empirical analysis of some of the issues raised in the other chapters of the book from which this article is abstract 8. A Theoretical Framework for Monetary Analysis 1970 Journal of Political Economy Milton Friedman 0.828
The chief merit of the book lies in the wealth of empirical data that is surveyed; and in the very lucid and explicit manner in which the author’s arguments are set out. Notes on New Books 1976 The Economic Journal NULL 0.828
Although a number of economists, D. Patinkin, F. J. de Jong and H. Vandenborre among others, have recently devoted a good deal of attention to this important, but previously much neglected concept, their results have not been altogether satisfactory.2 Rather than take the space necessary to justify this conclusion we shall immediately turn to the subject of our investigation. Keynes’ Aggregate Supply Function: A Suggested Interpretation 1960 The Economic Journal Paul Wells 0.826
It is for this reason that the author would like to expose what seem to be some of the dangers of some of the present arguments, and to suggest ways for economists to move in order to reach greater agreement on these methodological issues. Methodology in Economics: Some Implications of Pessimism and Some Suggested Alternatives 1967 The American Economist Jeffrey B. Nugent 0.826
This paper identifies economic criteria which provide a basis for 1 These issues have been discussed recently in a number of articles. Uncertainty, Currency Areas and the Exchange Rate System 1972 Economica Robert Z. Aliber 0.826
The implications of the arguments contained in this paper are outlined in Section 8. Bentham or Bergson? Finite Sensibility, Utility Functions and Social Welfare Functions 1975 The Review of Economic Studies Yew-Kwang Ng 0.826
The last section of the paper contains a summary of our theoretical and empirical results as well as a brief statement of the policy implications of these analytical conclusions. Alternative Theories and Tests of U.S. Short-Term Foreign Investment 1973 The Journal of Finance Norman C. Miller , Marina v. N. Whitman 0.826
To use one general framework for all of them leads to a loss of structure which has been a source of much trouble in this field.56 London School of Economics Manuscript received October, 1975; revision received December, 1975. Social Choice Theory: A Re-Examination 1977 Econometrica Amartya Sen 0.826

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1960-1969

Sentence Title Year Journal Authors Centroid Similarity
This discussant is especially delighted with the author’s revealed preference regarding the proper relationship between economic theory and observation: the economic model is presented explicitly and is presented first. Growth and Trade: Some Hypotheses About Long-Term Trends: Discussion 1964 The Journal of Economic History Jeffrey G. Williamson 0.842
IV The analysis of this paper has three primary implications for policy and future research. The Interest Rate, Taxation, and the Personal Savings Incentive 1968 The Quarterly Journal of Economics M. S. Feldstein, S. C. Tsiang 0.838
In all cases authors should we would further suggeststateboth their assumptions and their conclusions in ordinary economic language, and should also aim, whenever possible, at presenting the main stages of their argu ments in such terms. On the Use of Deductive Systems in Economics, with Special Reference to Mathematics 1962 The American Economist Stuart I. Greenbaum 0.832
I shall develop my answer in three stages: first, a brief general statement; second, a discussion of some of the new concepts and approaches that economic theorists have found useful in their own work, and which have a more general application; and third, examination of some examples drawn from recent experience and public debate in this country. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.830
Although a number of economists, D. Patinkin, F. J. de Jong and H. Vandenborre among others, have recently devoted a good deal of attention to this important, but previously much neglected concept, their results have not been altogether satisfactory.2 Rather than take the space necessary to justify this conclusion we shall immediately turn to the subject of our investigation. Keynes’ Aggregate Supply Function: A Suggested Interpretation 1960 The Economic Journal Paul Wells 0.826
It is for this reason that the author would like to expose what seem to be some of the dangers of some of the present arguments, and to suggest ways for economists to move in order to reach greater agreement on these methodological issues. Methodology in Economics: Some Implications of Pessimism and Some Suggested Alternatives 1967 The American Economist Jeffrey B. Nugent 0.826
The assumptions are restrictive but are not, it may be contended, out of keeping with the traditions of economic theory or unreasonable considering the orientation of the discussion.5 Similar results can be obtained under much less restrictive assumptions, but not without encumbering the exposition. The Production Function in Allocation and Growth: A Synthesis 1962 The American Economic Review Marvin Frankel 0.820
We would also like to add that the author shows skill in a wide range of economic problems, which enables him to undertake a methodologically correct analysis and to make substantial generalizations and conclusions based on his quantitative measurements. A Useful Initiative to Follow 1969 Eastern European Economics D. Kinov 0.820
The research of several economists- among them Ronald Coase, James Buchanan, and C. E. Lindblom- bears on the development of such a theory.9 Because of the importance of the subject, a great deal more work on it is warranted. What can Managerial Economics Contribute to Economic Theory? 1961 The American Economic Review Charles J. Hitch, Roland N. McKean 0.819
The aim of this paper is to formulate the hypothesis more precisely and draw from it a number of economic implications. The Economic Implications of Learning by Doing 1962 The Review of Economic Studies Kenneth J. Arrow 0.819

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
In the meantime, a major purpose of this paper has been to generate more interest and research output by scholars, and perhaps, more understanding among economists of the highly complex and often elusive issues involved. Bank Merger Policy and Problems: A Linkage Theory of Oligopoly 1970 Journal of Money, Credit and Banking Elinor Harris Solomon 0.851
A discussion of these results, the inferences which can be drawn from them, and their policy implications appears in the final section of the paper. The Determinants of R & D Expenditures 1976 The Canadian Journal of Economics / Revue canadienne d’Economique J.D. Howe , D.G. McFetridge 0.851
We find it hard to believe that there is even any point in trying to fill such an economic box.3 What is to be said about the introduction of a construct which is unnecessary in explaining the phenomenon with which it deals; which has bizarre and implausible implications; which creates havoc in the analysis of widely accepted policy remedies; and, finally, which is associated with no support other than that which comes from the fact that it has been algebraically specified? External Diseconomies in Competitive Supply: Comment 1973 The American Economic Review Alan Nichols 0.844
This paper will examine the reasons for, and implications of, these conclusions. On Risk-Adjusted Capitalization Rates and Valuation by Individuals 1970 The Journal of Finance Michael Adler 0.837
Many writers of books in this area attempt to relate their subjects to economic analysis, but they seldom adequately appraise the relevance of the current stage of development of economic theory. Notes on New Books 1976 The Economic Journal NULL 0.835
These alternative hypotheses are presented and put in proper economic perspective. Industrial Growth and Stagnation in the Low Countries, 1800-1850 1976 The Journal of Economic History Joel Mokyr 0.834
The purpose of the foregoing comments was to provide an economic motivation for the subject matter of this paper. The Correspondence of Efficiency Frontier as a Generalization of the Cost Function 1973 International Economic Review Yair Mundlak, Zvi Volcani 0.830
23 Still other parts of the theoretical framework are developed more fully in the course of the empirical analysis of some of the issues raised in the other chapters of the book from which this article is abstract 8. A Theoretical Framework for Monetary Analysis 1970 Journal of Political Economy Milton Friedman 0.828
The chief merit of the book lies in the wealth of empirical data that is surveyed; and in the very lucid and explicit manner in which the author’s arguments are set out. Notes on New Books 1976 The Economic Journal NULL 0.828
This paper identifies economic criteria which provide a basis for 1 These issues have been discussed recently in a number of articles. Uncertainty, Currency Areas and the Exchange Rate System 1972 Economica Robert Z. Aliber 0.826
The implications of the arguments contained in this paper are outlined in Section 8. Bentham or Bergson? Finite Sensibility, Utility Functions and Social Welfare Functions 1975 The Review of Economic Studies Yew-Kwang Ng 0.826
The last section of the paper contains a summary of our theoretical and empirical results as well as a brief statement of the policy implications of these analytical conclusions. Alternative Theories and Tests of U.S. Short-Term Foreign Investment 1973 The Journal of Finance Norman C. Miller , Marina v. N. Whitman 0.826
To use one general framework for all of them leads to a loss of structure which has been a source of much trouble in this field.56 London School of Economics Manuscript received October, 1975; revision received December, 1975. Social Choice Theory: A Re-Examination 1977 Econometrica Amartya Sen 0.826

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Problem of Social Cost 1960 The Journal of Law & Economics R. H. Coase 6 0.607
The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 6 0.595
Economic Reasoning and Military Science 1960 The American Economist T. C. Schelling 5 0.599
Friedman and Machlup on the Significance of Testing Economic Assumptions 1965 Journal of Political Economy Jack Melitz 5 0.592
Notes on New Books 1976 The Economic Journal NULL 5 0.612
On Optimising the Rate of Saving 1961 The Economic Journal Amartya Kumar Sen 4 0.595
A Survey of the Theory of International Trade: Part 2, The Neo-Classical Theory 1965 Econometrica John S. Chipman 4 0.596
A Theory of Balance-of-Payments Adjustments following upon Output Expansions in the Foreign-Trade and Domestic-Trade Industries 1966 Southern Economic Journal Hang-Sheng Cheng 4 0.612
Toward a Theory of Property Rights 1967 The American Economic Review Harold Demsetz 4 0.590
The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 4 0.654

Top articles (most sentences) of the cluster for each time window

Top articles 1960-1969

Title Year Journal Authors Number sentences Similarity
The Problem of Social Cost 1960 The Journal of Law & Economics R. H. Coase 6 0.607
Economic Reasoning and Military Science 1960 The American Economist T. C. Schelling 5 0.599
Friedman and Machlup on the Significance of Testing Economic Assumptions 1965 Journal of Political Economy Jack Melitz 5 0.592
On Optimising the Rate of Saving 1961 The Economic Journal Amartya Kumar Sen 4 0.595
A Survey of the Theory of International Trade: Part 2, The Neo-Classical Theory 1965 Econometrica John S. Chipman 4 0.596
A Theory of Balance-of-Payments Adjustments following upon Output Expansions in the Foreign-Trade and Domestic-Trade Industries 1966 Southern Economic Journal Hang-Sheng Cheng 4 0.612
Toward a Theory of Property Rights 1967 The American Economic Review Harold Demsetz 4 0.590
The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 4 0.654
The Influence of Events and Policies on Economic Theory 1960 The American Economic Review George J. Stigler 3 0.604
Recent Theories Concerning the Nature and Role of Interest 1961 The Economic Journal G. L. Shackle 3 0.623
Economics in the Schools 1963 The American Economic Review NULL 3 0.627
The Monetary Mechanism and Its Interaction with Real Phenomena 1963 The Review of Economics and Statistics Franco Modigliani 3 0.613
The Resource Allocation Process: A Distinguishing Characteristic of Land Economics 1964 Land Economics Frederic O. Sargent 3 0.619
Entry Barriers in Politics 1965 The American Economic Review Gordon Tullock 3 0.620
Economic Aspects of Environmental Pollution 1966 Journal of Farm Economics Jack L. Knetsch 3 0.630

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 6 0.595
Notes on New Books 1976 The Economic Journal NULL 5 0.612
On European Social Rates of Discount: Survey 1973 FinanzArchiv / Public Finance Analysis Heinz Schleicher 4 0.622
Private Property and Dispersion of Ownership in Large Corporations 1973 The Journal of Finance Louis De Alessi 3 0.607
What Is Structuralism? Piaget’s Genetic Epistemology and the Varieties of Structuralist Thought 1975 Journal of Economic Issues Robert A. Solo 3 0.600
On Some Fundamental Issues in Political Economy: An Exchange of Correspondence 1975 Journal of Economic Issues James M. Buchanan, Warren J. Samuels 3 0.587
On Risk-Adjusted Capitalization Rates and Valuation by Individuals 1970 The Journal of Finance Michael Adler 2 0.640
The Design of Economic Policy: Or Learning by Doing 1970 Journal of Economic Issues Claude Hillinger 2 0.595
Price-Expectations Effects on Interest Rates 1970 The Journal of Finance William E. Gibson 2 0.597
Optimum Growth and Allocation of Foreign Exchange 1971 Econometrica Pranab K. Bardhan 2 0.636
New Audiovisual Materials 1971 The Journal of Economic Education NULL 2 0.620
Professor Friedman’s Views on Money 1971 Economica F. H. Hahn 2 0.606
Friedman on the Quantity Theory and Keynesian Economics 1972 Journal of Political Economy Don Patinkin 2 0.625
Robbins on the History of Development Theory 1972 Economic Development and Cultural Change William D. Grampp 2 0.611
A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis 1972 Journal of Political Economy Paul Davidson 2 0.607

Closest clusters of the cluster per decade

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0118189
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0051053
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0531570
8: farm, agriculture, agricultural, land, farmers -0.0785270
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1078458
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1094732
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1215502
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1223834
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1333662
61: allocation, optimum_allocation, economic_planning, resource_allocation, planners -0.1611066
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.1811915

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
72: model, models, modeling, rational_expectations, economic_models 0.0204502
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0107427
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.0096373
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0578477
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.0625824
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0788258
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0924690
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1095305
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1113827
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1381737
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1463849
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1476319

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.7891743
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.4578853
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.3382855
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.3367592
1900-1919 1: commission, tariff, mill’s, court, commerce 0.3311900
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3021946
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2914443
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2602698
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2549667
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.2500416
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2037359
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.1891031
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.1682391
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.1634069
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.1602574

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.7891743
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3981775
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.3693823
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3666844
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3600857
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3393417
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.1940068
1900-1919 1: commission, tariff, mill’s, court, commerce 0.1519800
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.1319869
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1186294
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1011244
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0889569
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0844039
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0733952
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0688149

Intertemporal cluster 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners

The cluster gathers 635 sentences from our corpus. It represents 0.39% of all the sentences selected over the whole period.

The community exists from 1960 to 1969.

The most recurring authors are Fernand Martin (11 sentences), George N. Halm (11 sentences), S. K. Nath (11 sentences), I. Friss (9 sentences), S. Chakravarty (9 sentences), WOLFGANG F. STOLPER (9 sentences), Israel M. Kirzner (7 sentences), Morris Bornstein (6 sentences), Otto A. Davis (6 sentences), Paul Craig Roberts (6 sentences).

The most recurring journals are The American Economic Review (67 sentences), The Economic Journal (55 sentences), Eastern European Economics (49 sentences), Land Economics (36 sentences), Acta Oeconomica (33 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
allocation 0.0021350
optimum_allocation 0.0017479
economic_planning 0.0016397
resource_allocation 0.0014457
planners 0.0014205
planning 0.0013536
resource 0.0010396
rational_allocation 0.0008786
planner 0.0008445
optimal 0.0007502
enterprises 0.0007228
allocating 0.0007110
planned_economy 0.0006855
national_economic 0.0006197
paretian 0.0006197
scarce_resources 0.0006193
targets 0.0006193
optimum 0.0006042
decentralized 0.0005925
allocate 0.0005346

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Although the emergence of an economically rational system of resource allocation is partly dependent on the various factors mentioned above, it is also dependent on the ability and disposition of men to adopt certain types of practical rational conduct. On the Sources of Economic Rationality 1964 Zeitschrift für Nationalökonomie / Journal of Economics Niles M. Hansen 0.805
If we define economic rationality as the balancing of individual cost against individual benefit, then, as has been argued, underdevelopment can be considered as the normal outcome of the rational allocation of private resources. Economic History and Economic Underdevelopment 1961 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Barry E. Supple 0.730
Calculations which are rational to the economic planners are not necessarily rational to the people whose participation is crucial to the achievement of the plan. “Kōgyō Iken”: Japan’s Ten Year Plan, 1884 1967 Economic Development and Cultural Change Ichirou Inukai , Arlon R. Tussing 0.721
First, it rests on a picture of rational resource allocation which is valid only under competition, and then only if one can neglect externalities. Internal Economies 1969 The Economic Journal Alec Nove 0.714
In relation to social questions, it has two important implications: that things are the way they are for some powerful reason or reasons, which have to be understood if effective social solutions are to be devised; and that any solutions so devised and applied will have repercussions elsewhere, which will have to be faced and which ought to be taken into accoun On the normative side, the more generally applicable concepts of economic theory are associated with the distinction between means and ends, and the problem of choice implicit in the concept of allocation of scarce resources. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.708
is that rationalized economic planning so dear to the hearts of older sociologists.” Corporate Control and Capitalism 1965 The Quarterly Journal of Economics Shorey Peterson 0.705
The problem of the rational allocation of resources in a centrally directed economy can be viewed as the choice by the political leaders of their preferred point on the economy’s production possibilities frontier. Input-Output Analysis and Soviet Planning 1962 The American Economic Review Herbert S. Levine 0.703
Under either rational planning or effective competition, the lower is the demand, the more will output be concentrated in the low-cost fields; contrariwise, the greater the demand, the more it calls out the higher-cost sources of supply, via the fact or expectation of a rising price. Petroleum Production Costs in General 1962 The Journal of Industrial Economics M. A. Adelman 0.701
In addition to the foregoing reasoning, it may be pointed out that in the orthodox economic “wisdom” which seems to be prevalent in most less-developed countries, the rationale for governmental economic planning generally rests on two levels of reasoning: theoretical and practical. Role of the “Free Enterprise” Ideology in Less-Developed Countries 1967 The American Journal of Economics and Sociology Raghbir S. Basi 0.695
However, it is argued that even if one accepts the usefulness of the assumption of economic rationality, the implied premiss that the optimization procedure is effortless leads to seriously misleading predictions. Advertising Expenditure and Consumer Demand 1968 Oxford Economic Papers P. Doyle 0.692
Obviously, the elimination of excessive administrative constraints and the introduction of guidance through economic devices do not mean an automatism that will settle everything; they rather signify that greater scope for action will be ensured for initiative by the enterprises, for calculation and the optimal combination of various factors of production. THE COMPREHENSIVE REFORM OF MANAGING THE NATIONAL ECONOMY IN HUNGARY 1966 Acta Oeconomica R. Nyers 0.690
Nor is it likely that a new and better resource balance will flow from redoubtably “pure” economists essaying almost offhand political and psychological explanations of broadbased economic problems.8 7A brief reference to one major case-the California Water Plan, which they characterize as a “maniac” example of irrational decision making-will suggest what would be involved. Water Resource Analysis: Private Investment Criteria and Social Priorities 1963 Journal of Farm Economics Warren S. Gramm 0.684
Indeed, economics is a study of the problems of allocating resources under conditions of scarcity; the degree to which man can afford to act irrationally in these respects diminishes precisely as we move back in the past where the choices that he faced were more circumscribed and more stringently affected his survival. A New Economic History for Europe 1968 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics DOUGLASS C. NORTH 0.683
Central allocation can be rational; 9. German Neoliberalism 1960 The Quarterly Journal of Economics Henry M. Oliver Jr. 0.682
His ” Guidance” paper appears to have been intended, in part, to illuminate one basic problem of any society; and perhaps, in part, to warn that impossibility-of-rational-allocation-ofresources is not a sound indictment of any and every sort of socialism. Fred M. Taylor’s Views on Socialism 1960 Economica Z. Clark Dickinson 0.680
The Paretian set of value judgments has been assumed to be of wide acceptance, and from it the definition of an optimum allocation of resources has been derived-an allocation which it is impossible to change in order to improve the economic position of one individual without hurting the economic position of any other. Are Formal Welfare Criteria Required? 1964 The Economic Journal S. K. Nath 0.680
From the fundamental necessity imposed upon human beings to plan, to allocate, to choose, to compute, there derives a body of propositions that explain the phenomena of the market. What Economists Do 1965 Southern Economic Journal Israel M. Kirzner 0.679
Because there is no single policymaker who is both rational and consistent, but rather a transient group of policymakers who, as a group, are neither rational nor consistent, Maass is required to demon- BENEFIT-COST ANALYSIS 699 strate that effective planning is capable of coping with such changing signals if his proposal is to be taken seriously. Benefit-Cost Analysis: Its Relevance to Public Investment Decisions: Comment 1967 The Quarterly Journal of Economics Robert H. Haveman 0.676
Rational or efficient allocation of resources is attained when the margins of value are equal in alternative uses. Economics of including Recreation as a Purpose of Eastern Water Projects 1964 Journal of Farm Economics Jack L. Knetsch 0.674
For generations men have sought methods for introducing more “rationality” into the government allocations. Systems Analysis and the Political Process 1968 The Journal of Law & Economics James R. Schlesinger 0.673

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 8% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The problem of the rational allocation of resources in a centrally directed economy can be viewed as the choice by the political leaders of their preferred point on the economy’s production possibilities frontier. Input-Output Analysis and Soviet Planning 1962 The American Economic Review Herbert S. Levine 0.788
First, it rests on a picture of rational resource allocation which is valid only under competition, and then only if one can neglect externalities. Internal Economies 1969 The Economic Journal Alec Nove 0.752
Although the emergence of an economically rational system of resource allocation is partly dependent on the various factors mentioned above, it is also dependent on the ability and disposition of men to adopt certain types of practical rational conduct. On the Sources of Economic Rationality 1964 Zeitschrift für Nationalökonomie / Journal of Economics Niles M. Hansen 0.748
Under either rational planning or effective competition, the lower is the demand, the more will output be concentrated in the low-cost fields; contrariwise, the greater the demand, the more it calls out the higher-cost sources of supply, via the fact or expectation of a rising price. Petroleum Production Costs in General 1962 The Journal of Industrial Economics M. A. Adelman 0.745

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
’2 V. Implications It is interesting to contrast the allocation in the planned economy with that arising from the simple policy of dividing up output equally at the completion of production. The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty 1967 The American Economic Review Peter A. Diamond 0.797
The problem of the rational allocation of resources in a centrally directed economy can be viewed as the choice by the political leaders of their preferred point on the economy’s production possibilities frontier. Input-Output Analysis and Soviet Planning 1962 The American Economic Review Herbert S. Levine 0.788
Unless economists are prepared to give advice in such cases, initiative will pass into the hands of the ” planners,” the engineers and the administrators, with results that may well be as irreversible as they are, sometimes, deplorable.5 It is painfully clear that administrators and planners frequently avail themselves of the opportunity of interfering with resource allocation. On External Diseconomies and the Government-Assisted Invisible Hand 1964 Economica Stanislaw Wellisz 0.785
The Measuremient of Optimtum Resource Allocation The development of an adequate theory is only the first step in formulating economic policy. Comparative Advantage and Development Policy 1961 The American Economic Review Hollis B. Chenery 0.782
INTRODUCTION The problem of allocating productive resources to attain some predetermined objective has long occupied a central position in both theoretical and applied economics. Simulation and Long-Range Planning for Resource Allocation 1962 The Quarterly Journal of Economics Robert M. Rauner, Wilbur A. Steger 0.780
From the point of view of an economy as a whole, it is odd to call this joint choice of investment and employment a choice of technique; unless the clinical isolation of the general planning problem illuminates the choice facing a single enterprise. CHOICE OF TECHNIQUES 1962 Indian Economic Review James A. Mirrlees 0.778
To illustrate this concept let us imagine a planner who suggests a certain attainable allocation to the agents of the economy. The Core of an Economy with a Measure Space of Economic Agents 1968 The Review of Economic Studies W. Hildenbrand 0.777
Section of planning theory and the economic mechanism 5. THE INSTITUTE FOR ECONOMIC PLANNING OF THE NATIONAL PLANNING OFFICE 1968 Acta Oeconomica I. Kovács 0.775
In relation to social questions, it has two important implications: that things are the way they are for some powerful reason or reasons, which have to be understood if effective social solutions are to be devised; and that any solutions so devised and applied will have repercussions elsewhere, which will have to be faced and which ought to be taken into accoun On the normative side, the more generally applicable concepts of economic theory are associated with the distinction between means and ends, and the problem of choice implicit in the concept of allocation of scarce resources. The Economic Approach to Social Questions 1968 Economica Harry G. Johnson 0.775
The case for planning, as discussed earlier, rests primarily upon two arguments; first, the divergence between private profitability and social desirability may withhold investment from certain essential spheres of economic activity; and secondly, reliance upon operation of the price and profit signals may be too sluggish in evoking investment in the desired channels, resulting in avoidable bottlenecks and consequent waste. Balanced v. Unbalanced Growth–A Reconciliatory View 1966 Oxford Economic Papers Ashok Mathur 0.774
The Allocation of Economic Resources Despite the existence of affluent societies, the logical beginning of economic analyses would appear to be the old problem of the allocation of scarce resources to wants which seem always to be larger than can be fully satisfied. This Is Economics 1961 The American Economic Review Howard S. Ellis 0.772
From the point of view of economic planning, however, the procedure used in this paper seems to be in some ways the more natural one. Optimal Programme of Capital Accumulation in a Multi-Sector Economy 1965 Econometrica S. Chakravarty 0.767
It would seem that if economic activity is to be consciously organized by a centrally formulated plan, whether in keeping with the general will of a welfare function or a specific will of a state preference function, theory and practice must merge. Drewnowski’s Economic Theory of Socialism 1968 Journal of Political Economy Paul Craig Roberts 0.766
Here we touch on one of the issues between proponents and opponents of economic planning. The Information Effect of Economic Planning 1964 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Fernand Martin 0.764
Monopoly, Keynesian theory, welfare economics, distinctions between wants and needs, less than perfect mobility, imperfections in knowledge, differences between shortand long-run planning, consumer irrationalityall qualify the tradition of an optimum resource allocation both theoretically and empirically. Axioms of Economics and the Claim to Efficiency 1968 Journal of Economic Issues Sherman Krupp 0.763

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Information Effect of Economic Planning 1964 The Canadian Journal of Economics and Political Science / Revue canadienne d’Economique et de Science politique Fernand Martin 11 0.607
Mises, Lange, Liberman: Allocation and Motivation in the Socialist Economy 1968 Weltwirtschaftliches Archiv George N. Halm 11 0.603
EXTERNAL ECONOMIES FROM A PLANNING STANDPOINT 1963 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics WOLFGANG F. STOLPER 9 0.602
Fundamental Characteristics of the Yugoslav Economic System 1963 Eastern European Economics Vojislav Rakić 6 0.592
Are Formal Welfare Criteria Required? 1964 The Economic Journal S. K. Nath 6 0.621
IDEAS ON THE IMPROVEMENT OF NATIONAL ECONOMIC PLANNING 1967 Acta Oeconomica I. Friss 6 0.621
The Theory of Optimal Investment Planning—An Operational Assessment 1967 Indian Economic Review S. Chakravarty 6 0.605
The Enterprise Under Central Planning 1969 The Review of Economic Studies R. D. Portes 6 0.601
Input-Output Analysis and Soviet Planning 1962 The American Economic Review Herbert S. Levine 5 0.632
The Theory of Balanced Growth 1962 Oxford Economic Papers S. K. Nath 5 0.601

Closest clusters of the cluster per decade

Closest clusters within the 1960-1969 decade

Cluster Name Similarity
8: farm, agriculture, agricultural, land, farmers 0.0616390
43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0359052
57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies -0.0275269
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0379183
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0436413
30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur -0.0567298
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0973953
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0994413
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1261645
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1611066
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2184577

Closest clusters with all decade, for 1960-1969

Time Window Cluster Name Similarity
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.2509967
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.2437734
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.2228803
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1795931
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.1787416
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.1620890
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1599313
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1593403
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1454685
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.1360214
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0950050
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0934457
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0778789
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0720495
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0627216

Intertemporal cluster 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models

The cluster gathers 9211 sentences from our corpus. It represents 5.69% of all the sentences selected over the whole period.

The community exists from 1970 to 2019.

The most recurring authors are Thomas J. Sargent (103 sentences), Robert E. Hall (75 sentences), Stephen J. Turnovsky (75 sentences), N. Gregory Mankiw (74 sentences), Stanley Fischer (72 sentences), William Fellner (68 sentences), Edmund S. Phelps (65 sentences), Christopher A. Sims (64 sentences), Michael Woodford (61 sentences), John J. Struthers (56 sentences).

The most recurring journals are The American Economic Review (782 sentences), Journal of Money, Credit and Banking (703 sentences), Journal of Post Keynesian Economics (458 sentences), The Economic Journal (453 sentences), Journal of Political Economy (362 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0244024
expectations 0.0123307
expectations_hypothesis 0.0041151
expectations_equilibrium 0.0029202
expectations_models 0.0023840
expectations_model 0.0019400
models 0.0016468
expectations_equilibria 0.0016389
model 0.0014232
rational_expectation 0.0014018
expectations_formation 0.0012308
supply_rule 0.0011892
optimal_money 0.0011715
adaptive_expectations 0.0011509
expectations_approach 0.0010452
adaptive 0.0009978
expectations_theory 0.0009909
equilibria 0.0009672
expectations_assumption 0.0009077
linear_rational 0.0008934

Top TF-IDF terms describing the community for each time window

Top terms 1970-1979

Token TF-IDF
rational_expectations 0.0205123
expectations 0.0104262
expectations_hypothesis 0.0045449
expectations_model 0.0024081
model 0.0021385
price_expectations 0.0021384
muth’s 0.0021185
formed_rationally 0.0020082
adaptive_expectations 0.0019575
autoregressive 0.0018693
expectations_approach 0.0017213
adaptive 0.0016805
cagan’s 0.0016486
muth 0.0015923
natural_rate 0.0015127

Top terms 1980-1989

Token TF-IDF
rational_expectations 0.0258550
expectations 0.0109860
expectations_hypothesis 0.0076464
expectations_theory 0.0027046
expectations_formation 0.0025091
expectations_models 0.0018383
expectations_approach 0.0017402
expectations_equilibrium 0.0016026
expectation_formation 0.0015782
expectations_assumption 0.0014487
model 0.0013366
expectations_model 0.0013279
muth 0.0012763
formed_rationally 0.0012616
rational_expectation 0.0012532

Top terms 1990-1999

Token TF-IDF
rational_expectations 0.0307353
expectations 0.0108174
expectations_hypothesis 0.0051599
expectations_equilibrium 0.0043387
expectations_models 0.0037856
optimal_money 0.0032652
supply_rule 0.0032652
expectations_equilibria 0.0028591
expectations_model 0.0025950
contracts_rational 0.0025332
model 0.0019546
linear_rational 0.0018908
term_contracts 0.0017766
models 0.0017722
rational_expectation 0.0016149

Top terms 2000-2009

Token TF-IDF
rational_expectations 0.0279181
expectations 0.0099129
expectations_equilibrium 0.0049555
expectations_models 0.0035461
supply_rule 0.0028976
expectations_equilibria 0.0028882
optimal_money 0.0027903
expectations_hypothesis 0.0026579
expectations_model 0.0023407
rational_expectation 0.0022884
model 0.0021380
contracts_rational 0.0020339
models 0.0016662
linear_rational 0.0014869
equilibria 0.0014397

Top terms 2010-2019

Token TF-IDF
rational_expectations 0.0223968
expectations 0.0094896
expectations_equilibrium 0.0044990
expectations_models 0.0026821
expectations_hypothesis 0.0022499
model 0.0020323
expectations_equilibria 0.0020109
expectations_model 0.0017629
models 0.0016522
linear_rational 0.0014463
equilibria 0.0013723
dsge 0.0012941
rational_expectation 0.0012828
expectation_formation 0.0012653
adaptive_expectations 0.0012386

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
This article will criticize rational expectations models for several different reasons. What Is so Natural about the Natural Rate of Unemployment? 1981 Journal of Economic Issues Robert Cherry 0.877
’ In this article we concentrate on the role of the rational expectations hypothesis in the debate. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.874
For the purposes of this discussion, it will be assumed that economic agents form rational expectations. The Market for Innovations and Short-Run Technological Change: Evidence from Egypt 1988 Economic Development and Cultural Change John M. Antle , Charles C. Crissman 0.873
In a general way this describes the overlap between the views usually associated with the label “rational expectations” and views expressed in the present paper and in my earlier writings. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.866
Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity By JOHN HALTIWANGER AND MICHAEL WALDMAN* A recurring controversy in economic thought concerns the conflict between the assumption of rationality and the fact that economic agents have limited capacities to process information.’ Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity 1985 The American Economic Review John Haltiwanger, Michael Waldman 0.866
The Valid Core of Rationality Hypotheses In the Theory of Expectations INTRODUCTION SECTION 1 DESCRIBES THE BACKGROUND of the debate from which the recent literature on rational expectations has emerged, and section 2 summarizes the salient features of the most ambitious version the “hard-line” version-of the rational-expectations hypothesis. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.862
By jointly assuming the mantle of rationality and equilibration, and by doing it in a way that enhanced their defensibility, the rational -expectations hypothesis burrowed to the core of economic thought, and firmly established both its own credentials and those of its language. Conceptual Evolution in Economics: The Case of Rational Expectations 1985 Eastern Economic Journal Randall Bausor 0.862
The first section of this paper presents a broad definition of rational expectations to clarify our understanding of the hypothesis. The Rational Expectations Hypothesis and Economic Analysis 1985 Eastern Economic Journal Robert E. McAuliffe 0.860
One of the most potent of ideas of contemporary economics is the concept of rational expecta tions. THE RISE AND FALL OF THE DOLLAR 1986 Oxford Review of Economic Policy CHRISTOPHER BLISS 0.857
INTRODUCTION The burgeoning literature employing or alluding to the concept of rational expectations’ in time-dependent economic processes is strangely vague regarding possible mechanisms by which the economic agents could actually achieve the hypothesized “rationality.” Rational Expectations and Learning from Experience 1979 The Quarterly Journal of Economics Stephen J. DeCanio 0.856
In Rational Expectations and Economic Policy. Anticipated Money and Real Output in Italy: Some Tests of a Rational Expectations Approach 1985 Journal of Post Keynesian Economics Ali F. Darrat 0.856
“The Valid Core of the Rationality Hypothesis in the Theory of Expectations,” J. Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence 1985 Journal of Economic Literature Victor Zarnowitz 0.856
Rational expecta tions may be appropriately applied to some financial and foreign exchange markets, but there are good grounds for doubting its applicability in other major areas, particularly to macroeconomic behaviour. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.853
In this paper we regard the rational expectations hypothesis as a potentially valuable tool in applied economics, realizing the absolute necessity to distinguish between the rational expectations hypothesis itself and the underlying structure of the model to which that hypothesis is applied. Rational and Non-Rational Expectations of Inflation in Wage Equations for the United Kingdom 1982 Economica Paul Ormerod 0.850
Several authors usually associated with “rational expectations theory” have recognized the validity of some of these, but no reasonably comprehensive discussion has so far been presented of the qualifications that I regard as essential even in a first approximation to reality. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.848
While many critics of rational expectations have noted the information requirements of the hypothesis, the problem this creates can be avoided by carefully stating the hypothesis in probabilistic terms, as was done in its original formulation by John Muth.30 A much more serious problem results if one considers that many decisions made by economic agents are in fact not conscious decisions but habitual in character. The Concept of Habit in Economic Analysis 1988 Journal of Economic Issues William T. Waller, Jr.  0.847
This framework is challenged by the literature on rational expectations. On Optimal Wage Indexation 1983 Journal of Political Economy Edi Karni 0.846
Some controversy exists about the mechanism through which a rational expectations equilibrium might be achieved. Asset Valuation in an Experimental Market 1982 Econometrica Robert Forsythe , Thomas R. Palfrey, Charles R. Plott 0.846
We discuss below how this rational expectations approach affects the analysis. Quality Uncertainty, Search, and Advertising 1983 The American Economic Review Steven N. Wiggins, W. J. Lane 0.844
It is clear from this latest work that he sees rational expectations as a potentially useful modeling technique, but stops short of embracing the new classical research program. Two Types of Monetarism 1984 Journal of Economic Literature Kevin D. Hoover 0.843
More recently the use of rational expectations has led to the development of an interesting ‘efficient markets’ perspective. Public Sector Deficits, International Capital Movements, and the Domestic Economy: The Medium-Term Is the Message 1985 The Canadian Journal of Economics / Revue canadienne d’Economique Douglas D. Purvis 0.843

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
INTRODUCTION The burgeoning literature employing or alluding to the concept of rational expectations’ in time-dependent economic processes is strangely vague regarding possible mechanisms by which the economic agents could actually achieve the hypothesized “rationality.” Rational Expectations and Learning from Experience 1979 The Quarterly Journal of Economics Stephen J. DeCanio 0.856
Rational Expectations and the Theory of Economic Policy.”J. Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States 1979 Journal of Political Economy Jacob Grossman 0.842
Perhaps the justification for this paper is that both critics and some practitioners of the rational expectations approach seem unaware of these implications. Rational Expectations and Economic Thought 1979 Journal of Economic Literature Brian Kantor 0.838
A rational agent draws on an information set larger than historical prices, and expectations are rational if they depend upon the same things that economic theory suggests determines the variable. A Semi-Strong Form Evaluation of the Efficiency of the Hog Futures Market 1979 American Journal of Agricultural Economics Raymond M. Leuthold, Peter A. Hartmann 0.837
In Rational Expectations and the Theoay af Economic Policy. Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States 1979 Journal of Political Economy Jacob Grossman 0.832
‘Rational’ expectations are the predictions of ‘the’ relevant economic theory. Money, Efficiency, and Knowledge 1979 The Canadian Journal of Economics / Revue canadienne d’Economique T. K. Rymes 0.823
The rational expectations concept encompasses the prospect of the efficient use of information, as in the efficient market hypothesis.14 The “pure” rational expectations approach, as fostered by Muth, is generalized even further in some versions of rational expectations, such that significant deviations from rationality in the “pure” sense are permitted. Evolutionary Economics, Rational Expectations, and Monetary Policy 1978 Journal of Economic Issues William J. Frazer, Jr. 0.822
The greater part of the paper discusses rational expectations and their implications. Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 0.822
Expectations about a variable are said to be rational if they depend, in the proper way, on the same things that economic theory says actually determine that variable. Rational Expectations and the Dynamics of Hyperinflation 1973 International Economic Review Thomas J. Sargent, Neil Wallace 0.822
Expectations are rational when they concur with the predictions of the relevant economic theory. Inflation Theory 1963-1975: A “Second Generation” Survey 1977 Journal of Economic Literature Helmut Frisch 0.821
Finally, let me raise the issue of rational expectations. The Inefficiency of Short-Run Monetary Targets for Monetary Policy 1977 Brookings Papers on Economic Activity Benjamin M. Friedman, James Duesenberry , William Poole 0.821
The rational expectations hypothesis equates economic agents’ subjective expectations to the mathematical predications of the relevant economic model. Reduced Forms of Rational Expectations Models 1979 The Quarterly Journal of Economics Masanao Aoki , Matthew Canzoneri 0.819

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
This article will criticize rational expectations models for several different reasons. What Is so Natural about the Natural Rate of Unemployment? 1981 Journal of Economic Issues Robert Cherry 0.877
’ In this article we concentrate on the role of the rational expectations hypothesis in the debate. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.874
For the purposes of this discussion, it will be assumed that economic agents form rational expectations. The Market for Innovations and Short-Run Technological Change: Evidence from Egypt 1988 Economic Development and Cultural Change John M. Antle , Charles C. Crissman 0.873
In a general way this describes the overlap between the views usually associated with the label “rational expectations” and views expressed in the present paper and in my earlier writings. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.866
Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity By JOHN HALTIWANGER AND MICHAEL WALDMAN* A recurring controversy in economic thought concerns the conflict between the assumption of rationality and the fact that economic agents have limited capacities to process information.’ Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity 1985 The American Economic Review John Haltiwanger, Michael Waldman 0.866
The Valid Core of Rationality Hypotheses In the Theory of Expectations INTRODUCTION SECTION 1 DESCRIBES THE BACKGROUND of the debate from which the recent literature on rational expectations has emerged, and section 2 summarizes the salient features of the most ambitious version the “hard-line” version-of the rational-expectations hypothesis. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.862
By jointly assuming the mantle of rationality and equilibration, and by doing it in a way that enhanced their defensibility, the rational -expectations hypothesis burrowed to the core of economic thought, and firmly established both its own credentials and those of its language. Conceptual Evolution in Economics: The Case of Rational Expectations 1985 Eastern Economic Journal Randall Bausor 0.862
The first section of this paper presents a broad definition of rational expectations to clarify our understanding of the hypothesis. The Rational Expectations Hypothesis and Economic Analysis 1985 Eastern Economic Journal Robert E. McAuliffe 0.860
One of the most potent of ideas of contemporary economics is the concept of rational expecta tions. THE RISE AND FALL OF THE DOLLAR 1986 Oxford Review of Economic Policy CHRISTOPHER BLISS 0.857
In Rational Expectations and Economic Policy. Anticipated Money and Real Output in Italy: Some Tests of a Rational Expectations Approach 1985 Journal of Post Keynesian Economics Ali F. Darrat 0.856
“The Valid Core of the Rationality Hypothesis in the Theory of Expectations,” J. Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence 1985 Journal of Economic Literature Victor Zarnowitz 0.856
Rational expecta tions may be appropriately applied to some financial and foreign exchange markets, but there are good grounds for doubting its applicability in other major areas, particularly to macroeconomic behaviour. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.853

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
It is sometimes argued that rational expectation does not require full knowledge of the parameters of the economy on the part of the agents. Construction of a State Space for Interrelated Securities with an Application to Temporary Equilibrium Theory 1996 Economic Theory Philippe Henrotte 0.840
The fact that rational expectations has been seen as so important in much economic literature may then in part be due to the specific contexts in which it has been examined. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.833
“Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity.” Systematic Errors and the Theory of Natural Selection 1994 The American Economic Review Michael Waldman 0.828
“Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity.” Do Noise Traders Influence Stock Prices? 1997 Journal of Money, Credit and Banking Morgan Kelly 0.827
Sargent suggests that the traditional rational expectations models should be modified to take account of the fact that economic agents are boundedly rational, in the sense that they do not know the true structure of the world anymore than the economists who are modelling their behaviour. Genetic Algorithms, Classifier Systems and Genetic Programming and their Use in the Models of Adaptive Behaviour and Learning 1995 The Economic Journal C. R. Birchenhall 0.827
Introduction Rational expectations, a cornerstone of modern theories in economics and finance, has come under attack. Habit Formation: A Resolution of the Equity Premium Puzzle 1990 Journal of Political Economy George M. Constantinides 0.827
Rational deviations from the textbook “rational expectations hypothesis” are usually motivated by learning in the presence of uncertainty with respect to economic structure, or, in the broadest of terms, changes in regime. Re-Examining the Cyclical Behaviour of Prices and Output 1996 Weltwirtschaftliches Archiv David J. C. Smant 0.826
Rational expectations and the limits of rationality: an analysis of heterogeneity, American Economic Review, vol.  Optimisation and evolution: Winter’s critique of Friedman revisited 1994 Cambridge Journal of Economics Geoffrey M. Hodgson 0.823
In this paper, we provide a further test of the rational expectations hypothesis. Testing the Rationality of Price Forecasts: New Evidence from Panel Data 1990 The American Economic Review Michael P. Keane, David E. Runkle 0.821
An assessment of the validity of the rational-expectations hypothesis relying on such principles-although in the context of the models of the paper, the analysis makes intuitive sense so that it could be reasonably well understood and defended without direct reference to abstract principles-leads to the recognition of two types of cases. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.821
“The Valid Core of Rationality Hypotheses in the Theory of Expectations.” Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s 1993 Journal of Money, Credit and Banking David Neumark , Jonathan S. Leonard 0.817
The alternatives of rational and non-rational expectations are considered. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.815

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
One question lies at the heart of the discussion: the theoretical and empirical plausibility of the rational-expectations hypothesis. The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 0.833
In this paper the validity of the rational expectations hypothesis is assessed from the Common Knowledge of Rationality viewpoint, one that will first be illustrated by a partial equilibrium example ’a la Muth. Short-Run Expectational Coordination: Fixed versus Flexible Wages 2001 The Quarterly Journal of Economics Roger Guesnerie 0.833
This discussion is reminiscent of the debate about the rational expectations hypothesis in economics, for this hypothesis, like rational choice theory in sociology, also appeared in stronger and in weaker versions. Uncertainty and Economic Sociology: A Preliminary Discussion 2003 The American Journal of Economics and Sociology David Dequech 0.820
Davidson, P. “Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes.” Post Keynesian versus Neoclassical Explanations of Exchange Rate Movements: A Short Look at the Long Run 2005 Journal of Post Keynesian Economics John T. Harvey 0.814
Davidson, P. “Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes.” The Behavior of Liquidity Preference of Banks and Public and Regional Development: The Case of Brazil 2005 Journal of Post Keynesian Economics Marco Crocco , Anderson Cavalcante, Cláudio Barra 0.814
This paper does not reflect upon the relevance of the rational-expectations hypothesis. On Forecasting Heterogeneity, Irrational Exuberance, and the Multiplicity of Rational Expectations Equilibria 2002 Journal of Economics Mark Weder 0.812
This suggests that over time economic processes follow averages that can be discovered by rational agents, thus implying the possibility of rational expectations. Alternative Keynesian and Post Keynesian Perspectives on Uncertainty and Expectations 2001 Journal of Post Keynesian Economics J. Barkley Rosser, Jr. 0.812
Rational expectations is criticized for placing unreasonable computational and informational demands on economic agents; also, a vast empirical literature rejects rational expectations.1 However, once we depart from fully rational expectations, there are many ways to do so. Learning with Expert Advice 2007 Journal of the European Economic Association Krisztina Molnár 0.807
Davidson, P. “Rational Expectations: A Fallacious Foundation for Studying Crucial Decision Making Processes.” An Empirical Examination of the Post Keynesian View of Forward Exchange Rates 2004 Journal of Post Keynesian Economics Imad A. Moosa 0.807
This view of a rational expectations equilibrium evolved in the mid-late 1970s, under a more stringent requirement of rationality. Finn Kydland and Edward Prescott’s Contribution to the Theory of Macroeconomic Policy 2005 The Scandinavian Journal of Economics Guido Tabellini 0.801
Many economic models are built upon the dual assumption of rational expectations and of a representative agent. Financial and World Economic Crisis: What Did Economists Contribute? 2009 Public Choice Friedrich Schneider , Gebhard Kirchgässner 0.801
In this section we also argue that some of the usual arguments for dismissing the application of rational expectations as a modelling approach in a real world economic model are misguided. MODELLING REALITY: THE NEED FOR BOTH INTER-TEMPORAL OPTIMIZATION AND STICKINESS IN MODELS FOR POLICY-MAKING 2000 Oxford Review of Economic Policy WARWICK J. McKIBBIN, DAVID VINES 0.801

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Furthermore we discuss two interpretations of the model, one assuming that agents hold rational expectations the other assuming that they hold rational beliefs. Price stabilizing, Pareto improving policies 2011 Economic Theory Carsten Krabbe Nielsen 0.825
Rational expectations and the limits of rationality: an analysis of heterogeneity, American Economic Review, vol.  What is the meaning of behavioural economics? 2013 Cambridge Journal of Economics Shaun P. Hargreaves Heap 0.817
Rational expectations and calculations on the behaviour of rational agents do not conform to an all too complex real world. Is the Eurozone Rescue Strategy Tantamount to the Rearrangement of the Deckchairs on the Titanic? 2012 Journal of Economic Integration Miroslav N. Jovanović 0.814
Before turning to the description of these characteristics, I formulate the rational-expectations hypothesis. Do We Follow Others when We Should? A Simple Test of Rational Expectations 2010 The American Economic Review Georg Weizsäcker 0.809
This approach places the emphasis on the way rational individuals’ expectations in conditions of uncertainty over the determinants of the objective data generate endogenous forces that produce changes in the objective data that preclude any conception of equilibrium. Evolution Versus Equilibrium: Remarks upon Receipt of the Veblen-Commons Award 2011 Journal of Economic Issues Jan Kregel 0.809
Our findings suggest that determinacy under rational expectations may not be sufficient to reach the target. Inflation Targeting, Recursive Inattentiveness, and Heterogeneous Beliefs 2017 Journal of Money, Credit and Banking ANNA AGLIARI , DOMENICO MASSARO , NICOLÒ PECORA , ALESSANDRO SPELTA 0.807
The Limitations of Rational Expectations. RETHINKING MACROECONOMICS: WHAT FAILED, AND HOW TO REPAIR IT 2011 Journal of the European Economic Association Joseph E. Stiglitz 0.807
In the framework of this paper, people do not have strict rational expectations. Editorial 2018 NBER Macroeconomics Annual Martin Eichenbaum , Jonathan A. Parker 0.803
INTRODUCTION Under the rational expectations hypothesis, there exists an objective probability law governing the state process, and economic agents know this law which coincides with their subjective beliefs. AMBIGUITY, LEARNING, AND ASSET RETURNS 2012 Econometrica Nengjiu Ju , Jianjun Miao 0.802
They aim to present an internal criticism of the rational expectations assumption. Roger Guesnerie: An Hors Catégorie Career 2019 Annals of Economics and Statistics Laurent Linnemer 0.800
This latter work also imposes rational expectations. Misspecified Recovery 2016 The Journal of Finance JAROSLAV BOROVIČKA, LARS PETER HANSEN , JOSÉ A. SCHEINKMAN 0.800
A strong rationality condition is imposed on expectations. MOBILE TERMINATION, NETWORK EXTERNALITIES AND CONSUMER EXPECTATIONS 2014 The Economic Journal Sjaak Hurkens , Ángel L. López 0.797

Closest sentences from the cluster’s centroid

Among the 250 closest sentences to the cluster’s centroid, 92.8% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
This article will criticize rational expectations models for several different reasons. What Is so Natural about the Natural Rate of Unemployment? 1981 Journal of Economic Issues Robert Cherry 0.917
The first section of this paper presents a broad definition of rational expectations to clarify our understanding of the hypothesis. The Rational Expectations Hypothesis and Economic Analysis 1985 Eastern Economic Journal Robert E. McAuliffe 0.913
The Valid Core of Rationality Hypotheses In the Theory of Expectations INTRODUCTION SECTION 1 DESCRIBES THE BACKGROUND of the debate from which the recent literature on rational expectations has emerged, and section 2 summarizes the salient features of the most ambitious version the “hard-line” version-of the rational-expectations hypothesis. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.911
One question lies at the heart of the discussion: the theoretical and empirical plausibility of the rational-expectations hypothesis. The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 0.911
RATIONAL EXPECTATIONS Attention is now turned to the version of the model in which expectations are formed rationally. Expectations and a Small Open Economy with a Flexible Exchange Rate 1980 The Canadian Journal of Economics / Revue canadienne d’Economique David Burton 0.908
This issue is of noteworthy interest in its own as it is commonly assumed in the theoretical modelling literature that the rational expectations hypothesis holds. Inflation expectations in the euro area: are consumers rational? 2010 Review of World Economics / Weltwirtschaftliches Archiv Francisco Dias, Cláudia Duarte, António Rua 0.907
The rational expectations model is formulated. Effects of Government Programs on Rice Acreage Decisions under Rational Expectations: The Case of Taiwan 1992 American Journal of Agricultural Economics C-H Huang 0.906
The Limitations of Rational Expectations. RETHINKING MACROECONOMICS: WHAT FAILED, AND HOW TO REPAIR IT 2011 Journal of the European Economic Association Joseph E. Stiglitz 0.906
In this paper we regard the rational expectations hypothesis as a potentially valuable tool in applied economics, realizing the absolute necessity to distinguish between the rational expectations hypothesis itself and the underlying structure of the model to which that hypothesis is applied. Rational and Non-Rational Expectations of Inflation in Wage Equations for the United Kingdom 1982 Economica Paul Ormerod 0.905
’ In this article we concentrate on the role of the rational expectations hypothesis in the debate. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.905
This paper presents a different perspective on rational expectations and its methodological claims. What’s so Rational about Rational Expectations? Hyperrationality and the Logical Limits to Neoclassicism 1997 Journal of Post Keynesian Economics Steven Shulman 0.904
The rationality of expectations: towards the weak form of rational expectations Attempts at modelling the role of expectations in economic behavior usually consider expectations as a result of a deterministic process, represented by functional relationships between expectations on the one hand and the information which is assumed to underly these expectations on the other. Varieties of Rational Expectations: Their Differences and Relations 1986 Journal of Post Keynesian Economics Jan Snippe 0.902
A second difficulty with this approach emerges from the rational expectations literature. The Unemployment Rate Consequences of Partisan Monetary Policies 1988 Southern Economic Journal Henry W. Chappell, Jr., William R. Keech 0.902
There are many aspects to the rational expectations discussion. Rational Expectations and the Theory of Macroeconomic Policy: An Exposition of Some of the Issues 1984 The Journal of Economic Education Stephen J. Turnovsky 0.899
The greater part of the paper discusses rational expectations and their implications. Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 0.898
For the purposes of this discussion, it will be assumed that economic agents form rational expectations. The Market for Innovations and Short-Run Technological Change: Evidence from Egypt 1988 Economic Development and Cultural Change John M. Antle , Charles C. Crissman 0.898
We discuss below how this rational expectations approach affects the analysis. Quality Uncertainty, Search, and Advertising 1983 The American Economic Review Steven N. Wiggins, W. J. Lane 0.898
A great deal of empirical and theoretical attention has been devoted to the issue of whether the formation of expectations is rational. A Review of Recent Work in the Area of Inflationary Expectations 1980 Weltwirtschaftliches Archiv James H. Chan-Lee 0.898
Rational Expectations: Some Empirical Issues The concept of rational expectations may mean different things to different people. Rational Expectations: A Promising Research Program or a Case of Monetarist Fundamentalism? 1984 Journal of Economic Issues John J. Struthers 0.898
In my analysis throughout this paper, I have used the now standard assumption that expectations are formed rationally. The Inexorable and Mysterious Tradeoff between Inflation and Unemployment 2001 The Economic Journal N. Gregory Mankiw 0.898

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
This article will criticize rational expectations models for several different reasons. What Is so Natural about the Natural Rate of Unemployment? 1981 Journal of Economic Issues Robert Cherry 0.917
The first section of this paper presents a broad definition of rational expectations to clarify our understanding of the hypothesis. The Rational Expectations Hypothesis and Economic Analysis 1985 Eastern Economic Journal Robert E. McAuliffe 0.913
The Valid Core of Rationality Hypotheses In the Theory of Expectations INTRODUCTION SECTION 1 DESCRIBES THE BACKGROUND of the debate from which the recent literature on rational expectations has emerged, and section 2 summarizes the salient features of the most ambitious version the “hard-line” version-of the rational-expectations hypothesis. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.911
One question lies at the heart of the discussion: the theoretical and empirical plausibility of the rational-expectations hypothesis. The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 0.911
RATIONAL EXPECTATIONS Attention is now turned to the version of the model in which expectations are formed rationally. Expectations and a Small Open Economy with a Flexible Exchange Rate 1980 The Canadian Journal of Economics / Revue canadienne d’Economique David Burton 0.908
This issue is of noteworthy interest in its own as it is commonly assumed in the theoretical modelling literature that the rational expectations hypothesis holds. Inflation expectations in the euro area: are consumers rational? 2010 Review of World Economics / Weltwirtschaftliches Archiv Francisco Dias, Cláudia Duarte, António Rua 0.907
The rational expectations model is formulated. Effects of Government Programs on Rice Acreage Decisions under Rational Expectations: The Case of Taiwan 1992 American Journal of Agricultural Economics C-H Huang 0.906
The Limitations of Rational Expectations. RETHINKING MACROECONOMICS: WHAT FAILED, AND HOW TO REPAIR IT 2011 Journal of the European Economic Association Joseph E. Stiglitz 0.906
In this paper we regard the rational expectations hypothesis as a potentially valuable tool in applied economics, realizing the absolute necessity to distinguish between the rational expectations hypothesis itself and the underlying structure of the model to which that hypothesis is applied. Rational and Non-Rational Expectations of Inflation in Wage Equations for the United Kingdom 1982 Economica Paul Ormerod 0.905
’ In this article we concentrate on the role of the rational expectations hypothesis in the debate. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.905
This paper presents a different perspective on rational expectations and its methodological claims. What’s so Rational about Rational Expectations? Hyperrationality and the Logical Limits to Neoclassicism 1997 Journal of Post Keynesian Economics Steven Shulman 0.904
The rationality of expectations: towards the weak form of rational expectations Attempts at modelling the role of expectations in economic behavior usually consider expectations as a result of a deterministic process, represented by functional relationships between expectations on the one hand and the information which is assumed to underly these expectations on the other. Varieties of Rational Expectations: Their Differences and Relations 1986 Journal of Post Keynesian Economics Jan Snippe 0.902
A second difficulty with this approach emerges from the rational expectations literature. The Unemployment Rate Consequences of Partisan Monetary Policies 1988 Southern Economic Journal Henry W. Chappell, Jr., William R. Keech 0.902
Several authors usually associated with “rational expectations theory” have recognized the validity of some of these, but no reasonably comprehensive discussion has so far been presented of the qualifications that I regard as essential even in a first approximation to reality. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.900
In a general way this describes the overlap between the views usually associated with the label “rational expectations” and views expressed in the present paper and in my earlier writings. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.900

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
The greater part of the paper discusses rational expectations and their implications. Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 0.898
Perhaps the justification for this paper is that both critics and some practitioners of the rational expectations approach seem unaware of these implications. Rational Expectations and Economic Thought 1979 Journal of Economic Literature Brian Kantor 0.894
I7 We now consider alternative formulations of expectations based on a more rational basis1. Inflationary Expectations and “Self-Generating” Inflations 1978 Weltwirtschaftliches Archiv D. A. Peel 0.887
Rational Expectations and the Theory of Economic Policy.”J. Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States 1979 Journal of Political Economy Jacob Grossman 0.885
This paper at times makes assumptions inconsistent with the usual statements of rational expectations. Contract Theory and the Moderation of Inflation by Recession and by Controls 1976 Brookings Papers on Economic Activity Martin Neil Baily , William D. Nordhaus, Christopher A. Sims 0.885
The hypothesis of rational expectations used in this paper follows John Muth’s proposal that expectations are informed predictions of future events based on the available information and the relevant economic theory. An Empirical Inquiry on the Short-Run Dynamics of Output and Prices 1977 The American Economic Review Roque B. Fernandez 0.881
Finally, let me raise the issue of rational expectations. The Inefficiency of Short-Run Monetary Targets for Monetary Policy 1977 Brookings Papers on Economic Activity Benjamin M. Friedman, James Duesenberry , William Poole 0.881
Our objective in this paper is to build on Muth’s basic concept by providing some insight into the processes by which the rational-expectations hypothesis can, in fact, be realized. Rational Expectations and Bayesian Analysis 1974 Journal of Political Economy Richard M. Cyert , Morris H. DeGroot 0.878
We, therefore, suggest the notion of economically rational expectation formation. Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy? 1976 Journal of Political Economy Edgar L. Feige , Douglas K. Pearce 0.874
FOOTNOTES descriptions of the theory of rational expectations can be found in the following articles: “How Expectations Defeat Economic Policy,” Business Week, November 8, 1976, pp.  Inflation Expectations: Recent Causes and Effects 1977 Business Economics John J. Casson 0.873

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
This article will criticize rational expectations models for several different reasons. What Is so Natural about the Natural Rate of Unemployment? 1981 Journal of Economic Issues Robert Cherry 0.917
The first section of this paper presents a broad definition of rational expectations to clarify our understanding of the hypothesis. The Rational Expectations Hypothesis and Economic Analysis 1985 Eastern Economic Journal Robert E. McAuliffe 0.913
The Valid Core of Rationality Hypotheses In the Theory of Expectations INTRODUCTION SECTION 1 DESCRIBES THE BACKGROUND of the debate from which the recent literature on rational expectations has emerged, and section 2 summarizes the salient features of the most ambitious version the “hard-line” version-of the rational-expectations hypothesis. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.911
RATIONAL EXPECTATIONS Attention is now turned to the version of the model in which expectations are formed rationally. Expectations and a Small Open Economy with a Flexible Exchange Rate 1980 The Canadian Journal of Economics / Revue canadienne d’Economique David Burton 0.908
In this paper we regard the rational expectations hypothesis as a potentially valuable tool in applied economics, realizing the absolute necessity to distinguish between the rational expectations hypothesis itself and the underlying structure of the model to which that hypothesis is applied. Rational and Non-Rational Expectations of Inflation in Wage Equations for the United Kingdom 1982 Economica Paul Ormerod 0.905
’ In this article we concentrate on the role of the rational expectations hypothesis in the debate. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.905
The rationality of expectations: towards the weak form of rational expectations Attempts at modelling the role of expectations in economic behavior usually consider expectations as a result of a deterministic process, represented by functional relationships between expectations on the one hand and the information which is assumed to underly these expectations on the other. Varieties of Rational Expectations: Their Differences and Relations 1986 Journal of Post Keynesian Economics Jan Snippe 0.902
A second difficulty with this approach emerges from the rational expectations literature. The Unemployment Rate Consequences of Partisan Monetary Policies 1988 Southern Economic Journal Henry W. Chappell, Jr., William R. Keech 0.902
Several authors usually associated with “rational expectations theory” have recognized the validity of some of these, but no reasonably comprehensive discussion has so far been presented of the qualifications that I regard as essential even in a first approximation to reality. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.900
In a general way this describes the overlap between the views usually associated with the label “rational expectations” and views expressed in the present paper and in my earlier writings. The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 0.900

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
The rational expectations model is formulated. Effects of Government Programs on Rice Acreage Decisions under Rational Expectations: The Case of Taiwan 1992 American Journal of Agricultural Economics C-H Huang 0.906
This paper presents a different perspective on rational expectations and its methodological claims. What’s so Rational about Rational Expectations? Hyperrationality and the Logical Limits to Neoclassicism 1997 Journal of Post Keynesian Economics Steven Shulman 0.904
Given the widespread use of the rational expectations hypothesis, an important empirical issue has become the extent to which expectations of economic variables are consistent with rational expectations. Weak- and Strong-Form Rationality Tests of Market Analysts’ Expectations of USDA “Hogs and Pigs” Reports 1992 Review of Agricultural Economics Phil L. Colling, Scott H. Irwin , Carl R. Zulauf 0.897
Introduction Rational expectations, a cornerstone of modern theories in economics and finance, has come under attack. Habit Formation: A Resolution of the Equity Premium Puzzle 1990 Journal of Political Economy George M. Constantinides 0.894
The alternatives of rational and non-rational expectations are considered. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.892
In this paper, we provide a further test of the rational expectations hypothesis. Testing the Rationality of Price Forecasts: New Evidence from Panel Data 1990 The American Economic Review Michael P. Keane, David E. Runkle 0.892
In recent years expectations have again been at center stage in economics, this time in the forn of rational expectations. Uncertainty, Expectations, and the Future: If We Don’t Know the Answers, What Are the Questions? 1993 Journal of Post Keynesian Economics Thomas I. Palley 0.890
The fact that rational expectations has been seen as so important in much economic literature may then in part be due to the specific contexts in which it has been examined. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.887
An assessment of the validity of the rational-expectations hypothesis relying on such principles-although in the context of the models of the paper, the analysis makes intuitive sense so that it could be reasonably well understood and defended without direct reference to abstract principles-leads to the recognition of two types of cases. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.886
There are at least three alternative ways of viewing rational expectations. Tests of Rational Expectations in a Stark Setting 1993 The Economic Journal Gerald P. Dwyer, Jr., Arlington W. Williams , Raymond C. Battalio , Timothy I. Mason 0.884

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
One question lies at the heart of the discussion: the theoretical and empirical plausibility of the rational-expectations hypothesis. The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 0.911
In my analysis throughout this paper, I have used the now standard assumption that expectations are formed rationally. The Inexorable and Mysterious Tradeoff between Inflation and Unemployment 2001 The Economic Journal N. Gregory Mankiw 0.898
This paper does not reflect upon the relevance of the rational-expectations hypothesis. On Forecasting Heterogeneity, Irrational Exuberance, and the Multiplicity of Rational Expectations Equilibria 2002 Journal of Economics Mark Weder 0.895
In this section we also argue that some of the usual arguments for dismissing the application of rational expectations as a modelling approach in a real world economic model are misguided. MODELLING REALITY: THE NEED FOR BOTH INTER-TEMPORAL OPTIMIZATION AND STICKINESS IN MODELS FOR POLICY-MAKING 2000 Oxford Review of Economic Policy WARWICK J. McKIBBIN, DAVID VINES 0.891
Many models in economics are expressed in terms of rational expectations. Testing for Super-Exogeneity in the Presence of Common Deterministic Shifts 2002 Annales d’Économie et de Statistique Hans-Martin Krolzig, Juan Toro 0.890
We point out several conceptual difficulties of the rational expectations equilibrium concept. Non-Implementation of Rational Expectations as a Perfect Bayesian Equilibrium 2005 Economic Theory Dionysius Glycopantis, Allan Muir , Nicholas C. Yannelis 0.883
This paper focuses on an important empirical literature that exemplifies these problems, a literature testing the idea of rational expectations. Combining the Results of Rationality Studies: What Did We know and When Did We know It? 2001 Indian Economic Review ROBERT S. GOLDFARB, H.O. STEKLER 0.881
Although this agenda seems promising, I want to draw attention to an alternative explanation of the apparent failure of rational expectations models. Why Does Data Reject the Lucas Critique? 2002 Annales d’Économie et de Statistique Roger E. A. Farmer 0.881
This paper takes the viewpoint that Rational Expectations Equilibria have to be explained rather than merely assumed. Short-Run Expectational Coordination: Fixed versus Flexible Wages 2001 The Quarterly Journal of Economics Roger Guesnerie 0.880
In this paper the validity of the rational expectations hypothesis is assessed from the Common Knowledge of Rationality viewpoint, one that will first be illustrated by a partial equilibrium example ’a la Muth. Short-Run Expectational Coordination: Fixed versus Flexible Wages 2001 The Quarterly Journal of Economics Roger Guesnerie 0.880

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
This issue is of noteworthy interest in its own as it is commonly assumed in the theoretical modelling literature that the rational expectations hypothesis holds. Inflation expectations in the euro area: are consumers rational? 2010 Review of World Economics / Weltwirtschaftliches Archiv Francisco Dias, Cláudia Duarte, António Rua 0.907
The Limitations of Rational Expectations. RETHINKING MACROECONOMICS: WHAT FAILED, AND HOW TO REPAIR IT 2011 Journal of the European Economic Association Joseph E. Stiglitz 0.906
Introduction THE important concept contribution of rational to expectations the modeling has of been expectations the most important contribution to the modeling of expectations in the past fifty years. PATTERN-BASED EXPECTATIONS: INTERNATIONAL EXPERIMENTAL EVIDENCE AND APPLICATIONS IN FINANCIAL ECONOMICS 2011 The Review of Economics and Statistics Tobias F. Rötheli 0.897
However, for several decades now, as expectations have become central not only to policy but also to research in economics, the rationality of expectations, as conventionally defined, is often called into question. Friedman’s Presidential Address in the Evolution of Macroeconomic Thought 2018 The Journal of Economic Perspectives N. Gregory Mankiw, Ricardo Reis 0.883
The Credibility of Rational Expectations Assumptions Whether considering income or other expectations, it has been standard practice for economists to assume that decision makers have specified expectations and to suppose that these expectations are “rational” in the sense of being objectively correct conditional on specified information. Survey Measurement of Probabilistic Macroeconomic Expectations 2017 NBER Macroeconomics Annual Charles F. Manski 0.877
In the economic theory of rational expectations, this attainment of the same expectations on the basis of the same information is of course assisted by using relevant economic theory to work out the likely prospects.14 But what if there are differences of view about relevant economic theory? The Capital Asset Pricing Model and the Efficient Markets Hypothesis 2018 International Journal of Political Economy Patrick O’Sullivan 0.876
They aim to present an internal criticism of the rational expectations assumption. Roger Guesnerie: An Hors Catégorie Career 2019 Annals of Economics and Statistics Laurent Linnemer 0.871
INTRODUCTION Under the rational expectations hypothesis, there exists an objective probability law governing the state process, and economic agents know this law which coincides with their subjective beliefs. AMBIGUITY, LEARNING, AND ASSET RETURNS 2012 Econometrica Nengjiu Ju , Jianjun Miao 0.869
Re-examining the rational expectations hypothesis. ASSESSING THE TEMPORAL VARIATION OF MACROECONOMIC FORECASTS BY A PANEL OF CHANGING COMPOSITION 2011 Journal of Applied Econometrics JOSEPH ENGELBERG , CHARLES F. MANSKI, JARED WILLIAMS 0.864
Rational Expectations Hypothesis. RATIONAL CONSUMERS 2016 International Economic Review Kohei Kubota , Mototsugu Fukushige 0.864

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Rational Expectations: A Promising Research Program or a Case of Monetarist Fundamentalism? 1984 Journal of Economic Issues John J. Struthers 56 0.697
THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 44 0.710
A Child’s Guide to Rational Expectations 1982 Journal of Economic Literature Rodney Maddock, Michael Carter 40 0.680
What’s so Rational about Rational Expectations? Hyperrationality and the Logical Limits to Neoclassicism 1997 Journal of Post Keynesian Economics Steven Shulman 37 0.692
Rational Expectations and Economic Thought 1979 Journal of Economic Literature Brian Kantor 35 0.713
The Theory of Rationally Heterogeneous Expectations: Evidence from Survey Data on Inflation Expectations 2004 The Economic Journal William A. Branch 33 0.633
Policy Analysis with Econometric Models 1982 Brookings Papers on Economic Activity Christopher A. Sims, Stephen M. Goldfeld, Jeffrey D. Sachs 29 0.707
Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 26 0.687
The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 25 0.755
Tests of the Rational Expectations Hypothesis 1986 The American Economic Review Michael C. Lovell 25 0.719

Top articles (most sentences) of the cluster for each time window

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Rational Expectations and Economic Thought 1979 Journal of Economic Literature Brian Kantor 35 0.713
Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 26 0.687
Evolutionary Economics, Rational Expectations, and Monetary Policy 1978 Journal of Economic Issues William J. Frazer, Jr. 16 0.708
Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices 1979 Econometrica Roy Radner 16 0.661
An Analysis of a Macro-Econometric Model with Rational Expectations in the Bond and Stock Markets 1979 The American Economic Review Ray C. Fair 13 0.709
Rational Expectations and Bayesian Analysis 1974 Journal of Political Economy Richard M. Cyert , Morris H. DeGroot 11 0.666
Recent Developments in Monetary Theory 1975 The American Economic Review Stanley Fischer 11 0.683
External and Internal Adjustment Costs and the Theory of Aggregate and Firm Investment 1977 Economica Michael Mussa 11 0.687
The Inflation-Unemployment Trade-Off: A Critique of the Literature 1978 Journal of Economic Literature Anthony M. Santomero, John J. Seater 11 0.686
The Possibilities and Limits of Aggregate Demand Management 1978 Eastern Economic Journal Charles L. Schultze 11 0.712
The Credibility Effect and Rational Expectations: Implications of the Gramlich Study 1979 Brookings Papers on Economic Activity William Fellner , Edmund S. Phelps, Robert J. Gordon 11 0.703
A Note on the Rationality of the Livingston Price Expectations 1975 Journal of Political Economy James E. Pesando 10 0.667
Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy? 1976 Journal of Political Economy Edgar L. Feige , Douglas K. Pearce 10 0.725
“Rational” and “Endogenous” Exchange Rate Expectations and Speculative Capital Flows in Germany 1977 Weltwirtschaftliches Archiv Steven W. Kohlhagen 10 0.671
Market Anticipations, Rational Expectations, and Bayesian Analysis 1978 International Economic Review Robert M. Townsend 10 0.683

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Rational Expectations: A Promising Research Program or a Case of Monetarist Fundamentalism? 1984 Journal of Economic Issues John J. Struthers 56 0.697
THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 44 0.710
A Child’s Guide to Rational Expectations 1982 Journal of Economic Literature Rodney Maddock, Michael Carter 40 0.680
Policy Analysis with Econometric Models 1982 Brookings Papers on Economic Activity Christopher A. Sims, Stephen M. Goldfeld, Jeffrey D. Sachs 29 0.707
The Valid Core of Rationality Hypotheses In the Theory of Expectations 1980 Journal of Money, Credit and Banking William Fellner 25 0.755
Tests of the Rational Expectations Hypothesis 1986 The American Economic Review Michael C. Lovell 25 0.719
Varieties of Rational Expectations: Their Differences and Relations 1986 Journal of Post Keynesian Economics Jan Snippe 24 0.714
Keynes, Harrod, and the Rational Expectations Revolution 1985 Journal of Post Keynesian Economics Steven M. Fazzari 23 0.682
Great Expectations: What the Dickens Do “Rational Expectations” Mean? 1980 Journal of Post Keynesian Economics David C. Colander, Robert S. Guthrie 18 0.670
Conceptual Evolution in Economics: The Case of Rational Expectations 1985 Eastern Economic Journal Randall Bausor 18 0.745
Irrational Expectations, Unclearing Markets and a Business Cycle That Won’t Go Away: The Recent School of New Classical Economists Comes a Cropper on Basic Economic Facts 1988 The American Journal of Economics and Sociology Dipendra Sinha 18 0.696
A Review of Recent Work in the Area of Inflationary Expectations 1980 Weltwirtschaftliches Archiv James H. Chan-Lee 17 0.663
Irrationality of “Rational Expectations” 1982 Journal of Post Keynesian Economics Gustavo Maia Gomes 16 0.724
The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 16 0.722
Two Types of Monetarism 1984 Journal of Economic Literature Kevin D. Hoover 16 0.720

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
What’s so Rational about Rational Expectations? Hyperrationality and the Logical Limits to Neoclassicism 1997 Journal of Post Keynesian Economics Steven Shulman 37 0.692
Will the New Keynesian Macroeconomics Resurrect the IS-LM Model? 1993 The Journal of Economic Perspectives Robert G. King 20 0.668
Robert Lucas’s Nobel Memorial Prize 1996 The Scandinavian Journal of Economics Stanley Fischer 19 0.661
A Quick Refresher Course in Macroeconomics 1990 Journal of Economic Literature N. Gregory Mankiw 16 0.667
Testing the Rationality of Price Forecasts: New Evidence from Panel Data 1990 The American Economic Review Michael P. Keane, David E. Runkle 15 0.693
The Genesis of Inflation and the Costs of Disinflation 1991 Journal of Money, Credit and Banking Laurence Ball 15 0.676
Uncertainty, Expectations, and the Future: If We Don’t Know the Answers, What Are the Questions? 1993 Journal of Post Keynesian Economics Thomas I. Palley 15 0.687
EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 14 0.720
Expectation Calculation and Macroeconomic Dynamics 1992 The American Economic Review George W. Evans, Garey Ramey 13 0.677
Asset Markets and the Information Revealed by Prices 1993 Economic Theory H. M. Polemarchakis, P. Siconolfi 13 0.645
Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 13 0.678
On Multiple Equilibria and the Rational Expectations Hypothesis 1996 Economic Theory Jean-Marc Tallon 12 0.628
Rationalizable Expectations and Sunspot Equilibria in an Overlapping-generations Economy 1997 Journal of Economics Frank Heinemann 12 0.685
Alternative Estimates of Fed Beef Supply Response to Risk 1990 American Journal of Agricultural Economics Frances Antonovitz, Richard Green 11 0.667
An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 11 0.684

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
The Theory of Rationally Heterogeneous Expectations: Evidence from Survey Data on Inflation Expectations 2004 The Economic Journal William A. Branch 33 0.633
Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 20 0.678
Modigliani’s Expectations 2004 Eastern Economic Journal James E. Hartley 19 0.639
Beliefs, Doubts and Learning: Valuing Macroeconomic Risk 2007 The American Economic Review Lars Peter Hansen 19 0.677
The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 17 0.670
Expectations and the Effects of Monetary Policy 2003 Journal of Money, Credit and Banking Laurence Ball , Dean Croushore 16 0.654
Measuring Expectations 2004 Econometrica Charles F. Manski 16 0.652
Why Does Data Reject the Lucas Critique? 2002 Annales d’Économie et de Statistique Roger E. A. Farmer 15 0.695
Evolution and Intelligent Design 2008 The American Economic Review Thomas J. Sargent 14 0.668
Forecast Failure, Expectations Formation and the Lucas Critique 2002 Annales d’Économie et de Statistique David F. Hendry 13 0.651
Binary Choice under Social Interactions: An Empirical Study with and without Subjective Data on Expectations 2009 Journal of Applied Econometrics Ji Li , Lung-Fei Lee 13 0.664
ALTERNATIVE VIEWS OF THE MONETARY TRANSMISSION MECHANISM: WHAT DIFFERENCE DO THEY MAKE FOR MONETARY POLICY? 2000 Oxford Review of Economic Policy JOHN B. TAYLOR 11 0.631
Short-Run Expectational Coordination: Fixed versus Flexible Wages 2001 The Quarterly Journal of Economics Roger Guesnerie 11 0.677
Alternative Keynesian and Post Keynesian Perspectives on Uncertainty and Expectations 2001 Journal of Post Keynesian Economics J. Barkley Rosser, Jr. 11 0.677
Money Non-Neutrality in a Rational Belief Equilibrium with Financial Assets 2001 Economic Theory Maurizio Motolese 11 0.640

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
Expectations and Investment 2015 NBER Macroeconomics Annual Nicola Gennaioli, Yueran Ma , Andrei Shleifer 18 0.637
Information, Learning and Expectations in an Experimental Model Economy 2013 Economica Michael W. M. Roos, Wolfgang J. Luhan 17 0.641
The Science of Monetary Policy 2018 Journal of Economic Literature Stefano Eusepi, Bruce Preston 17 0.621
Survey Measurement of Probabilistic Macroeconomic Expectations 2017 NBER Macroeconomics Annual Charles F. Manski 16 0.642
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 14 0.684
Agents as Empirical Macroeconomists: Thomas J. Sargent’s Contribution to Economics 2012 The Scandinavian Journal of Economics Harald Uhlig 14 0.663
Nobel Lecture: Uncertainty Outside and Inside Economic Models 2014 Journal of Political Economy Lars Peter Hansen 14 0.678
Short-Run and Long-Run Effects of Milton Friedman’s Presidential Address 2018 The Journal of Economic Perspectives Robert E. Hall , Thomas J. Sargent 13 0.639
EXPECTATION SHOCKS AND LEARNING AS DRIVERS OF THE BUSINESS CYCLE 2011 The Economic Journal Fabio Milani 12 0.664
Learning and the Yield Curve 2016 Journal of Money, Credit and Banking ARUNIMA SINHA 12 0.643
The Formation of Expectations, Inflation, and the Phillips Curve 2018 Journal of Economic Literature Olivier Coibion , Yuriy Gorodnichenko, Rupal Kamdar 12 0.657
Monetary Policy Analysis When Planning Horizons Are Finite 2018 NBER Macroeconomics Annual Michael Woodford 12 0.682
Natural Expectations and Macroeconomic Fluctuations 2010 The Journal of Economic Perspectives Andreas Fuster, David Laibson , Brock Mendel 11 0.656
Central Bank Communication and Expectations Stabilization 2010 American Economic Journal: Macroeconomics Stefano Eusepi, Bruce Preston 11 0.618
Do We Follow Others when We Should? A Simple Test of Rational Expectations 2010 The American Economic Review Georg Weizsäcker 10 0.674

Closest clusters of the cluster per decade

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1791803
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0204680
72: model, models, modeling, rational_expectations, economic_models -0.0326420
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0597011
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0675396
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0741191
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0833816
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1229992
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1267036
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.1463849
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.2080325
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.2204497

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.3265838
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0424658
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.0593573
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.0727642
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1163194
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1283902
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1489400
87: asset, rational_expectations, investors, rational_investors, traders -0.1557898
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1920606
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.2235875
72: model, models, modeling, rational_expectations, economic_models -0.2321046
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.3005922

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0581702
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0056423
103: voters, voting, voter, rational_voter, public_choice -0.0717760
87: asset, rational_expectations, investors, rational_investors, traders -0.0789699
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0875128
101: players, games, game_theory, player, game -0.1076130
72: model, models, modeling, rational_expectations, economic_models -0.1087517
93: rational_agents, agent’s, representative_agent, agents, agent -0.1317745
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1375591
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1469202
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.2899970

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0070821
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0272780
87: asset, rational_expectations, investors, rational_investors, traders -0.0363905
111: information, private_information, rational_expectations, informational, rational_inattention -0.0417029
72: model, models, modeling, rational_expectations, economic_models -0.0459380
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0461743
103: voters, voting, voter, rational_voter, public_choice -0.0470428
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0641611
101: players, games, game_theory, player, game -0.0979529
93: rational_agents, agent’s, representative_agent, agents, agent -0.1095276
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1422013
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1447863

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0519296
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0034183
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0264656
72: model, models, modeling, rational_expectations, economic_models -0.0273739
87: asset, rational_expectations, investors, rational_investors, traders -0.0343796
111: information, private_information, rational_expectations, informational, rational_inattention -0.0657809
103: voters, voting, voter, rational_voter, public_choice -0.0755589
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0846697
101: players, games, game_theory, player, game -0.0857780
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0893489
93: rational_agents, agent’s, representative_agent, agents, agent -0.1341213
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1345373

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9059602
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9056024
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.8957256
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.8545350
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.5973626
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2571724
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.2018020
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1791803
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1702494
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1253545
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1223014
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.1015417
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0945195
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0863721
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0804294

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.8545350
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.8021126
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.7823113
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.7794381
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.3265838
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1888272
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1061599
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1035690
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.0886105
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0754427
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0733469
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0681550
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0667644
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0658705
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0594143

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9715728
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9457652
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.8957256
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.7794381
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.7268553
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.3494601
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1993793
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1033995
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0823487
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0733418
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0723588
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0628885
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0621432
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0581702
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0575881

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9783806
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9715728
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9056024
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.7823113
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.6713554
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.3287798
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1705239
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1597878
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1058791
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0988132
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0889229
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0840508
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0756876
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0600513
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0535200

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9783806
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9457652
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.9059602
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.8021126
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.6061686
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.2994837
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1757875
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1202277
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1165995
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.1140238
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0803446
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0675357
1940-1949 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0574418
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0558992
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0519296

Intertemporal cluster 72: model, models, modeling, rational_expectations, economic_models

The cluster gathers 7584 sentences from our corpus. It represents 4.68% of all the sentences selected over the whole period.

The community exists from 1970 to 2019.

The most recurring authors are George A. Akerlof (39 sentences), Matthew Rabin (38 sentences), Ray C. Fair (31 sentences), Andrew Postlewaite (29 sentences), Larry Samuelson (29 sentences), Christopher A. Sims (27 sentences), Thomas J. Sargent (27 sentences), Botond Kőszegi (24 sentences), Joseph E. Stiglitz (24 sentences), David Schmeidler (23 sentences).

The most recurring journals are The American Economic Review (682 sentences), The Economic Journal (324 sentences), The Review of Economic Studies (316 sentences), Econometrica (297 sentences), Journal of Political Economy (283 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
model 0.0076294
models 0.0050054
modeling 0.0013971
rational_expectations 0.0013940
economic_models 0.0010615
behavioral 0.0007731
expectations 0.0007611
empirical_implications 0.0007195
model’s 0.0007123
predictions 0.0006917
neoclassical_model 0.0006777
empirical 0.0006417
economic_model 0.0006205
basic_model 0.0005522
modelling 0.0005494
outcomes 0.0005358
simple_model 0.0005329
neoclassical 0.0005241
macroeconomic 0.0004802
model_economy 0.0004774

Top TF-IDF terms describing the community for each time window

Top terms 1970-1979

Token TF-IDF
model 0.0097619
models 0.0046106
neoclassical_model 0.0019644
monetarist 0.0013611
economic_models 0.0011863
rational_expectations 0.0011579
econometric_model 0.0011256
neoclassical_models 0.0011236
neoclassical 0.0010302
econometric_models 0.0010232
model_building 0.0009874
economic_model 0.0009511
econometric 0.0009186
real_output 0.0008777
model_developed 0.0007680

Top terms 1980-1989

Token TF-IDF
model 0.0091038
models 0.0048234
rational_expectations 0.0023385
economic_models 0.0012064
macroeconomic 0.0010725
expectations 0.0010618
model_building 0.0009157
economic_model 0.0008468
model’s 0.0008453
modeling 0.0008333
alternative_models 0.0007450
rational_models 0.0007287
agents 0.0007090
neoclassical_model 0.0006246
keynesian_model 0.0006214

Top terms 1990-1999

Token TF-IDF
model 0.0095489
models 0.0046176
basic_neoclassical 0.0019018
rational_expectations 0.0017466
neoclassical_model 0.0016403
economic_models 0.0012727
modeling 0.0012001
empirical_implications 0.0008828
walrasian_model 0.0008481
economic_model 0.0008393
simple_model 0.0008278
rational_actor 0.0008103
modelling 0.0008101
expectations 0.0007454
neoclassical 0.0007162

Top terms 2000-2009

Token TF-IDF
model 0.0104093
models 0.0047904
modeling 0.0016510
basic_model 0.0015065
standard_model 0.0012075
economic_models 0.0012026
empirical_implications 0.0011591
rational_expectations 0.0010842
extensions 0.0008647
model’s 0.0008506
bounded 0.0008209
behavioral 0.0007686
predictions 0.0007399
economic_model 0.0007382
rational_actor 0.0007370

Top terms 2010-2019

Token TF-IDF
model 0.0108473
models 0.0041673
dsge 0.0017287
modeling 0.0016610
model’s 0.0015839
empirical_implications 0.0014082
predictions 0.0012806
model’s 0.0011422
behavioral 0.0011341
dsge_models 0.0010559
rational_expectations 0.0010448
empirical 0.0009681
behavioral_model 0.0009405
boundedly 0.0009234
economic_models 0.0009228

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
In recent years there has been increasing interest in models in which economic actors are assumed to form expectations of variables rationally. Testing the Rational Expectations Hypothesis in an Agricultural Market 1982 The Review of Economics and Statistics Thomas H. Goodwin , Steven M. Sheffrin 0.826
In the RE models economic agents are assumed to be rational in the sense that they know the model and use all the available information in the system in forming their expectations, but they are at the same time irrational in the sense that their decisions are not derived from the assumption of maximizing behavior. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.817
Critics of the behavioral model presented here may argue that the comparison between the rational and the behavioral model is unfair for the rational model. The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 0.810
The “rational behavior” assumption in economic 1 21.8 .946 2.034 model building is generally reflective of human behavior. Economists’ Perceptions of Their Own Research: A Survey of the Profession 1997 The American Journal of Economics and Sociology William L. Davis 0.804
INTRODUCTION IT IS NO LONGER NOVEL to suggest that standard economic models make overly strong rationality assumptions.2 Unfortunately, taking account of this criticism is no easy task. How to Decide How to Decide How to…: Modeling Limited Rationality 1991 Econometrica Barton L. Lipman 0.803
The expectations reflected by our model Leuthold and Hartmann Reply 587 are considered rational since they depend on the same things as suggested by economic theory and incorporate available information. A Semi-Strong Form Evaluation of the Efficiency of the Hog Futures Market: Reply 1980 American Journal of Agricultural Economics Raymond M. Leuthold, Peter A. Hartmann 0.799
The standard model is periodically questioned by empirical observa tion, inducing researchers to seek bounded rationality models that explain the empirical puzzle. An Empirical Investigation into the Excessive-Choice Effect 2009 American Journal of Agricultural Economics Bharath Arunachalam, Shida R. Henneberry, Jayson L. Lusk , F. Bailey Norwood 0.794
Alternative models with bounded rationality So far we have adopted Nash equilibrium behaviour as the leading benchmark to explain the data. The Swing Voter’s Curse in the Laboratory 2010 The Review of Economic Studies MARCO BATTAGLINI , REBECCA B. MORTON, THOMAS R. PALFREY 0.790
The reader by now will have understood that optimizing, rationalexpectations models do not entirely eliminate the need for side assumptions not grounded in economic theory. Estimation of Dynamic Labor Demand Schedules under Rational Expectations 1978 Journal of Political Economy Thomas J. Sargent 0.787
The rational solution of our model, which is based on the assumption of individual rationality and rational expectations, is compared with actual behavior in a laboratory experiment. The Great Capitol Hill Baby Sitting Co-op: Anecdote or Evidence for the Optimum Quantity of Money? 2007 Journal of Money, Credit and Banking Thorsten Hens , Klaus Reiner Schenk-Hoppé, Bodo Vogt 0.786
Because this model does not assume any higher-level reflection about the rationality or best response of the opponent, it provides a contrasting benchmark to a model of full, commonly known rationality. Revealed reputations in the finitely repeated prisoners’ dilemma 2015 Economic Theory Caleb A. Cox , Matthew T. Jones, Kevin E. Pflum , Paul J. Healy 0.784
Summary Economic models assume that individuals behave rationally. Anomalies and Institutions 1989 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Bruno S. Frey , Reiner Eichenberger 0.779
FURTHER OBSERVATIONS ON THE RATIONALITY ASSUMPTION In addition to the limitations mentioned above, however, there are two theoretical limitations of the L-G model that may partially explain the empirical results of the previous section. An Empirical Test of the Larson-Gonedes Exchange Ratio Determination Model 1977 The Journal of Finance Robert L. Conn , James F. Nieisen 0.777
In these models, a much looser sense of rationality is appropriate, and the bounded rationality that is assumed needs to be justified by a combination of introspection, empirical evidence, and behavioral economics work. Post Walrasian Macroeconomics and Heterodoxy: Thinking outside the Heterodox Box 2003 International Journal of Political Economy David Colander 0.777
Also, we confront the implication of recent “rational” models with more traditional approaches. Political Cycles in OECD Economies 1992 The Review of Economic Studies Alberto Alesina, Nouriel Roubini 0.776
It could be argued that our model even satisfies this stronger definition of rationality if it is a reduced form of a more complex model, in which individuals are acting to protect themselves against possible mis-specifications of the model. Ambiguity in Partnerships 2004 The Economic Journal David Kelsey , Willy Spanjers 0.776
Though the rational choice model in its simplest form leads to the prediction that “do” will be the dominant strategy, the evidence is strong that societies often manage to avoid such “destructive rationality. Unpreferred Preferences: Unavoidable or a Failure of the Market? 2001 Eastern Economic Journal David George 0.776
Despite the fact that such models represent an innovative approach to the relaxation of unbounded rationality assumptions, they suffer from two major shortcomings. Behavioural Heterogeneity Under Evolutionary Pressure: Macroeconomic Implications of Costly Optimisation 1995 The Economic Journal Rajiv Sethi , Reiner Franke 0.775
For presentational simplicity, we refer to this benchmark as the rational-actor model, but we emphasize that this standard model assumes both rationality and zero cognition costs. A Boundedly Rational Decision Algorithm 2000 The American Economic Review Xavier Gabaix, David Laibson 0.775
This branch of economics research has raised important questions about the rationality of individual behavior and has inspired a variety of theoretical alternatives to standard models. An Old Measure of Decision-Making Quality Sheds New Light on Paternalism 2013 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Shachar Kariv, Dan Silverman 0.775
1 1 Critics of the heuristic model presented here may argue that the comparison between the rational and the heuristic model is unfair for the rational model. Animal spirits and monetary policy 2011 Economic Theory Paul De Grauwe 0.775

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
In the RE models economic agents are assumed to be rational in the sense that they know the model and use all the available information in the system in forming their expectations, but they are at the same time irrational in the sense that their decisions are not derived from the assumption of maximizing behavior. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.817
The reader by now will have understood that optimizing, rationalexpectations models do not entirely eliminate the need for side assumptions not grounded in economic theory. Estimation of Dynamic Labor Demand Schedules under Rational Expectations 1978 Journal of Political Economy Thomas J. Sargent 0.787
FURTHER OBSERVATIONS ON THE RATIONALITY ASSUMPTION In addition to the limitations mentioned above, however, there are two theoretical limitations of the L-G model that may partially explain the empirical results of the previous section. An Empirical Test of the Larson-Gonedes Exchange Ratio Determination Model 1977 The Journal of Finance Robert L. Conn , James F. Nieisen 0.777
Davis and North do not generalize from the facts of experience; rather, they attempt to construct a model based on assumptions about how economic agents would behave if they acted rationally in their self-interest. The Methodological Basis of Institutional Economics: Pattern Model, Storytelling, and Holism 1978 Journal of Economic Issues Charles K. Wilber , Robert S. Harrison 0.774
The general theme of this section has been to issue a warning that rational-expectations, optimizing models will not be able to save us entirely from the ad hoc assumptions and interpretations made in applied work. Estimation of Dynamic Labor Demand Schedules under Rational Expectations 1978 Journal of Political Economy Thomas J. Sargent 0.768
It is no wonder that, when we seek to explain with economic models very specific behavior, economists tend to raise the ire of people who view non-rational, non-determinant forms of behavior as dominant in human experience. The Non-Rational Domain and the Limits of Economic Analysis 1979 Southern Economic Journal Richard B. McKenzie 0.764
Only one class of models is considered here, and the criticism of the models in this class does not necessarily apply to rational expectations models that are not in this class.4 2. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.763
The working hypothesis of this essay is the latter: These economic or, as they are sometimes called, rational choice models are not and perhaps cannot be sufficiently restrictive to qualify as explanations of prevailing rule structures. On the Explanation of Rules Using Rational Choice Models 1979 Journal of Economic Issues Alexander James Field 0.757
When rationality with respect to overall behavior is introduced into a model with rational expectations, the key property of the RE models regarding the ineffectiveness of anticipated government actions on real output is reversed. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.756
For instance, the model in this paper explains inconsistency while assuming that consumers are rational. The Allocation of Time: An Extension 1979 Journal of Post Keynesian Economics Michael Masoner 0.741
The RE models thus have the odd characteristic that the economic agents in the models are rational with respect to their expectations but not rational with respect to their overall behavior. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.741
RAY C. FAIR* A Criticism of One Class of Macroeconomic Models with Rational Expectations 1. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.736

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
In recent years there has been increasing interest in models in which economic actors are assumed to form expectations of variables rationally. Testing the Rational Expectations Hypothesis in an Agricultural Market 1982 The Review of Economics and Statistics Thomas H. Goodwin , Steven M. Sheffrin 0.826
The expectations reflected by our model Leuthold and Hartmann Reply 587 are considered rational since they depend on the same things as suggested by economic theory and incorporate available information. A Semi-Strong Form Evaluation of the Efficiency of the Hog Futures Market: Reply 1980 American Journal of Agricultural Economics Raymond M. Leuthold, Peter A. Hartmann 0.799
Summary Economic models assume that individuals behave rationally. Anomalies and Institutions 1989 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Bruno S. Frey , Reiner Eichenberger 0.779
But our model brings out the cases where they are acLtually consistenit with econiomic rationality. Wage Profiles, Layoffs and Specific Training 1983 International Economic Review Isao Ohashi 0.771
To give the model some content, we will also make the following minimal rationality assumption for a single agent, which is even weaker than assuming a competitive or rational expectations equilibrium. Tax Clienteless and Asset Pricing 1986 The Journal of Finance Philip H. Dybvig, Stephen A. Ross 0.770
Our notion of rational expectations equilibrium requires that the agents hold simplified models and that these models are the simplified models which best fit the data that is generated. Rational Expectations Equilibrium with Econometric Models 1985 The Review of Economic Studies Robert M. Anderson, Hugo Sonnenschein 0.768
Contending that a rational model contains agents whose expectations correspond to the model’s predictions, and moreover, that those agents have the “true” model of the system asserts considerable confidence in the veracity of one’s own theory. Conceptual Evolution in Economics: The Case of Rational Expectations 1985 Eastern Economic Journal Randall Bausor 0.767
The model of Section II illustrates that it is possible that the policy-ineffectiveness results of the rational expectations model will not hold true when more realistic market structures are analyzed. Underemployment Equilibrium with Rational Expectations 1982 The Quarterly Journal of Economics Geoffrey Woglom 0.760
In models of this class, expectations of monetary policy are often assumed to be rational. Rational Expectations of Government Policy: An Application of Newcomb’s Problem 1982 Southern Economic Journal Roman Frydman , Gerald P. O’Driscoll, Jr., Andrew Schotter 0.755
In the present section I will discuss how a QR model arises from certain behavioral assumptions regarding economic decision makers. Qualitative Response Models: A Survey 1981 Journal of Economic Literature Takeshi Amemiya 0.748
These physical and biological models can be contrasted with economic models based on the assumption that agents are rational, in that they make purposeful decisions with well-defined objectives. Incorporating Social Costs in the Returns to Agricultural Research 1989 American Journal of Agricultural Economics Susan M. Capalbo, John M. Antle 0.748
Rational models have explained a wide range of economic phenomena. Crash-Testing the Efficient Market Hypothesis 1988 NBER Macroeconomics Annual Kenneth R. French 0.747

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
The “rational behavior” assumption in economic 1 21.8 .946 2.034 model building is generally reflective of human behavior. Economists’ Perceptions of Their Own Research: A Survey of the Profession 1997 The American Journal of Economics and Sociology William L. Davis 0.804
INTRODUCTION IT IS NO LONGER NOVEL to suggest that standard economic models make overly strong rationality assumptions.2 Unfortunately, taking account of this criticism is no easy task. How to Decide How to Decide How to…: Modeling Limited Rationality 1991 Econometrica Barton L. Lipman 0.803
Also, we confront the implication of recent “rational” models with more traditional approaches. Political Cycles in OECD Economies 1992 The Review of Economic Studies Alberto Alesina, Nouriel Roubini 0.776
Despite the fact that such models represent an innovative approach to the relaxation of unbounded rationality assumptions, they suffer from two major shortcomings. Behavioural Heterogeneity Under Evolutionary Pressure: Macroeconomic Implications of Costly Optimisation 1995 The Economic Journal Rajiv Sethi , Reiner Franke 0.775
As a self-selection model the rationality constraint also has a new interpretation. Do Firms Diversify Because Managers Shirk? A Reinterpretation of the Principal-Agent Model of Diversification 1997 Review of Industrial Organization DAVID C. ROSE 0.773
It is often argued that if the predictions of an economic model based on rational behaviour are not falsified by real life data, then the model in question may be useful in obtaining some understanding of the real economic world and in the formulation of policy. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.773
For this reason we specify a more general model, the GCM, in which the rationality assumption is left out, allowing us to test the implications of that assumption. Testing the Canonical Model of Exchange Rates with Unobservable Fundamentals 1997 International Economic Review Javier Gardeazabal, Marta Regúlez , Jesús Vázquez 0.765
More modern versions of this model accommodate rational behavior by potential entrants. Pricing and Performance in Monopoly Airline Markets 1994 The Journal of Law & Economics Margaret A. Peteraf, Randal Reed 0.763
The Model The model is based on a framework familiar in the rational expectations literature. Trading Mechanisms in Securities Markets 1992 The Journal of Finance Ananth Madhavan 0.763
Kuran, “Now out of Never,” text presented at the Rational Model Workshop, Department of Economics, University of Chicago, 13 October 1991. The Quest for Ownership: Why It Was so Easy to Break Communism, and Why It Is so Difficult to Find Social Consensus: A Response to the “Surprise Literature” 1994 Eastern European Economics S. Ryszard Domański 0.757
6Such models reflect a rational expectations view of Keynes’ famous “beauty contest” metaphor, that successful investors must base their investments on their expectations of others’ expectations of value, rather than solely on their own estimates of value. Market Liquidity, Hedging, and Crashes 1990 The American Economic Review Gerard Gennotte, Hayne Leland 0.747
The main purpose of the paper is the second one: within the context of the model, I show that the infinite regress problem, properly interpreted, does not mean that modeling limited rationality by the choice of optimal decision procedures is doomed. How to Decide How to Decide How to…: Modeling Limited Rationality 1991 Econometrica Barton L. Lipman 0.747

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
The standard model is periodically questioned by empirical observa tion, inducing researchers to seek bounded rationality models that explain the empirical puzzle. An Empirical Investigation into the Excessive-Choice Effect 2009 American Journal of Agricultural Economics Bharath Arunachalam, Shida R. Henneberry, Jayson L. Lusk , F. Bailey Norwood 0.794
The rational solution of our model, which is based on the assumption of individual rationality and rational expectations, is compared with actual behavior in a laboratory experiment. The Great Capitol Hill Baby Sitting Co-op: Anecdote or Evidence for the Optimum Quantity of Money? 2007 Journal of Money, Credit and Banking Thorsten Hens , Klaus Reiner Schenk-Hoppé, Bodo Vogt 0.786
In these models, a much looser sense of rationality is appropriate, and the bounded rationality that is assumed needs to be justified by a combination of introspection, empirical evidence, and behavioral economics work. Post Walrasian Macroeconomics and Heterodoxy: Thinking outside the Heterodox Box 2003 International Journal of Political Economy David Colander 0.777
It could be argued that our model even satisfies this stronger definition of rationality if it is a reduced form of a more complex model, in which individuals are acting to protect themselves against possible mis-specifications of the model. Ambiguity in Partnerships 2004 The Economic Journal David Kelsey , Willy Spanjers 0.776
Though the rational choice model in its simplest form leads to the prediction that “do” will be the dominant strategy, the evidence is strong that societies often manage to avoid such “destructive rationality. Unpreferred Preferences: Unavoidable or a Failure of the Market? 2001 Eastern Economic Journal David George 0.776
For presentational simplicity, we refer to this benchmark as the rational-actor model, but we emphasize that this standard model assumes both rationality and zero cognition costs. A Boundedly Rational Decision Algorithm 2000 The American Economic Review Xavier Gabaix, David Laibson 0.775
Variations on the Theme Changing Some of the Rationality Assumptions The realism of some of the assumptions of the model can be questioned, for instance, that savers do not act with the rationality I have assumed. Demographic Effects on Personal Saving in the Future 2003 Southern Economic Journal Frederic L. Pryor 0.763
In line with the “rationalizability” principles, iterated consequences of the CK assumption are derived and exploited in order to determine predictions of economic agents8 that, hence, are “anchored in CK.” Anchoring Economic Predictions in Common Knowledge 2002 Econometrica R. Guesnerie 0.761
A question arises as to how robust are the conclusions reached by standard models to slight deviations from the full rationality assumption. Fault Tolerant Implementation 2002 The Review of Economic Studies Kfir Eliaz 0.756
There are some common predictions from any rational choice model allowing for negatively interde pendent behavior. Are People Willing to Pay to Reduce Others’ Incomes? 2001 Annales d’Économie et de Statistique Daniel John Zizzo, Andrew J. Oswald 0.755
Since many economists are skeptical of the rationality assumptions used in structural modeling, we also estimate two models in which bidders are not perfectly rational. Are Structural Estimates of Auction Models Reasonable? Evidence from Experimental Data 2005 Journal of Political Economy Patrick Bajari, Ali Hortaçsu 0.755
The Rational Actor Model also relates to controversy surrounding discounting the future. The approach of ecological economics 2005 Cambridge Journal of Economics John Gowdy , Jon D. Erickson 0.754
But the rationality model continues to provide the basic framework even for these models, in which the agents are “fully rational, except for …” some particular deviation that explains a family of anomalies. A Psychological Perspective on Economics 2003 The American Economic Review Daniel Kahneman 0.754

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Critics of the behavioral model presented here may argue that the comparison between the rational and the behavioral model is unfair for the rational model. The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 0.810
Alternative models with bounded rationality So far we have adopted Nash equilibrium behaviour as the leading benchmark to explain the data. The Swing Voter’s Curse in the Laboratory 2010 The Review of Economic Studies MARCO BATTAGLINI , REBECCA B. MORTON, THOMAS R. PALFREY 0.790
Because this model does not assume any higher-level reflection about the rationality or best response of the opponent, it provides a contrasting benchmark to a model of full, commonly known rationality. Revealed reputations in the finitely repeated prisoners’ dilemma 2015 Economic Theory Caleb A. Cox , Matthew T. Jones, Kevin E. Pflum , Paul J. Healy 0.784
This branch of economics research has raised important questions about the rationality of individual behavior and has inspired a variety of theoretical alternatives to standard models. An Old Measure of Decision-Making Quality Sheds New Light on Paternalism 2013 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Shachar Kariv, Dan Silverman 0.775
1 1 Critics of the heuristic model presented here may argue that the comparison between the rational and the heuristic model is unfair for the rational model. Animal spirits and monetary policy 2011 Economic Theory Paul De Grauwe 0.775
We observe one major difference in the trade-offs of the behavioral and the rational models. The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 0.772
If we are to argue that our models must be based on individuals who are «rational» then we have to specify the links between preferences, expectations and choices. THE COMPLEX NATURE OF ECONOMIC LIBERALISM 2016 History of Economic Ideas Alan Kirman 0.767
It is possible to explain all these deviation from the prediction of the models with simple notions consistent with the behaviour of a self-interested rational utility maximiser. Experimental Economics, Game Theory and Das Adam Smith Problem 2016 Eastern Economic Journal Amos Witztum 0.766
Two models are consistent with rational choice. Student Loan Nudges 2019 American Economic Journal: Economic Policy Benjamin M. Marx, Lesley J. Turner 0.765
Here, we attempt to differentiate between five explanations offered by the literature; the first three are consistent with rational models, and the latter two with behavioral models. Why Do Defaults Affect Behavior? Experimental Evidence from Afghanistan 2018 The American Economic Review Joshua Blumenstock, Michael Callen , Tarek Ghani 0.760
Although Propositions 1 and 2 are of some independent interest, their primary usefulness in this paper lies with their establishing the precise connections between the two benchmark models of rational choice and the behavioral model that is developed below. Partially dominant choice 2016 Economic Theory Georgios Gerasimou 0.760
Comment: Models with Conventionally Rational Consumers. Competitive Framing 2014 American Economic Journal: Microeconomics Ran Spiegler 0.756

Closest sentences from the cluster’s centroid

Among the 250 closest sentences to the cluster’s centroid, 5.2% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
For instance, the model in this paper explains inconsistency while assuming that consumers are rational. The Allocation of Time: An Extension 1979 Journal of Post Keynesian Economics Michael Masoner 0.833
It is often argued that if the predictions of an economic model based on rational behaviour are not falsified by real life data, then the model in question may be useful in obtaining some understanding of the real economic world and in the formulation of policy. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.820
This branch of economics research has raised important questions about the rationality of individual behavior and has inspired a variety of theoretical alternatives to standard models. An Old Measure of Decision-Making Quality Sheds New Light on Paternalism 2013 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Shachar Kariv, Dan Silverman 0.819
Section II provides the rationale behind some assumptions made in the formalization of the model and discusses some interesting properties of the economy thus far depicted. MONOPOLISTIC COMPETITION, DIFFERENTIATED PRODUCTS AND PERIPHERAL DEVELOPMENT 1986 Giornale degli Economisti e Annali di Economia Tito Boeri 0.810
The debates about monetarism, supply side economics, and rational expectations eventually have impacts on model structure. Money in the Wharton Quarterly Model 1983 Journal of Money, Credit and Banking Lawrence R. Klein, Edward Friedman , Stephen Able 0.810
Only one class of models is considered here, and the criticism of the models in this class does not necessarily apply to rational expectations models that are not in this class.4 2. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.809
In recent years there has been increasing interest in models in which economic actors are assumed to form expectations of variables rationally. Testing the Rational Expectations Hypothesis in an Agricultural Market 1982 The Review of Economics and Statistics Thomas H. Goodwin , Steven M. Sheffrin 0.801
The reader by now will have understood that optimizing, rationalexpectations models do not entirely eliminate the need for side assumptions not grounded in economic theory. Estimation of Dynamic Labor Demand Schedules under Rational Expectations 1978 Journal of Political Economy Thomas J. Sargent 0.796
The Model The model is based on a framework familiar in the rational expectations literature. Trading Mechanisms in Securities Markets 1992 The Journal of Finance Ananth Madhavan 0.795
Our analysis provides a choice-theoretic rationale for such models and shows how prices enter the picture. Keynesian and Classical Unemployment in an Open Economy 1980 The Scandinavian Journal of Economics Erling Steigum, Jr. 0.791
FURTHER OBSERVATIONS ON THE RATIONALITY ASSUMPTION In addition to the limitations mentioned above, however, there are two theoretical limitations of the L-G model that may partially explain the empirical results of the previous section. An Empirical Test of the Larson-Gonedes Exchange Ratio Determination Model 1977 The Journal of Finance Robert L. Conn , James F. Nieisen 0.788
The Model and its Rationale A. The Productivity of Foreign Resource Inflow to the Soviet Economy 1979 The American Economic Review Padma Desai 0.783
The models discussed in the literature include extrapolative, adaptive, and rational hypotheses associated with Goodwin, Cagan, Koyck and Nerlove, and Muth, respectively. Econometric Models of the Agricultural Sector 1975 American Journal of Agricultural Economics Gordon A. King 0.780

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
SOME EXTENSIONS In this section we discuss more fully the justification for some of the key assumptions of our model and the potential implications of dropping them. On Optimal Legal Standards for Competition Policy: A General Welfare-Based Analysis 2009 The Journal of Industrial Economics Yannis Katsoulacos, David Ulph 0.856
In this Section we confront some implications of our model with some of the empirical findings in the literature. Strategic Complementarities and the Twin Crises 2005 The Economic Journal Itay Goldstein 0.855
The rest of the paper explores the implications of the model. The productivity cost of sovereign default: evidence from the European debt crisis 2017 Economic Theory Jorge Alonso-Ortiz , Esteban Colla , José-María Da-Rocha 0.853
Finally, I discuss the potential importance of the model for a few economic questions. Utility from anticipation and personal equilibrium 2010 Economic Theory Botond Kőszegi 0.849
we discuss the implications of the model. Why Are Rich Countries More Politically Cohesive? 2013 The Scandinavian Journal of Economics Carl-Johan Dalgaard, Ola Olsson 0.849
We now discuss possible ways to examine empirically some of our model’s implications and relate several of them to available evidence. COMPETITION AND MANAGERIAL INCENTIVES: BOARD INDEPENDENCE, INFORMATION AND PREDATION 2012 The Journal of Industrial Economics George Kanatas, Jianping Qi 0.848
Only in this way is it possible for the formal structure-the mathematics-not to overshadow the contents-the economics-and to raise again the initial specifications or the role of the model when the results are apparently contradictory to the starting hypotheses or when the model reveals such a high variablity in behavior.” Reply to González-Calvet and Sánchez-Chóliz 1994 Journal of Post Keynesian Economics Marc Jarsulic 0.846
Extensions In this section, I consider some implications of the model and also show that the basic insights are robust to other modeling assumptions. The Tenuous Trade‐off between Risk and Incentives 2002 Journal of Political Economy Canice Prendergast 0.843
We discuss the critical assumptions, present an alternative interpretation of the model, and suggest extensions to the analysis. Pareto Inferior Trade 1984 The Review of Economic Studies David M. G. Newbery, Joseph E. Stiglitz 0.841
In an attempt to create a benchmark for future works, the two authors associate to practically each step of the model a theoretical explanation that places their modelling choices in the wider theoretical economic debate. Post-Keynesian stock-flow-consistent modelling: a survey 2015 Cambridge Journal of Economics Eugenio Caverzasi, Antoine Godin 0.841
This paper has characterized the set of models in which this concern is justified. On Payoff Heterogeneity in Games with Strategic Complementarities 2004 Oxford Economic Papers Antonio Ciccone, James Costain 0.840
Model Implications In this section we analyze several implications of the model. Competition among Sellers in Securities Auctions 2011 The American Economic Review Alexander S. Gorbenko, Andrey Malenko 0.840
we discuss the implications of our model. The Maturity Rat Race 2013 The Journal of Finance MARKUS K. BRUNNERMEIER, MARTIN OEHMKE 0.839
The model has an interesting economic interpretation. Incorporating Risk in Production Analysis 1983 American Journal of Agricultural Economics John M. Antle 0.838
We attempt to extract some basic insights which are useful to economic models. Urban Spatial Structure 1998 Journal of Economic Literature Alex Anas , Richard Arnott , Kenneth A. Small 0.838

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
In Section III we show how various specific models can be derived from this framework, and we summarize the major qualitative implications of a number of them, as set forth in the appendix. A Framework for Analysis in International Macroeconomics 1977 Weltwirtschaftliches Archiv Alan V. Deardorff 0.834
For instance, the model in this paper explains inconsistency while assuming that consumers are rational. The Allocation of Time: An Extension 1979 Journal of Post Keynesian Economics Michael Masoner 0.833
There is a whole host of economic models prepared today, and in such a variety, that it would seem expedient to determine the nature of our models within this spectrum. FORECASTING WITH ECONOMETRIC MODELS: EXPERIENCES AND PROBLEMS 1972 Acta Oeconomica L. Halabuk 0.831
In this author’s view, there is nothing to suggest that such an outcome is inadmissable; it is perfectly possible that, in a particular case, economists are not possessed of the true model. Specification and Testing in Applied Demand Analysis 1978 The Economic Journal Angus Deaton 0.823
This exercise is useful for helping economists to understand the implications of the models in existence. Theory of the Firm: Past, Present, and Future; An Interpretation 1972 Journal of Economic Literature Richard M. Cyert , Charles L. Hedrick 0.821
I briefly consider some of the implications of the model. A Partial Survey of Recent Research on The Labor Supply of Women 1978 The American Economic Review James J. Heckman 0.819
We develop such a model and discuss its implications. City and Suburb: The Anatomy of Fiscal Dilemma 1975 Land Economics Richard Dusansky , Lawrence P. Nordell 0.817
There is a growing body of literature related to this issue, but it is beyond the scope of the present paper to place the model into this perspective. Environmental Management in General Equilibrium: A new Incentive Compatible Approach 1979 International Economic Review Rüdiger Pethig 0.817
This epistemological issue is, of course, familiar to economists, and we certainly do not mean to deny that models such as the one presented here can be of substantial value for many kinds of important policy decisions. The Plea Bargain in Theory: A Behavioral Model of the Negotiated Guilty Plea 1978 Southern Economic Journal Richard P. Adelstein 0.812
The paper also examines whether the predictions generated by a model of this type are broadly consistent with what is actually observed. Inheritance and the Distribution of Wealth 1979 Economica D. L. Bevan 0.810

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
We discuss the critical assumptions, present an alternative interpretation of the model, and suggest extensions to the analysis. Pareto Inferior Trade 1984 The Review of Economic Studies David M. G. Newbery, Joseph E. Stiglitz 0.841
The model has an interesting economic interpretation. Incorporating Risk in Production Analysis 1983 American Journal of Agricultural Economics John M. Antle 0.838
3 We abstract from the very difficult question of what constitutes a true model and concentrate on the relevant empirical notion of an appropriate model as defined herein. How Reliable are Simple, Single Equation Specifications of Import Demand? 1984 The Review of Economics and Statistics Jerry Thursby, Marie Thursby 0.832
“The prevailing methodological mood is not only highly protective of received economic theory, it is also ultrapermissive within the limits of the ‘rules of the game’: almost any model will do provided it is rigorously formulated, elegantly constructed, and promising of potential relevance of real-world situations. The Methodological Resolution of the Cambridge Controversies 1984 Journal of Post Keynesian Economics Avi J. Cohen 0.826
This paper also studies the behavior and the economics of the model. Term Structure Movements and Pricing Interest Rate Contingent Claims 1986 The Journal of Finance Thomas S. Y. Ho, Sang-Bin Lee 0.824
In terms of the model with which this article began, several conclusions seem to follow. Britain, the Cape Colony, and Natal, 1870-1914: Capital, Shipping, and the Imperial Connexion 1981 The Economic History Review Andrew Porter 0.822
This type of model applies to economic situations. A Theory of Credibility 1985 The Review of Economic Studies Joel Sobel 0.820
In the next section we briefly outline our empirical context, and propose alternative model structures. Sequential and Full Information Maximum Likelihood Estimation of a Nested Logit Model 1986 The Review of Economics and Statistics David A. Hensher 0.820
This model is of interest to economists for many reasons. Approximation to the Finite Sample Distribution for Nonstable First Order Stochastic Difference Equations 1984 Econometrica S. E. Satchell 0.818
I N T R O D U C T I O N Economic researchers are frequently faced with the task of choosing between alternative model specifications on the basis of empirical estimation, since theoiy itself seldom predicates an appropriate functional form. Testing Non-Nested Specifications of Money Demand for Canada 1983 The Canadian Journal of Economics / Revue canadienne d’Economique Allan W. Gregory, Michael McAleer 0.817

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Only in this way is it possible for the formal structure-the mathematics-not to overshadow the contents-the economics-and to raise again the initial specifications or the role of the model when the results are apparently contradictory to the starting hypotheses or when the model reveals such a high variablity in behavior.” Reply to González-Calvet and Sánchez-Chóliz 1994 Journal of Post Keynesian Economics Marc Jarsulic 0.846
We attempt to extract some basic insights which are useful to economic models. Urban Spatial Structure 1998 Journal of Economic Literature Alex Anas , Richard Arnott , Kenneth A. Small 0.838
In our paper, we attempt to sort out several implications from the model, rather than focusing on just one. Herding among Investment Newsletters: Theory and Evidence 1999 The Journal of Finance John R. Graham 0.833
Finally, some possible extentions of the model and its conclusions for economic policy decisions are discussed. On the Institutional Determinants of Economic Development. Lessons from a Stochastic Neoclassical Growth Model 1995 Jahrbuch für Wirtschaftswissenschaften / Review of Economics Rainer Klump 0.830
Section II of this paper develops the model, then section III explores some of the implications alluded to above. Product Differentiation and Profitability: An Asymmetric Model 1990 The Journal of Industrial Economics Michael Waterson 0.829
We therefore begin this paper by outlining the key implications of such a model. School Resources and Student Outcomes: An Overview of the Literature and New Evidence from North and South Carolina 1996 The Journal of Economic Perspectives David Card , Alan B. Krueger 0.829
We develop a more general version of the model and explore the normative issues discussed above. An Economic Model of Representative Democracy 1997 The Quarterly Journal of Economics Timothy Besley, Stephen Coate 0.827
Introduction One of the continuing controversies that divide economic theorists is the question of how to regard results obtained from models incorporating particular functional forms. Comparing Optima: Do Simplifying Assumptions Affect Conclusions? 1994 Journal of Political Economy Paul Milgrom 0.825
The “rational behavior” assumption in economic 1 21.8 .946 2.034 model building is generally reflective of human behavior. Economists’ Perceptions of Their Own Research: A Survey of the Profession 1997 The American Journal of Economics and Sociology William L. Davis 0.824
We believe that the insights of this model have applications to many different economic settings. Miracle on Sixth Avenue: Information Externalities and Search 1998 The Economic Journal Andrew Caplin, John Leahy 0.824

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
SOME EXTENSIONS In this section we discuss more fully the justification for some of the key assumptions of our model and the potential implications of dropping them. On Optimal Legal Standards for Competition Policy: A General Welfare-Based Analysis 2009 The Journal of Industrial Economics Yannis Katsoulacos, David Ulph 0.856
In this Section we confront some implications of our model with some of the empirical findings in the literature. Strategic Complementarities and the Twin Crises 2005 The Economic Journal Itay Goldstein 0.855
Extensions In this section, I consider some implications of the model and also show that the basic insights are robust to other modeling assumptions. The Tenuous Trade‐off between Risk and Incentives 2002 Journal of Political Economy Canice Prendergast 0.843
This paper has characterized the set of models in which this concern is justified. On Payoff Heterogeneity in Games with Strategic Complementarities 2004 Oxford Economic Papers Antonio Ciccone, James Costain 0.840
In this section I examine the implications of the model. Reporting for Sale: The Market for News Coverage 2009 Public Choice John T. Gasper 0.837
We discuss the implications of the model, and their empirical implementation, in section III. Product Market Competition and Agency Costs 2007 The Journal of Industrial Economics Jen Baggs , Jean-Etienne de Bettignies 0.835
Section II describes and solves a simple model which captures this reasoning, and in Section III we discuss the main implications of the model and their correspondence to the existing empirical literature. How Investors Interpret past Fund Returns 2003 The Journal of Finance Anthony W. Lynch, David K. Musto 0.834
Before turning to the empirical part of this article, we make further arguments for employing this model. Ministerial Weights and Government Formation: Estimation Using a Bargaining Model 2008 Journal of Law, Economics, & Organization Takanori Adachi , Yasutora Watanabe 0.832
The model has further implications that go beyond the question raised in the present paper. Exports, Unemployment, and the Welfare State 2009 The Canadian Journal of Economics / Revue canadienne d’Economique Eckhard Janeba 0.831
We argue for one of several alternative ways to model this situation. Buyer-Option Contracts Restored: Renegotiation, Inefficient Threats, and the Hold-up Problem 2004 Journal of Law, Economics, & Organization Thomas P. Lyon, Eric Rasmusen 0.829

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
The rest of the paper explores the implications of the model. The productivity cost of sovereign default: evidence from the European debt crisis 2017 Economic Theory Jorge Alonso-Ortiz , Esteban Colla , José-María Da-Rocha 0.853
Finally, I discuss the potential importance of the model for a few economic questions. Utility from anticipation and personal equilibrium 2010 Economic Theory Botond Kőszegi 0.849
we discuss the implications of the model. Why Are Rich Countries More Politically Cohesive? 2013 The Scandinavian Journal of Economics Carl-Johan Dalgaard, Ola Olsson 0.849
We now discuss possible ways to examine empirically some of our model’s implications and relate several of them to available evidence. COMPETITION AND MANAGERIAL INCENTIVES: BOARD INDEPENDENCE, INFORMATION AND PREDATION 2012 The Journal of Industrial Economics George Kanatas, Jianping Qi 0.848
In an attempt to create a benchmark for future works, the two authors associate to practically each step of the model a theoretical explanation that places their modelling choices in the wider theoretical economic debate. Post-Keynesian stock-flow-consistent modelling: a survey 2015 Cambridge Journal of Economics Eugenio Caverzasi, Antoine Godin 0.841
Model Implications In this section we analyze several implications of the model. Competition among Sellers in Securities Auctions 2011 The American Economic Review Alexander S. Gorbenko, Andrey Malenko 0.840
we discuss the implications of our model. The Maturity Rat Race 2013 The Journal of Finance MARKUS K. BRUNNERMEIER, MARTIN OEHMKE 0.839
Journal of Economic Literature, as it sum- An appealing property of such models is marizes the key principles to be r eexamined that one can meaningfully define anchored through the lens of imperfect knowledge. The Science of Monetary Policy 2018 Journal of Economic Literature Stefano Eusepi, Bruce Preston 0.837
Although in economic sciences such a situation is neither rare nor necessarily unwelcome, still it seems important to understand what the alternative modeling assumptions imply and how close they come to reality. Bayesian Evaluation of DSGE Models with Financial Frictions 2013 Journal of Money, Credit and Banking MICHAŁ BRZOZA-BRZEZINA, MARCIN KOLASA 0.836
We emphasize two main implications of the model. R&D, International Sourcing, and the Joint Impact on Firm Performance 2015 The American Economic Review Esther Ann Bøler , Andreas Moxnes , Karen Helene Ulltveit-Moe 0.834

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 13 0.708
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 12 0.690
AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 12 0.650
The Endogenous Economist: Unique-Model and Multiple-Model Representation of Reality 1992 The American Journal of Economics and Sociology Bernard Gauci , Thomas Baumgartner 10 0.616
Near-Rational Wage and Price Setting and the Long-Run Phillips Curve 2000 Brookings Papers on Economic Activity George A. Akerlof , William T. Dickens, George L. Perry , Truman F. Bewley , Alan S. Blinder 10 0.618
Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 10 0.665
ECONOMIC MODELS AS ANALOGIES 2014 The Economic Journal Itzhak Gilboa , Andrew Postlewaite, Larry Samuelson , David Schmeidler 10 0.617
Sociology and Economic Man 1985 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics Karl-Dieter Opp 8 0.621
An Analysis of a Macro-Econometric Model with Rational Expectations in the Bond and Stock Markets 1979 The American Economic Review Ray C. Fair 7 0.636
Are Structural Estimates of Auction Models Reasonable? Evidence from Experimental Data 2005 Journal of Political Economy Patrick Bajari, Ali Hortaçsu 7 0.648

Top articles (most sentences) of the cluster for each time window

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 13 0.708
An Analysis of a Macro-Econometric Model with Rational Expectations in the Bond and Stock Markets 1979 The American Economic Review Ray C. Fair 7 0.636
The Transmission Process and the Relative Effectiveness of Monetary and Fiscal Policy in a Two-Sector Neoclassical Model 1973 Journal of Money, Credit and Banking Yung Chul Park 6 0.610
Theory of the Firm: Past, Present, and Future; An Interpretation 1972 Journal of Economic Literature Richard M. Cyert , Charles L. Hedrick 5 0.611
The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 5 0.609
On Modeling the Effects of Government Policies 1979 The American Economic Review Ray C. Fair 5 0.643
Limited Knowledge and Economic Analysis 1974 The American Economic Review Kenneth J. Arrow 4 0.600
An Aggregate Dynamic Model of Short-Run Price and Output Behavior 1976 The Quarterly Journal of Economics Louis J. Maccini 4 0.612
Synoptic versus Incremental Scholarly Advice in Economic Policy: Some Implications of So-Called “Rational” Tax Systems 1970 FinanzArchiv / Public Finance Analysis Gunther Engelhardt 3 0.608
Empiricism and Economic Method: Several Views Considered 1973 Journal of Economic Issues Eugene Rotwein 3 0.613
Models of Market Organization with Imperfect Information: A Survey 1973 Journal of Political Economy Michael Rothschild 3 0.603
Classical Monetary Theory and the Non-Optimality Theorem 1973 Zeitschrift für Nationalökonomie / Journal of Economics Thomas T. Sekine 3 0.606
Socio-Economic Change and Discontent: A Search for a Broader Paradigm in Economics 1974 Eastern Economic Journal Oleg Zinam 3 0.607
A General-Equilibrium Flow Analysis of an Open Economy 1976 Weltwirtschaftliches Archiv Yoshihide Ishiyama 3 0.635
Population Growth May Be Good for LDCs in the Long Run: A Richer Simulation Model 1976 Economic Development and Cultural Change Julian L. Simon 3 0.600

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Sociology and Economic Man 1985 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics Karl-Dieter Opp 8 0.621
The Meaning of Rationality in the Social Sciences 1984 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics Joseph A. Schumpeter 6 0.673
Nonwalrasian Equilibria with Leading Behavior 1986 Oxford Economic Papers Larry Samuelson 6 0.613
Alternative Approaches to the Political Business Cycle 1989 Brookings Papers on Economic Activity William D. Nordhaus, Alberto Alesina , Charles L. Schultze 6 0.644
Dynamic Consistency and Non-Expected Utility Models of Choice Under Uncertainty 1989 Journal of Economic Literature Mark J. Machina 6 0.615
Chapter 18 of the General Theory: Its Methodological Importance 1989 Journal of Post Keynesian Economics Claudio Sardoni 6 0.606
Qualitative Response Models: A Survey 1981 Journal of Economic Literature Takeshi Amemiya 5 0.628
THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 5 0.608
ON THE DIFFICULTIES AND DEFICIENCIES OF MATHEMATICAL-ECONOMIC RESEARCH IN HUNGARY 1981 Acta Oeconomica J. KORNAI 5 0.606
International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model 1988 The American Economic Review Jeffrey A. Frankel , Katharine E. Rockett 5 0.641
Explaining Collective Action with Rational Models 1989 Public Choice David Goetze , Peter Galderisi 5 0.634
Expecting and Affecting 1989 Oxford Economic Papers Michael Bacharach 5 0.638
“Rational” Duopoly Equilibria 1980 The Quarterly Journal of Economics John Laitner 4 0.664
Great Expectations: What the Dickens Do “Rational Expectations” Mean? 1980 Journal of Post Keynesian Economics David C. Colander, Robert S. Guthrie 4 0.631
Macroeconomics and Reality 1980 Econometrica Christopher A. Sims 4 0.610

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
The Endogenous Economist: Unique-Model and Multiple-Model Representation of Reality 1992 The American Journal of Economics and Sociology Bernard Gauci , Thomas Baumgartner 10 0.616
Preferences, Beliefs, and Values in Negotiations Concerning Aid to Nicaragua 1992 Public Choice Robert M. Hamm , Michelle A. Miller, Richard S. Ling 6 0.653
Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications 1993 Journal of Economic Literature Robert S. Chirinko 5 0.601
Will the New Keynesian Macroeconomics Resurrect the IS-LM Model? 1993 The Journal of Economic Perspectives Robert G. King 5 0.598
Household Saving: Micro Theories and Micro Facts 1996 Journal of Economic Literature Martin Browning , Annamaria Lusardi 5 0.601
Continuity and Change in the Economics Industry 1991 The Economic Journal Richard Schmalensee 4 0.631
A Multimarket Bounded Price Variation Model under Rational Expectations: Corn and Soybeans in the United States 1992 American Journal of Agricultural Economics Matthew T. Holt 4 0.603
Nonlinearity and Chaos in Economic Models: Implications for Policy Decisions 1993 The Economic Journal James Bullard, Alison Butler 4 0.633
On Price Recognition and Computational Complexity in a Monopolistic Model 1993 Journal of Political Economy Ariel Rubinstein 4 0.653
Real Business Cycles in a Keynesian Macro Model 1993 Oxford Economic Papers Howard F. Naish 4 0.621
TACIT COLLUSION 1993 Oxford Review of Economic Policy RAY REES 4 0.614
Uncertainty, Expectations, and the Future: If We Don’t Know the Answers, What Are the Questions? 1993 Journal of Post Keynesian Economics Thomas I. Palley 4 0.597
Comparing Equilibria 1994 The American Economic Review Paul Milgrom, John Roberts 4 0.598
The Linear Quadratic Adjustment Cost Model and the Demand for Labour 1994 Journal of Applied Econometrics Tom Engsted , Niels Haldrup 4 0.609
Feminism and Economics 1995 The Journal of Economic Perspectives Julie A. Nelson 4 0.671

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Near-Rational Wage and Price Setting and the Long-Run Phillips Curve 2000 Brookings Papers on Economic Activity George A. Akerlof , William T. Dickens, George L. Perry , Truman F. Bewley , Alan S. Blinder 10 0.618
Are Structural Estimates of Auction Models Reasonable? Evidence from Experimental Data 2005 Journal of Political Economy Patrick Bajari, Ali Hortaçsu 7 0.648
A Structure Theorem for Rationalizability with Application to Robust Predictions of Refinements 2007 Econometrica Jonathan Weinstein, Muhamet Yildiz 7 0.653
An Empirical Investigation into the Excessive-Choice Effect 2009 American Journal of Agricultural Economics Bharath Arunachalam, Shida R. Henneberry, Jayson L. Lusk , F. Bailey Norwood 7 0.657
Perfect Competition and the Creativity of the Market 2001 Journal of Economic Literature Louis Makowski , Joseph M. Ostroy 6 0.597
What Are the Questions? 2002 Journal of Post Keynesian Economics Donald W. Katzner 6 0.611
Time Discounting and Time Preference: A Critical Review 2002 Journal of Economic Literature Shane Frederick , George Loewenstein, Ted O’Donoghue 6 0.619
Recurrent Hyperinflations and Learning 2003 The American Economic Review Albert Marcet , Juan P. Nicolini 6 0.667
Behavioral Economics, Power, Rational Inefficiencies, Fuzzy Sets, and Public Policy 2005 Journal of Economic Issues Morris Altman 6 0.614
A Boundedly Rational Decision Algorithm 2000 The American Economic Review Xavier Gabaix, David Laibson 5 0.707
The Political Business Cycle after 25 Years 2000 NBER Macroeconomics Annual Allan Drazen 5 0.622
The Opportunity Criterion: Consumer Sovereignty without the Assumption of Coherent Preferences 2004 The American Economic Review Robert Sugden 5 0.677
BEYOND ECONOMIC MAN: ADAM SMITH’S CONCEPT OF THE AGENT AND THE ROLE OF DECEPTION 2005 Cahiers d’économie politique / Papers in Political Economy Caroline Gerschlager 5 0.633
Dilemmas of an Economic Theorist 2006 Econometrica Ariel Rubinstein 5 0.635
The Great Capitol Hill Baby Sitting Co-op: Anecdote or Evidence for the Optimum Quantity of Money? 2007 Journal of Money, Credit and Banking Thorsten Hens , Klaus Reiner Schenk-Hoppé, Bodo Vogt 5 0.683

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 12 0.690
AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 12 0.650
Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 10 0.665
ECONOMIC MODELS AS ANALOGIES 2014 The Economic Journal Itzhak Gilboa , Andrew Postlewaite, Larry Samuelson , David Schmeidler 10 0.617
Bargaining unexplained 2012 Public Choice Dan Usher 7 0.601
ECONOMIC SCIENCE AND POLITICAL INFLUENCE 2013 Journal of the European Economic Association Gilles Saint-Paul 7 0.620
Behavioral Economics and Public Policy: A Pragmatic Perspective 2015 The American Economic Review Raj Chetty 7 0.634
The Recent Critique of Theoretical Economics 2016 Journal of Economic Issues Lukasz Hardt 7 0.604
The Possibility of Ideological Bias in Structural Macroeconomic Models 2018 American Economic Journal: Macroeconomics Gilles Saint-Paul 7 0.611
Consideration Sets and Competitive Marketing 2011 The Review of Economic Studies KFIR ELIAZ , RAN SPIEGLER 6 0.612
Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games 2013 Journal of Economic Literature Vincent P. Crawford 6 0.660
Naïve Herding in Rich-Information Settings 2010 American Economic Journal: Microeconomics Erik Eyster , Matthew Rabin 5 0.652
Natural Expectations and Macroeconomic Fluctuations 2010 The Journal of Economic Perspectives Andreas Fuster, David Laibson , Brock Mendel 5 0.623
Animal spirits and monetary policy 2011 Economic Theory Paul De Grauwe 5 0.682
Revealed Attention 2012 The American Economic Review Yusufcan Masatlioglu, Daisuke Nakajima , Erkut Y. Ozbay 5 0.599

Closest clusters of the cluster per decade

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0204502
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0244916
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0245260
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0326420
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0590116
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0691665
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.0986261
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1003469
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1083337
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.1153914
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1169707
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1172456

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0278894
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0266710
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0169466
82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0026946
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0333845
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0356173
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0412826
87: asset, rational_expectations, investors, rational_investors, traders -0.1137239
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.1207162
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1214642
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1885526
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.2321046

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0046019
103: voters, voting, voter, rational_voter, public_choice -0.0092495
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0398464
93: rational_agents, agent’s, representative_agent, agents, agent -0.0581926
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0611288
87: asset, rational_expectations, investors, rational_investors, traders -0.0645817
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0735618
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0854909
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1087517
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1378126
101: players, games, game_theory, player, game -0.1482990

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0170915
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0139032
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0163660
103: voters, voting, voter, rational_voter, public_choice -0.0313957
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0459380
93: rational_agents, agent’s, representative_agent, agents, agent -0.0631837
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0643543
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0667867
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0837696
87: asset, rational_expectations, investors, rational_investors, traders -0.1153878
111: information, private_information, rational_expectations, informational, rational_inattention -0.1218365
101: players, games, game_theory, player, game -0.1513014

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0046218
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0068485
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0273739
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0371809
103: voters, voting, voter, rational_voter, public_choice -0.0497129
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0650064
87: asset, rational_expectations, investors, rational_investors, traders -0.0706545
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.1092667
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1140519
93: rational_agents, agent’s, representative_agent, agents, agent -0.1203027
111: information, private_information, rational_expectations, informational, rational_inattention -0.1325696
101: players, games, game_theory, player, game -0.1499259

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.9524707
1980-1989 72: model, models, modeling, rational_expectations, economic_models 0.9505839
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.9406923
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.9277714
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1602574
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1544277
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0738867
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0721903
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0712699
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0675058
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.0575763
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0486279
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0481805
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0429170
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0425868

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.9519053
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.9505839
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.9341796
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.9127798
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1531736
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.0863095
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.0747538
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0682430
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0660114
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0651253
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0609391
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0606676
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0578308
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0553675
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0552882

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.9829406
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.9674591
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.9524707
1980-1989 72: model, models, modeling, rational_expectations, economic_models 0.9519053
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1634069
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1304352
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0662026
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0516417
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0490552
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0487977
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0478337
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0468346
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0418807
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.0414317
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0374533

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.9829406
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.9818714
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.9406923
1980-1989 72: model, models, modeling, rational_expectations, economic_models 0.9341796
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1682391
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1403285
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0567774
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0556579
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0548347
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0542230
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0516620
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.0492121
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.0464309
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0425931
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0388459

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.9818714
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.9674591
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.9277714
1980-1989 72: model, models, modeling, rational_expectations, economic_models 0.9127798
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1891031
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1851295
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0907022
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.0567716
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0566502
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0546848
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0520350
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.0500323
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0451539
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.0450138
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.0436727

Intertemporal cluster 74: optimal, economic_systems, economic_history, economic_interpretation, externalities

The cluster gathers 2912 sentences from our corpus. It represents 1.8% of all the sentences selected over the whole period.

The community exists from 1970 to 1979.

The most recurring authors are Robert L. Heilbroner (21 sentences), E. K. Hunt (20 sentences), E. J. Mishan (18 sentences), Warren J. Samuels (18 sentences), Horst K. Betz (16 sentences), J. Kornai (16 sentences), R. A. Gonce (16 sentences), Stephen J. Turnovsky (14 sentences), Ferenc Jánossy (13 sentences), Martin Shubik (13 sentences).

The most recurring journals are Journal of Economic Issues (259 sentences), The American Economic Review (250 sentences), Acta Oeconomica (180 sentences), Journal of Political Economy (156 sentences), American Journal of Agricultural Economics (108 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
optimal 0.0004442
economic_systems 0.0004337
economic_history 0.0004020
economic_interpretation 0.0003810
externalities 0.0003746
economic_agents 0.0003230
acta 0.0003172
behavioral 0.0003122
behavior 0.0002944
macroeconomic 0.0002846
economic_policy 0.0002783
positive_economics 0.0002659
economic_historians 0.0002464
equilibrium 0.0002447
buchanan 0.0002345
economic_interpretations 0.0002289
equilibrium_theory 0.0002169
historical_time 0.0002128
economic_phenomena 0.0002104
acta_oeconomica 0.0002035

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
An economic prediction at the conceptual level can be quite correct; however, the evidence may never show this to be true since the rational component of behavior is continually overwhelmed by the nonrational components. On the Methodological Boundaries of Economic Analysis 1978 Journal of Economic Issues Richard B. McKenzie 0.745
Being interested in a state of equilibrium, it is not easy to explain the existence of an object whose holding does not generate an obvious return so long as one assumes rational economic agents. Exchange and Production in a Money Economy 1971 Zeitschrift für Nationalökonomie / Journal of Economics Hanns Abele , Johannes Gordesch 0.734
When expectations are not rational, the competitive adjustment past is distorted and diverges from the socially optimal path. Dynamic Adjustment in the Heckscher-Ohlin-Samuelson Model 1978 Journal of Political Economy Michael Mussa 0.734
Since their approach is implicitly a game theoretic one, viewing economic planning not as a game against nature but against rational economic agents, it is not surprising that they arrive at conclusions which differ from those obtained within the framework of optimal control. On the Influence of Uncertainty on the Solution of an Optimal Economic Policy 1978 Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics Reinhard Neck 0.733
It is no novelty, either in our own economic practice or in that of others, that we cannot exactly assess in advance our possibilities or their limits, that the contradictions among the various requirements - which are correct in themselves - escape our notice. Practical Experiences of the Economic Reform in Hungary 1973 Eastern European Economics István Friss, G. Hajdu 0.733
In many economic problems it makes sense to assume that q ? Stability of Separable Hamiltonians and Investment Theory 1978 The Review of Economic Studies José Alexandre Scheinkman 0.732
These papers brought out the fundamental logical theory that underlies a wide variety of economic theories and concepts. Wassily Leontief’s Contribution to Economics 1973 The Swedish Journal of Economics Robert Dorfman 0.731
Several specific hypotheses arise from the economic theory we have outlined. An Economic Theory of Suicide 1974 Journal of Political Economy Daniel S. Hamermesh, Neal M. Soss 0.723
Allowing for Lucas’ point, which is based on the assumption of “rational” expectations on the part of the actors whose behavior is summarized in the IS and LM curves, would require analyzing the changes in the relevant behavior and would thereby take the analysis too far afield from the intended focus of this paper. The Inefficiency of Short-Run Monetary Targets for Monetary Policy 1977 Brookings Papers on Economic Activity Benjamin M. Friedman, James Duesenberry , William Poole 0.719
The property that anticipated government actions have no effect on real output is thus reversed when one considers a model with both rational expectations and maximizing agents. A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.717
Informed intuition realizes that alleged ‘measures of growth’ are misleading to a rational expected utility maximizer.” Generalized Mean-Variance Tradeoffs for Best Perturbation Corrections to Approximate Portfolio Decisions 1974 The Journal of Finance Paul A. Samuelson, Robert C. Merton 0.716
It is the natural course of progress in economic theory to derive empirical propositions under successively weaker and less restrictive assumptions about human behavior. The Equilibrium Size of a Budget-maximizing Bureau: A Note on Niskanen’s Theory of Bureaucracy 1975 Journal of Political Economy Albert Breton , Ronald Wintrobe 0.715
With traditional equilibrium dynamic models explanations of changes rely on exogenous changes in the givens for the rational decision-maker. Time in Economics vs Economics in Time: The ‘Hayek Problem’ 1978 The Canadian Journal of Economics / Revue canadienne d’Economique L. A. Boland 0.713
This explanation, which adheres more closely to classical economic constructs, is the subject of the remainder of this note. A Note on Productivity, the Real Wage, and the Accelerationist Hypothesis 1975 Southern Economic Journal Gary Stern 0.711
In Section IV an alternative explanation, consistent with economic theory, is proposed. The Theory of the Firm and the Structure of the Franchise Contract 1978 The Journal of Law & Economics Paul H. Rubin 0.710
Third, there must be a recognition of “nonrational” human behavior in economic decision making. Economics, Power, and Regulation of Multinational Corporations 1974 Journal of Economic Issues Charles K. Wilber 0.707
In contrast to Johnson’s diagrammatic and heuristic arguments our ana» lysis is concluded in terms of algebra and straightforward economic logic. Smuggling, Optimum Tarriff and Maximum Revenue Tarriff 1974 Indian Economic Review Alok Ray 0.707
The second aspect involves the question of whether the observed pattern of returns may be rationalized economically. Returns to Higher Education in Norway 1972 The Swedish Journal of Economics Jostein Aarrestad 0.704
Economic theory must be invoked for our judgment. A Note on Factor Substitution and Efficiency 1977 The Review of Economics and Statistics Kazuo Sato 0.702
Like all explanations, economic explanations must be couched in value-judgements even before they’become’ normative. Policy Prescriptions, Presuppositions, and Unemployment 1978 The American Economist Jack R. Wegman 0.697

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 0% mention the terms ‘rational’ or ‘rationality’

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
The validity and usefulness of any economic theory does not depend solely on its immediate empirical signifi cance, but depends on how it eventually leads to more understanding of the complex workings of the economy. A Note on Economic Growth, Technical Progress and the Production Function 1975 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Ryuzo Sato , Martin J. Beckmann 0.843
Several specific hypotheses arise from the economic theory we have outlined. An Economic Theory of Suicide 1974 Journal of Political Economy Daniel S. Hamermesh, Neal M. Soss 0.838
It is no novelty, either in our own economic practice or in that of others, that we cannot exactly assess in advance our possibilities or their limits, that the contradictions among the various requirements - which are correct in themselves - escape our notice. Practical Experiences of the Economic Reform in Hungary 1973 Eastern European Economics István Friss, G. Hajdu 0.834
highlights a more profound problem in economic science, a problem which has increasingly afflicted economic understanding since its modern beginnings. Toward a Humanist Reconstruction of Economic Science 1979 Journal of Economic Issues Jon D. Wisman 0.829
It is the purpose of this section to expound such an interpretation, to consider some of the difficulties in sustaining it, and briefly to discuss its significance for economic theorizing. Keynesian Economics: The Search for First Principles 1976 Journal of Economic Literature Alan Coddington 0.828
First, looking at the theory of economic theorizing, we discuss alternative methods of developing new theories that might be employed. Realitic and Analytic Syntheses of Macro- and Microeconomics 1979 Journal of Economic Issues David C. Colander, Kenneth J. Koford 0.826
It is equally necessary to understand that on the one hand the postulates of economic analysis are not properly those of science, but exist and function at a “higher” level altogether, and on the other hand that the analysis of human behavior cannot stop with the economic without leaving out the larger and more important part of realities of the case, but must still go on to still higher levels. Ethics and Economic Inquiry: The Ayres-Knight Debate and the Problem of Economic Order 1977 The American Journal of Economics and Sociology Thomas R. DeGregori 0.826
Economic theory must be invoked for our judgment. A Note on Factor Substitution and Efficiency 1977 The Review of Economics and Statistics Kazuo Sato 0.825
This paper, more than the preceding one, exemplifies his life-long concern with the operational significance of economic concepts. Wassily Leontief’s Contribution to Economics 1973 The Swedish Journal of Economics Robert Dorfman 0.824
Attempts are made to extend this conceptual framework, unify it, examine its background in the history of economic ideas and indicate its place in the recent theoretical discussion. Dissertations in Economics and Business Administration, 1978-1979 1979 The Scandinavian Journal of Economics NULL 0.817
Within the context of the present discussion, we cannot but mention an additional facet of modern economic theories that will come to occupy the attention of the quantitative economic historian. Explanations and Issues: A Prospectus for Quantitative Economic History 1971 The Journal of Economic History Joseph A. Swanson , Jeffrey G. Williamson 0.816
This explanation, which adheres more closely to classical economic constructs, is the subject of the remainder of this note. A Note on Productivity, the Real Wage, and the Accelerationist Hypothesis 1975 Southern Economic Journal Gary Stern 0.815
Economic theories have multiple potential uses. On ‘A Critique of Positive Economics’ 1972 The American Journal of Economics and Sociology James V. Koch 0.815
These papers brought out the fundamental logical theory that underlies a wide variety of economic theories and concepts. Wassily Leontief’s Contribution to Economics 1973 The Swedish Journal of Economics Robert Dorfman 0.814
IN THIS brief essay I have picked out certain particular strands of thought, on the basis partly of theoretical significance and partly of relationship to economic policy. Some Aspects of the Development of Keynes’s Thought 1978 Journal of Economic Literature Richard Kahn 0.813

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
On the Possibility of a Political Economics 1970 Journal of Economic Issues Robert L. Heilbroner 21 0.622
Methodological Problems in Contrasting Economic Systems 1970 The American Journal of Economics and Sociology Horst K. Betz, E. K. Hunt 16 0.607
ECONOMIC SYSTEMS THEORY AND GENERAL EQUILIBRIUM THEORY 1971 Acta Oeconomica J. Kornai 15 0.605
THE 4TH HUNGARIAN-BRITISH ECONOMIC COLLOQUIUM 1973 Acta Oeconomica T. Palánkai 12 0.616
Explanation and Value in Economics 1979 Journal of Economic Issues Timothy J. Brennan 10 0.636
The Economics of Resources or the Resources of Economics 1974 The American Economic Review Robert M. Solow 8 0.613
A Curmudgeon’s Guide to Microeconomics 1970 Journal of Economic Literature Martin Shubik 7 0.613
The Origins of Contradictions in Our Economy and the Path to Their Solution 1970 Eastern European Economics Ferenc Jánossy , Czaba L. Köhalmi 7 0.595
Hypothesis and Paradigm in the Theory of the Firm 1971 The Economic Journal Brian J. Loasby 7 0.605
Business Cycles in Yugoslavia 1971 Eastern European Economics Branko Horvat , Helen M. Kramer 7 0.603

Closest clusters of the cluster per decade

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.0004656
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0096373
53: social_choice, decision_maker, maker, decisions, rational_choice -0.0750925
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0834701
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.0925958
72: model, models, modeling, rational_expectations, economic_models -0.0986261
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1201934
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.1268765
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1326425
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1597792
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.2204497
78: rational_expectations, inflation, expectations, term_structure, monetary_policy -0.2972819

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.4879378
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.4397129
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.3901669
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3884031
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.3793575
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3595464
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3264614
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.3196064
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.2269588
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2109431
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.2036620
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1766788
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.1599313
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.1462939
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.1361631

Intertemporal cluster 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply

The cluster gathers 2665 sentences from our corpus. It represents 1.65% of all the sentences selected over the whole period.

The community exists from 1970 to 1989.

The most recurring authors are Bennett T. McCallum (55 sentences), David Laidler (51 sentences), Robert P. Flood (37 sentences), Peter M. Garber (33 sentences), Stephen J. Turnovsky (28 sentences), Allan H. Meltzer (26 sentences), William Fellner (26 sentences), Robert J. Barro (24 sentences), Robert J. Gordon (22 sentences), Christopher A. Sims (21 sentences).

The most recurring journals are Journal of Money, Credit and Banking (548 sentences), The American Economic Review (265 sentences), Journal of Political Economy (247 sentences), Southern Economic Journal (115 sentences), The Economic Journal (113 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0073525
expectations 0.0039804
optimal_money 0.0038640
supply_rule 0.0036523
money_supply 0.0028019
monetary_policy 0.0025837
inflation 0.0022110
contracts_rational 0.0020644
inflationary_expectations 0.0019177
monetary_instrument 0.0017623
monetary 0.0017384
money_growth 0.0015373
optimal_monetary 0.0014795
unanticipated_money 0.0014795
inflationary 0.0014656
jr_expectations 0.0014055
unanticipated 0.0013205
term_contracts 0.0013082
lucas_robert 0.0012923
monetarist 0.0012804

Top TF-IDF terms describing the community for each time window

Top terms 1970-1979

Token TF-IDF
optimum_quantity 0.0040788
monetary_approach 0.0034194
money_supply 0.0024909
monetary_theory 0.0023096
monetarist 0.0020892
monetary 0.0020593
quantity_theory 0.0019992
monetary_economy 0.0019245
friedman’s 0.0016109
monetary_analysis 0.0016108
money_balances 0.0015656
monetary_economics 0.0015325
velocity 0.0014746
money_illusion 0.0013712
balances 0.0013629

Top terms 1980-1989

Token TF-IDF
rational_expectations 0.0106372
optimal_money 0.0055418
supply_rule 0.0052936
monetary_policy 0.0048889
money_supply 0.0044619
expectations 0.0044493
inflation 0.0038188
inflationary_expectations 0.0036037
contracts_rational 0.0031352
inflationary 0.0031143
money_growth 0.0027613
monetary 0.0026021
optimal_monetary 0.0024102
monetary_instrument 0.0023514
unanticipated_money 0.0023061

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
“The Monetary Mechanisms in the Light of Rational Expectations,” Rational Expectations and Economic Policy. The Demand and Supply of Labor and Interstate Relative Wages: An Empirical Analysis 1981 Economic Geography Gordon L. Clark , Kenneth P. Ballard 0.819
I accept the basic proposition of the rational expectations theory that agents in the market must not be assumed simply to extrapolate mechanically the current rate of inflation or the recent acceleration of the rate of inflation…. Gottfried Haberler on Inflation, Unemployment, and International Monetary Economics: An Appreciation 1982 The Quarterly Journal of Economics Thomas D. Willett 0.801
Nevertheless, let us consider the rational expectations monetary model. Empirical Models of the Exchange Rate: Separating the Wheat from the Chaff 1984 The Canadian Journal of Economics / Revue canadienne d’Economique David Backus 0.801
“Rational Expectations and the Role of Monetary Policy.” Informational Efficiency and the Open Economy 1982 Journal of Money, Credit and Banking Jagdeep S. Bhandari 0.791
“Rational Expectations and the Role of Monetary Policy.” Relative Price Dispersion and Economic Shocks: An Inventory-Adjustment Approach 1982 Journal of Money, Credit and Banking Yakov Amihud , Haim Mendelson 0.791
“Rational Expectations and the Role of Monetary Policy.” The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.791
“Rational Expectations and the Role of Monetary Policy.” Monetary Accommodation of Supply Shocks under Rational Expectations 1981 Journal of Money, Credit and Banking Alan S. Blinder 0.791
“Rational Expectations and the Role of Monetary Policy.” The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates 1983 Journal of Money, Credit and Banking Clifford L. F. Attfield, Nigel W. Duck 0.790
“Rational Expectations and the Role of Monetary Policy.” Economic Stabilization as a Public Good: What Does It Mean? 1983 Journal of Post Keynesian Economics Myles S. Wallace 0.790
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function 1983 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.790
“Rational Expectations and the Role of Monetary Policy.” On the Anatomy of Inflation: The Variability of Relative Commodity Prices in Argentina 1983 Journal of Money, Credit and Banking Mario I. Blejer 0.790
“Rational Expectations and the Role of Monetary Policy.” Anticipated Inflation, the Frequency of Transactions, and the Slope of the Phillips Curve 1983 Journal of Money, Credit and Banking Zvi Hercowitz 0.790
“Rational Expectations and the Role of Monetary Policy.” Price Controls and the Variability of Relative Prices 1984 Journal of Money, Credit and Banking Alex Cukierman , Leonardo Leiderman 0.789
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function: Reply 1984 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.789
“Rational Expectations and the Role of Monetary Policy.” Cross-Regime Evidence of Macroeconomic Rationality 1984 Journal of Political Economy Roger C. Kormendi, Philip G. Meguire 0.789
“Rational Expectations and the Role of Monetary Policy.” Fluctuating Exchange Rates and the International Transmission of Economic Disturbances 1980 Journal of Money, Credit and Banking Nasser H. Saidi 0.788
“Rational Expectations and the Role of Monetary Policy.” Methods and Problems in Business Cycle Theory 1980 Journal of Money, Credit and Banking Robert E. Lucas, Jr. 0.788
“Rational Expectations and the Role of Monetary Policy.” Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.788
“Rational Expectations and the Role of Monetary Policy.” Market Fundamentals versus Price-Level Bubbles: The First Tests 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 0.788
“Rational Expectations and the Role of Monetary Policy.” Employment and Output Effects of Observed and Unobserved Monetary Growth 1985 Journal of Money, Credit and Banking John F. Boschen 0.787

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
The paper concludes with discussions of the nature of the rational expectations solution chosen and of the mechanism producing the nonneutrality of money. Anticipations and the Nonneutrality of Money 1979 Journal of Political Economy Stanley Fischer 0.746
C O N C L U S I O N Assumptions about what individuals know, which lie behind theories of the optimum money supply, ‘rational’ expectations, and Ricardian equivalence theorems seem to eliminate the possibility of discretionary acts of policy. Money, Efficiency, and Knowledge 1979 The Canadian Journal of Economics / Revue canadienne d’Economique T. K. Rymes 0.736
The purpose of the approach presented here is to add some rationality to the controversy over the importance of money. Federal Reserve “Defensive” Behavior and the Reverse Causation Argument 1973 Southern Economic Journal Raymond E. Lombra, Raymond G. Torto 0.724
“Rational Choice and Patterns of Growth in a Monetary Economy.” Macroeconomic Dynamics and Growth in a Monetary Economy: A Synthesis 1978 Journal of Money, Credit and Banking Stephen J. Turnovsky 0.724
This approach places in a rational framework many aspects of central banking that would otherwise appear irrational. The Choice of Monetary Instruments and the Theory of Bureaucracy 1972 Public Choice John F. Chant, Keith Acheson 0.723
“Rational Choice and Patterns of Growth in a Monetary Economy.” Indexation, Expectations, and Stability 1979 Journal of Money, Credit and Banking Bulent Gultekin , Anthony M. Santomero 0.722
One way out, which we support, is not to insist on the homogeneity assumption as a necessary condition of rationality or the absence of money illusion but to treat the homogeneity assumption as an empirical hypothesis. The Theory of the Real-Balance Effect: A Criticism and A Generalisation 1972 Indian Economic Review Suraj Gupta 0.721
“Rational Choice and Patterns of Growth in a Monetary Economy .” A Note on the Consumption Function In Monetary Theory: Comment 1975 Journal of Money, Credit and Banking Kazuhisa Kudoh 0.719
“Rational Choice and Patterns of Growth in a Monetary Economy.” Inflation: A Survey 1975 The Economic Journal David Laidler , Michael Parkin 0.719
that accelerations in money and prices are not thrust upon society by a capricious or self-serving government, but rather represent a rational response of government to the political pressure exerted by potential beneficiaries of inflation.” The Demand for and Supply of Inflation: Comment 1975 The Journal of Law & Economics Karl Brunner 0.718
The hypothesis advanced here provides an explanation grounded in a fundamental principle of economic analysis the assumption that consumers act rationally which explains *I am grateful to Michael Hamburger, Michael Bordo, Benjamin Klein, T. J. Meeks, Arthur Okun, and members of the Columbia University Money and Banking Workshop for many comments and suggestions. Are Future Taxes Anticipated by Consumers?: Comment 1974 Journal of Money, Credit and Banking Levis A. Kochin 0.716
It may be useful to describe an alternative method of viewing the basic modification proposed in this paper.8 The demand for money could be explicitly written as a function of the short-term interest rate i, whereas investment rational expectations postulate. Money Financed Deficit Spending: A Reinterpretation 1978 Southern Economic Journal Michael A. Klein 0.715

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
“The Monetary Mechanisms in the Light of Rational Expectations,” Rational Expectations and Economic Policy. The Demand and Supply of Labor and Interstate Relative Wages: An Empirical Analysis 1981 Economic Geography Gordon L. Clark , Kenneth P. Ballard 0.819
I accept the basic proposition of the rational expectations theory that agents in the market must not be assumed simply to extrapolate mechanically the current rate of inflation or the recent acceleration of the rate of inflation…. Gottfried Haberler on Inflation, Unemployment, and International Monetary Economics: An Appreciation 1982 The Quarterly Journal of Economics Thomas D. Willett 0.801
Nevertheless, let us consider the rational expectations monetary model. Empirical Models of the Exchange Rate: Separating the Wheat from the Chaff 1984 The Canadian Journal of Economics / Revue canadienne d’Economique David Backus 0.801
“Rational Expectations and the Role of Monetary Policy.” Informational Efficiency and the Open Economy 1982 Journal of Money, Credit and Banking Jagdeep S. Bhandari 0.791
“Rational Expectations and the Role of Monetary Policy.” Relative Price Dispersion and Economic Shocks: An Inventory-Adjustment Approach 1982 Journal of Money, Credit and Banking Yakov Amihud , Haim Mendelson 0.791
“Rational Expectations and the Role of Monetary Policy.” The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.791
“Rational Expectations and the Role of Monetary Policy.” Monetary Accommodation of Supply Shocks under Rational Expectations 1981 Journal of Money, Credit and Banking Alan S. Blinder 0.791
“Rational Expectations and the Role of Monetary Policy.” The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates 1983 Journal of Money, Credit and Banking Clifford L. F. Attfield, Nigel W. Duck 0.790
“Rational Expectations and the Role of Monetary Policy.” Economic Stabilization as a Public Good: What Does It Mean? 1983 Journal of Post Keynesian Economics Myles S. Wallace 0.790
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function 1983 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.790
“Rational Expectations and the Role of Monetary Policy.” On the Anatomy of Inflation: The Variability of Relative Commodity Prices in Argentina 1983 Journal of Money, Credit and Banking Mario I. Blejer 0.790
“Rational Expectations and the Role of Monetary Policy.” Anticipated Inflation, the Frequency of Transactions, and the Slope of the Phillips Curve 1983 Journal of Money, Credit and Banking Zvi Hercowitz 0.790

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 12% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
“The Monetary Mechanisms in the Light of Rational Expectations,” Rational Expectations and Economic Policy. The Demand and Supply of Labor and Interstate Relative Wages: An Empirical Analysis 1981 Economic Geography Gordon L. Clark , Kenneth P. Ballard 0.871
CONCLUSION The key ingredients of “modern” monetary models are the distinction between anticipated and unanticipated money changes and the assumption of rational expectations. The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.868
“A Comparison of Alternative Techniques of Monetary Control Under Rational Expectations.” Combination Monetary Policies to Stabilize Price and Output under Rational Expectations 1983 Journal of Money, Credit and Banking Arthur Benavie , Richard T. Froyen 0.855
“A Comparison of Alternative Techniques of Monetary Control Under Rational Expectations.” Monetary Policy and Foreign Price Disturbances Under Flexible Exchange Rates: A Stochastic Approach 1981 Journal of Money, Credit and Banking Stephen J. Turnovsky 0.855
Rational Expectations and Monetarism The model I have presented relates inflation to the established framework for analyzing real economic activity. Inflation in Theory and Practice 1980 Brookings Papers on Economic Activity George L. Perry , William Fellner , Robert J. Gordon , James Duesenberry, Robert E. Hall , Christopher Sims , William Nordhaus , Robin Marris , Thomas Juster , John Shoven , Benjamin Friedman, James Tobin 0.849
It may be useful to describe an alternative method of viewing the basic modification proposed in this paper.8 The demand for money could be explicitly written as a function of the short-term interest rate i, whereas investment rational expectations postulate. Money Financed Deficit Spending: A Reinterpretation 1978 Southern Economic Journal Michael A. Klein 0.822
Recent contributions’ have suggested that the behavior of real output is invariant to the money supply rule chosen by the monetary authority if expectations are formed rationally. Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule 1977 Journal of Political Economy Stanley Fischer 0.815
The third thread in this strand of moneta- rism is work by R. E. Lucas, Jr., Thomas Sargent, and Neil Wallace, and others on the rational expectations money models, in which the short-run neutrality of money is assured, aside from temporary expectations effects. Monetarism a Historic-Theoretic Perspective 1977 Journal of Economic Literature A. Robert Nobay , Harry G. Johnson 0.812
“Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule.” Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 0.810
“Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule.” The Welfare Cost of Permanent Inflation and Optimal Short-Run Economic Policy 1979 Journal of Political Economy Martin S. Feldstein 0.810
that accelerations in money and prices are not thrust upon society by a capricious or self-serving government, but rather represent a rational response of government to the political pressure exerted by potential beneficiaries of inflation.” The Demand for and Supply of Inflation: Comment 1975 The Journal of Law & Economics Karl Brunner 0.802
The paper concludes with discussions of the nature of the rational expectations solution chosen and of the mechanism producing the nonneutrality of money. Anticipations and the Nonneutrality of Money 1979 Journal of Political Economy Stanley Fischer 0.801

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
“The Monetary Mechanisms in the Light of Rational Expectations,” Rational Expectations and Economic Policy. The Demand and Supply of Labor and Interstate Relative Wages: An Empirical Analysis 1981 Economic Geography Gordon L. Clark , Kenneth P. Ballard 0.871
CONCLUSION The key ingredients of “modern” monetary models are the distinction between anticipated and unanticipated money changes and the assumption of rational expectations. The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.868
“Rational Expectations and Monetary Institutions.” A Partisanship Theory of Fiscal and Monetary Regimes 1987 Journal of Money, Credit and Banking Thomas M. Havrilesky 0.864
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function: Reply 1984 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.862
“Rational Expectations and the Role of Monetary Policy.” Cross-Regime Evidence of Macroeconomic Rationality 1984 Journal of Political Economy Roger C. Kormendi, Philip G. Meguire 0.862
“Rational Expectations and the Role of Monetary Policy.” Monetary Accommodation of Supply Shocks under Rational Expectations 1981 Journal of Money, Credit and Banking Alan S. Blinder 0.862
“Rational Expectations and the Role of Monetary Policy.” Relative Price Dispersion and Economic Shocks: An Inventory-Adjustment Approach 1982 Journal of Money, Credit and Banking Yakov Amihud , Haim Mendelson 0.862
“Rational Expectations and the Role of Monetary Policy.” On the Anatomy of Inflation: The Variability of Relative Commodity Prices in Argentina 1983 Journal of Money, Credit and Banking Mario I. Blejer 0.862
“Rational Expectations and the Role of Monetary Policy.” Anticipated Inflation, the Frequency of Transactions, and the Slope of the Phillips Curve 1983 Journal of Money, Credit and Banking Zvi Hercowitz 0.862
“Rational Expectations and the Role of Monetary Policy.” Anticipated Money and Real Output in Italy: Some Tests of a Rational Expectations Approach 1985 Journal of Post Keynesian Economics Ali F. Darrat 0.862
“Rational Expectations and the Role of Monetary Policy.” Government Debt, Economic Activity, and Transmission of Economic Disturbances 1987 Journal of Money, Credit and Banking Faik Koray 0.862
“Rational Expectations and the Role of Monetary Policy.” Fluctuating Exchange Rates and the International Transmission of Economic Disturbances 1980 Journal of Money, Credit and Banking Nasser H. Saidi 0.862
“Rational Expectations and the Role of Monetary Policy.” Methods and Problems in Business Cycle Theory 1980 Journal of Money, Credit and Banking Robert E. Lucas, Jr. 0.862
“Rational Expectations and the Role of Monetary Policy.” Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.862
“Rational Expectations and the Role of Monetary Policy.” The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.862
“Rational Expectations and the Role of Monetary Policy.” The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates 1983 Journal of Money, Credit and Banking Clifford L. F. Attfield, Nigel W. Duck 0.862
“Rational Expectations and the Role of Monetary Policy.” Economic Stabilization as a Public Good: What Does It Mean? 1983 Journal of Post Keynesian Economics Myles S. Wallace 0.862
“Rational Expectations and the Role of Monetary Policy.” Price Controls and the Variability of Relative Prices 1984 Journal of Money, Credit and Banking Alex Cukierman , Leonardo Leiderman 0.862
“Rational Expectations and the Role of Monetary Policy.” On “Real” and “Sticky-Price” Theories of the Business Cycle 1986 Journal of Money, Credit and Banking Bennett T. McCallum 0.862
“Rational Expectations and the Role of Monetary Policy.” On Intertemporal Substitution and Aggregate Labor Supply 1987 Journal of Political Economy George S. Alogoskoufis 0.862
“Rational Expectations and the Role of Monetary Policy.” Money and Functional Distribution of Income 1989 Journal of Money, Credit and Banking Faik Koray 0.862
“Rational Expectations and the Role of Monetary Policy.” Market Fundamentals versus Price-Level Bubbles: The First Tests 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 0.862
“Rational Expectations and the Role of Monetary Policy.” Informational Efficiency and the Open Economy 1982 Journal of Money, Credit and Banking Jagdeep S. Bhandari 0.862
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function 1983 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.862
“Rational Expectations and the Role of Monetary Policy.” Employment and Output Effects of Observed and Unobserved Monetary Growth 1985 Journal of Money, Credit and Banking John F. Boschen 0.862
“Rational Expectations and the Role of Monetary Policy.” Real Balances in an Ad Hoc Keynesian Model and Policy Ineffectiveness: Note 1985 Journal of Money, Credit and Banking Dennis W. Jansen 0.862

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1970-1979

Sentence Title Year Journal Authors Centroid Similarity
Essays in Monetary Economics. Bureaucratic Theory and the Choice of Central Bank Goals: The Case of the Bank of Canada 1973 Journal of Money, Credit and Banking Keith Acheson, John F. Chant 0.839
Essays in Monetary Economics. Inflation: A Survey 1975 The Economic Journal David Laidler , Michael Parkin 0.839
Essays in Monetary Economics. Cost-push versus Demand-pull Inflation: Some Empirical Evidence: Comment 1975 Journal of Money, Credit and Banking James R. Barth , James T. Bennett 0.839
Studies in Monetary Economics 1. The Transition from Fixed Exchange Rates to Money Supply Targets 1977 Journal of Money, Credit and Banking Michael Parkin 0.837
Reprinted in A Theoretical Framework for Monetary Analysis and also in Milton Friedman’s Monetary Framework. The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 0.836
C O N C L U S I O N Assumptions about what individuals know, which lie behind theories of the optimum money supply, ‘rational’ expectations, and Ricardian equivalence theorems seem to eliminate the possibility of discretionary acts of policy. Money, Efficiency, and Knowledge 1979 The Canadian Journal of Economics / Revue canadienne d’Economique T. K. Rymes 0.830
“Money, Expectations and Dynamics-An Alternative View.” Keynesian Dynamics and Growth 1977 Journal of Money, Credit and Banking Lewis Johnson 0.827
Issues in Monetary Economics. Inflation: A Survey 1975 The Economic Journal David Laidler , Michael Parkin 0.826
Reprinted in Milton Friedman’s Monetary Framework. The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 0.822
It may be useful to describe an alternative method of viewing the basic modification proposed in this paper.8 The demand for money could be explicitly written as a function of the short-term interest rate i, whereas investment rational expectations postulate. Money Financed Deficit Spending: A Reinterpretation 1978 Southern Economic Journal Michael A. Klein 0.822

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
“The Monetary Mechanisms in the Light of Rational Expectations,” Rational Expectations and Economic Policy. The Demand and Supply of Labor and Interstate Relative Wages: An Empirical Analysis 1981 Economic Geography Gordon L. Clark , Kenneth P. Ballard 0.871
CONCLUSION The key ingredients of “modern” monetary models are the distinction between anticipated and unanticipated money changes and the assumption of rational expectations. The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.868
“Rational Expectations and Monetary Institutions.” A Partisanship Theory of Fiscal and Monetary Regimes 1987 Journal of Money, Credit and Banking Thomas M. Havrilesky 0.864
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function: Reply 1984 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.862
“Rational Expectations and the Role of Monetary Policy.” Cross-Regime Evidence of Macroeconomic Rationality 1984 Journal of Political Economy Roger C. Kormendi, Philip G. Meguire 0.862
“Rational Expectations and the Role of Monetary Policy.” Monetary Accommodation of Supply Shocks under Rational Expectations 1981 Journal of Money, Credit and Banking Alan S. Blinder 0.862
“Rational Expectations and the Role of Monetary Policy.” Relative Price Dispersion and Economic Shocks: An Inventory-Adjustment Approach 1982 Journal of Money, Credit and Banking Yakov Amihud , Haim Mendelson 0.862
“Rational Expectations and the Role of Monetary Policy.” On the Anatomy of Inflation: The Variability of Relative Commodity Prices in Argentina 1983 Journal of Money, Credit and Banking Mario I. Blejer 0.862
“Rational Expectations and the Role of Monetary Policy.” Anticipated Inflation, the Frequency of Transactions, and the Slope of the Phillips Curve 1983 Journal of Money, Credit and Banking Zvi Hercowitz 0.862
“Rational Expectations and the Role of Monetary Policy.” Anticipated Money and Real Output in Italy: Some Tests of a Rational Expectations Approach 1985 Journal of Post Keynesian Economics Ali F. Darrat 0.862
“Rational Expectations and the Role of Monetary Policy.” Government Debt, Economic Activity, and Transmission of Economic Disturbances 1987 Journal of Money, Credit and Banking Faik Koray 0.862
“Rational Expectations and the Role of Monetary Policy.” Fluctuating Exchange Rates and the International Transmission of Economic Disturbances 1980 Journal of Money, Credit and Banking Nasser H. Saidi 0.862
“Rational Expectations and the Role of Monetary Policy.” Methods and Problems in Business Cycle Theory 1980 Journal of Money, Credit and Banking Robert E. Lucas, Jr. 0.862
“Rational Expectations and the Role of Monetary Policy.” Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.862
“Rational Expectations and the Role of Monetary Policy.” The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 0.862
“Rational Expectations and the Role of Monetary Policy.” The Influence of Unanticipated Money Growth on Real Output: Some Cross-Country Estimates 1983 Journal of Money, Credit and Banking Clifford L. F. Attfield, Nigel W. Duck 0.862
“Rational Expectations and the Role of Monetary Policy.” Economic Stabilization as a Public Good: What Does It Mean? 1983 Journal of Post Keynesian Economics Myles S. Wallace 0.862
“Rational Expectations and the Role of Monetary Policy.” Price Controls and the Variability of Relative Prices 1984 Journal of Money, Credit and Banking Alex Cukierman , Leonardo Leiderman 0.862
“Rational Expectations and the Role of Monetary Policy.” On “Real” and “Sticky-Price” Theories of the Business Cycle 1986 Journal of Money, Credit and Banking Bennett T. McCallum 0.862
“Rational Expectations and the Role of Monetary Policy.” On Intertemporal Substitution and Aggregate Labor Supply 1987 Journal of Political Economy George S. Alogoskoufis 0.862
“Rational Expectations and the Role of Monetary Policy.” Money and Functional Distribution of Income 1989 Journal of Money, Credit and Banking Faik Koray 0.862
“Rational Expectations and the Role of Monetary Policy.” Market Fundamentals versus Price-Level Bubbles: The First Tests 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 0.862
“Rational Expectations and the Role of Monetary Policy.” Informational Efficiency and the Open Economy 1982 Journal of Money, Credit and Banking Jagdeep S. Bhandari 0.862
“Rational Expectations and the Role of Monetary Policy.” The Derivation and Interpretation of the Lucas Supply Function 1983 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.862
“Rational Expectations and the Role of Monetary Policy.” Employment and Output Effects of Observed and Unobserved Monetary Growth 1985 Journal of Money, Credit and Banking John F. Boschen 0.862
“Rational Expectations and the Role of Monetary Policy.” Real Balances in an Ad Hoc Keynesian Model and Policy Ineffectiveness: Note 1985 Journal of Money, Credit and Banking Dennis W. Jansen 0.862

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 18 0.670
Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence 1985 Journal of Economic Literature Victor Zarnowitz 18 0.660
An Economic Theory of Monetary Reform 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 17 0.630
Taking Money Seriously 1988 The Canadian Journal of Economics / Revue canadienne d’Economique David Laidler 14 0.613
Inflation: A Survey 1975 The Economic Journal David Laidler , Michael Parkin 13 0.608
Market Fundamentals versus Price-Level Bubbles: The First Tests 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 13 0.648
The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 12 0.670
Monetary Policy and Policy Credibility: Theories and Evidence 1989 Journal of Economic Literature Keith Blackburn , Michael Christensen 12 0.609
The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 11 0.608
Some Macro Foundations for Micro Theory 1981 Brookings Papers on Economic Activity Charles L. Schultze, William Fellner , Robert J. Gordon 11 0.664

Top articles (most sentences) of the cluster for each time window

Top articles 1970-1979

Title Year Journal Authors Number sentences Similarity
Inflation: A Survey 1975 The Economic Journal David Laidler , Michael Parkin 13 0.608
The Scientific Contributions of Milton Friedman 1977 The Scandinavian Journal of Economics Niels Thygesen 11 0.608
Uncertainty and the Uses of Money 1979 Eastern Economic Journal Douglas Vickers 10 0.607
Is There an Optimal Money Supply? 1970 The Journal of Finance Robert W. Clower 8 0.604
The Theory of the Real-Balance Effect: A Criticism and A Generalisation 1972 Indian Economic Review Suraj Gupta 7 0.643
J. Laurence Laughlin and the Quantity Theory of Money 1978 Journal of Political Economy Lance Girton, Don Roper 7 0.599
Money, Efficiency, and Knowledge 1979 The Canadian Journal of Economics / Revue canadienne d’Economique T. K. Rymes 7 0.646
The Roles of Money in an Economy and the Optimum Quantity of Money 1971 Economica Morris Perlman 5 0.598
Rational Response to the Money Supply 1974 Journal of Political Economy Richard Roll 5 0.611
The Competitive Supply of Money 1974 Journal of Money, Credit and Banking Benjamin Klein 5 0.586
The Central Characteristics of Professor Friedman’s Analysis and the Issue of Normativism 1975 Eastern Economic Journal Thomas J. Velk 5 0.616
A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence 1976 The Scandinavian Journal of Economics Jacob A. Frenkel 5 0.617
Free Currency Competition 1977 Weltwirtschaftliches Archiv Roland Vaubel 5 0.591
Monetary Targets, Interest Rates and Exchange Rates 1978 Recherches Économiques de Louvain / Louvain Economic Review Bruce BRITTAIN 5 0.595
Professor Friedman’s Views on Money 1971 Economica F. H. Hahn 4 0.605

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 18 0.670
Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence 1985 Journal of Economic Literature Victor Zarnowitz 18 0.660
An Economic Theory of Monetary Reform 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 17 0.630
Taking Money Seriously 1988 The Canadian Journal of Economics / Revue canadienne d’Economique David Laidler 14 0.613
Market Fundamentals versus Price-Level Bubbles: The First Tests 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 13 0.648
The “Rationality” of Money Supply Expectations and the Short-Run Response of Interest Rates to Monetary Surprises 1981 Journal of Money, Credit and Banking Jacob Grossman 12 0.670
Monetary Policy and Policy Credibility: Theories and Evidence 1989 Journal of Economic Literature Keith Blackburn , Michael Christensen 12 0.609
Some Macro Foundations for Micro Theory 1981 Brookings Papers on Economic Activity Charles L. Schultze, William Fellner , Robert J. Gordon 11 0.664
The Rational Expectations Hypothesis in Retrospect 1983 The American Economic Review Filippo Cesarano 10 0.678
Interest Rate Volatility and Monetary Policy 1984 Journal of Money, Credit and Banking Carl E. Walsh 10 0.690
Monetary Policy and the Information Content of Prices 1982 Journal of Political Economy Robert G. King 9 0.681
Does Anticipated Monetary Policy Matter? An Econometric Investigation 1982 Journal of Political Economy Frederic S. Mishkin 9 0.665
Rational Expectations, Nonlinearities, and the Effectiveness of Monetary Policy 1984 Oxford Economic Papers Dennis J. Snower 9 0.609
A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information 1986 Econometrica Alex Cukierman , Allan H. Meltzer 9 0.603
On Some Conceptual Issues in Rational Expectations Modeling 1980 Journal of Money, Credit and Banking Edwin Burmeister 8 0.665

Closest clusters of the cluster per decade

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.2697232
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0315123
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.0451408
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0578477
72: model, models, modeling, rational_expectations, economic_models -0.0691665
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.0973316
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1183391
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1267036
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1296616
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1346226
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1449551
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.1597792

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0498148
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0442012
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0454251
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0519470
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0686723
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.1113238
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1283902
87: asset, rational_expectations, investors, rational_investors, traders -0.1332040
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1596391
72: model, models, modeling, rational_expectations, economic_models -0.1885526
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1926637
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.2390950

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.7272027
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.3676654
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.3664639
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.3456616
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.2697232
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.1676737
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1159048
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.1074558
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0959759
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0885341
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.0868538
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0808183
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.0800217
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0786335
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0722913

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.8004688
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.7272027
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1993793
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1782324
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1705239
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1627876
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.1613553
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1140238
1900-1919 10: valuations, economic_values, reconsideration, judgments, valuation 0.0876990
1920-1939 10: valuations, economic_values, reconsideration, judgments, valuation 0.0820108
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.0777151
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0743979
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0694671
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0690576
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0498148

Intertemporal cluster 78: rational_expectations, inflation, expectations, term_structure, monetary_policy

The cluster gathers 549 sentences from our corpus. It represents 0.34% of all the sentences selected over the whole period.

The community exists from 1970 to 1979.

The most recurring authors are Edmund S. Phelps (33 sentences), James E. Pesando (19 sentences), Thomas J. Sargent (18 sentences), John B. Taylor (16 sentences), William Poole (14 sentences), William J. Frazer, Jr. (13 sentences), Douglas K. Pearce (12 sentences), Robert J. Gordon (12 sentences), Bennett T. McCallum (11 sentences), Edgar L. Feige (11 sentences).

The most recurring journals are Journal of Political Economy (75 sentences), Journal of Money, Credit and Banking (74 sentences), The American Economic Review (64 sentences), Brookings Papers on Economic Activity (61 sentences), The Journal of Finance (28 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0114688
inflation 0.0061104
expectations 0.0058140
term_structure 0.0045279
monetary_policy 0.0035131
inflation_rational 0.0033101
inflationary_expectations 0.0030725
inflationary 0.0030709
natural_rate 0.0024702
real_rate 0.0024597
monetary_instrument 0.0021728
optimal_money 0.0019579
supply_rule 0.0019579
optimal_monetary 0.0019202
hyperinflation 0.0018029
expected_rate 0.0017958
sargent 0.0016688
inflation_rate 0.0015564
price_expectations 0.0014473
expectations_model 0.0013643

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
1 This research was supported by a National Science Foundation grant on Rational Expectations and Monetary Policy. On Models of Money and Perfect Foresight 1979 International Economic Review Guillermo A. Calvo 0.780
“Rational Expectations and the Role of Monetary Policy.” Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 0.780
“Rational Expectations and the Role of Monetary Policy.” Unanticipated Money, Output, and the Price Level in the United States 1978 Journal of Political Economy Robert J. Barro 0.780
“Rational Expectations and the Role of Monetary Policy.” A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.780
“Rational Expectations and the Role of Monetary Policy.”J. Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States 1979 Journal of Political Economy Jacob Grossman 0.775
“Rational Expectations and the Role of Monetary Policy.”J. Expectations and Output-Inflation Tradeoffs in a Fixed-Exchange-Rate Economy 1979 Journal of Political Economy Leonardo Leiderman 0.775
As the outline of the scope for maneuverability by the monetary authority suggests, experimentation with rational expectations and hence the study of instability in the structure of the “pure” rational expectations model give increasing attention to expectations, intervening psychological forces, and policy control through knowledge of these forces. Evolutionary Economics, Rational Expectations, and Monetary Policy 1978 Journal of Economic Issues William J. Frazer, Jr. 0.767
This article is about these themes-evolutionary economics, rational expectations, and monetary policy. Evolutionary Economics, Rational Expectations, and Monetary Policy 1978 Journal of Economic Issues William J. Frazer, Jr. 0.765
’Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States 1979 Journal of Political Economy Jacob Grossman 0.765
“Rational Expectations and the Dynamic Structure of Macroeconomic Models.”J. The Volatility of Long-Term Interest Rates and Expectations Models of the Term Structure 1979 Journal of Political Economy Robert J. Shiller 0.762
“Rational Expectations and the Dynamic Structure of Macroeconomic Models: A Critical Review.” Monetary Aggregate Targets and the Volatility of Interest Rates: Taxonomic Discussion 1979 Journal of Money, Credit and Banking Raymond Lombra , Frederick Struble 0.760
Though we have given some consideration to the implications of a model relying on “rational expectations” this should not be construed as an indication that we view such a model per se as an adequate description of the dynamics of inflation. Optimal Demand Policies against Stagflation 1978 Weltwirtschaftliches Archiv Franco Modigliani, Lucas Papademos 0.747
Rational Expectations The basic proposition of rational expectations is that consistent bias in expected inflation is inconsistent with rationality of economic agents. The Inflation-Unemployment Trade-Off: A Critique of the Literature 1978 Journal of Economic Literature Anthony M. Santomero, John J. Seater 0.746
“Rational Expectations and the Dynamic Structure of Macroeconomic Models: A Critical Review.” Price Expectations and the Interest Rate in an Open Economy: Germany, 1960-72 1977 Journal of Money, Credit and Banking Manfred J. M. Neumann 0.745
The growing evidence that the expectations relevant to stock price determination are, in effect, rational serves to cast doubt on the proposition that market forecasts of inflation might not be rational. Alternative Models of the Determination of Nominal Interest Rates: The Canadian Evidence 1976 Journal of Money, Credit and Banking James E. Pesando 0.745
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” Econometric Models and Current Interest Rates: How Well do They Predict Future Rates? 1979 The Journal of Finance J. Walter Elliott, Jerome R. Baier 0.744
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.743
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 0.743
“Rational Expectations: The Real Rate of Interest and the Natural Rate of Unemployment.” Wage Indexing Rules and the Behavior of the Economy 1979 Journal of Political Economy Olivier Jean Blanchard 0.743
“Monetary Policy during a Transition to Rational Expectations.” Unanticipated Money, Output, and the Price Level in the United States 1978 Journal of Political Economy Robert J. Barro 0.741

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 62% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
“Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy.” Monetary Aggregate Targets and the Volatility of Interest Rates: Taxonomic Discussion 1979 Journal of Money, Credit and Banking Raymond Lombra , Frederick Struble 0.865
For the purposes of this paper, price expectations will be defined as rational if they fully incorporate the information contained in current and past rates of inflation. A Note on the Rationality of the Livingston Price Expectations 1975 Journal of Political Economy James E. Pesando 0.861
This study was a modest attempt to study the validity of a particular version of the rational expectations hypothesis which posits that the expected rate of inflation in each period is an unbiased prediction of the actual inflation rate subsequently observed. Tests of Rational Expectations and Fisher Effect 1979 Southern Economic Journal Kajal Lahiri, Jungsoo Lee 0.858
1 This research was supported by a National Science Foundation grant on Rational Expectations and Monetary Policy. On Models of Money and Perfect Foresight 1979 International Economic Review Guillermo A. Calvo 0.844
Feige, Edgar L., and Pearce, Douglas K. “Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy?” Money Wages, Prices, and Causality 1977 Journal of Political Economy Y. P. Mehra 0.843
If by perfect foresight we 1 This work was supported by a National Science Foundation gran, on Monetary Policy and Rational Expectations. The Stability of Models of Money and Perfect Foresight: A Comment 1977 Econometrica Guillermo A. Calvo 0.840
“Stabilizing Properties of Monetary Policy under Rational Expectations.” The Transition from Fixed Exchange Rates to Money Supply Targets 1977 Journal of Money, Credit and Banking Michael Parkin 0.837
“Stabilizing Properties of Monetary Policy under Rational Expectations.” Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 0.837
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” Monetary Aggregate Targets and the Volatility of Interest Rates: Taxonomic Discussion 1979 Journal of Money, Credit and Banking Raymond Lombra , Frederick Struble 0.835
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” Comparing Survey and Rational Measures of Expected Inflation: Forecast Performance and Interest Rate Effects 1979 Journal of Money, Credit and Banking Douglas K. Pearce 0.835
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” Econometric Models and Current Interest Rates: How Well do They Predict Future Rates? 1979 The Journal of Finance J. Walter Elliott, Jerome R. Baier 0.835
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” On the Efficiency of the Bond Market: Some Canadian Evidence 1978 Journal of Political Economy James E. Pesando 0.835
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” Real versus Nominal Interest Rates and The Demand for Consumer Durables In Canada 1977 Journal of Money, Credit and Banking James E. Pesando, Adonis Yatchew 0.835
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” Alternative Models of the Determination of Nominal Interest Rates: The Canadian Evidence 1976 Journal of Money, Credit and Banking James E. Pesando 0.835
“Inflation, Rational Expectations and the Term Structure of Interest Rates.” On the Random Walk Characteristics of Short- and Long-Term Interest Rates In an Efficient Market 1979 Journal of Money, Credit and Banking James E. Pesando 0.835
As the outline of the scope for maneuverability by the monetary authority suggests, experimentation with rational expectations and hence the study of instability in the structure of the “pure” rational expectations model give increasing attention to expectations, intervening psychological forces, and policy control through knowledge of these forces. Evolutionary Economics, Rational Expectations, and Monetary Policy 1978 Journal of Economic Issues William J. Frazer, Jr. 0.835

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
“Rational Expectations and the Role of Monetary Policy.” Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 0.882
“Rational Expectations and the Role of Monetary Policy.” Unanticipated Money, Output, and the Price Level in the United States 1978 Journal of Political Economy Robert J. Barro 0.882
“Rational Expectations and the Role of Monetary Policy.” A Criticism of One Class of Macroeconomic Models with Rational Expectations 1978 Journal of Money, Credit and Banking Ray C. Fair 0.882
“Rational Expectations and the Role of Monetary Policy.”J. Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States 1979 Journal of Political Economy Jacob Grossman 0.874
“Rational Expectations and the Role of Monetary Policy.”J. Expectations and Output-Inflation Tradeoffs in a Fixed-Exchange-Rate Economy 1979 Journal of Political Economy Leonardo Leiderman 0.874
“Rational expectations” theories, which have received a good deal of attention from economists in recent years, assume a considerable degree of sophistication among workers and employers about ongoing inflation rates. Editors’ Summary 1975 Brookings Papers on Economic Activity Arthur M. Okun , George L. Perry 0.869
“Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy.” Monetary Aggregate Targets and the Volatility of Interest Rates: Taxonomic Discussion 1979 Journal of Money, Credit and Banking Raymond Lombra , Frederick Struble 0.865
In the absence of satisfactory direct evidence on the inflation rates that people expect, Sargent explores the implications of an alternative assumption, “rational expectations.” Editors’ Introduction and Summary 1973 Brookings Papers on Economic Activity Arthur M. Okun , George L. Perry 0.864
For the purposes of this paper, price expectations will be defined as rational if they fully incorporate the information contained in current and past rates of inflation. A Note on the Rationality of the Livingston Price Expectations 1975 Journal of Political Economy James E. Pesando 0.861
This study was a modest attempt to study the validity of a particular version of the rational expectations hypothesis which posits that the expected rate of inflation in each period is an unbiased prediction of the actual inflation rate subsequently observed. Tests of Rational Expectations and Fisher Effect 1979 Southern Economic Journal Kajal Lahiri, Jungsoo Lee 0.858
Next comes a description of the behavior of the model embodying “rational” expectations; I show that under this assumption, the natural unemployment rate hypothesis and a version of Fisher’s theory about the interest rate and expected inflation form a package. Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment 1973 Brookings Papers on Economic Activity Thomas J. Sargent, David Fand , Stephen Goldfeld 0.844
1 This research was supported by a National Science Foundation grant on Rational Expectations and Monetary Policy. On Models of Money and Perfect Foresight 1979 International Economic Review Guillermo A. Calvo 0.844
Feige, Edgar L., and Pearce, Douglas K. “Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy?” Money Wages, Prices, and Causality 1977 Journal of Political Economy Y. P. Mehra 0.843
“Rational Expectations and the Dynamics of Hyperinflation.” Inflation: A Survey 1975 The Economic Journal David Laidler , Michael Parkin 0.841
“Rational Expectations and the Dynamics of Hyperinflation.” The Transition from Fixed Exchange Rates to Money Supply Targets 1977 Journal of Money, Credit and Banking Michael Parkin 0.841
“Rational Expectations and the Dynamics of Hyperinflation.” Monetary and Fiscal Policies in an Inflationary Economy: A Simulation Approach 1979 Journal of Money, Credit and Banking Duc-Tho Nguyen , Stephen J. Turnovsky 0.841
“Rational Expectations and the Dynamics of Hyperinflation.” Price Expectations and the Interest Rate in an Open Economy: Germany, 1960-72 1977 Journal of Money, Credit and Banking Manfred J. M. Neumann 0.841

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Evolutionary Economics, Rational Expectations, and Monetary Policy 1978 Journal of Economic Issues William J. Frazer, Jr. 13 0.658
Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy? 1976 Journal of Political Economy Edgar L. Feige , Douglas K. Pearce 10 0.669
Macro Policy Responses to Price Shocks 1979 Brookings Papers on Economic Activity Edward M. Gramlich 9 0.635
Price Level Adjustments and the Rational Expectations Approach to Macroeconomic Stabilization Policy 1978 Journal of Money, Credit and Banking Bennett T. McCallum 8 0.699
Monetary Policy during a Transition to Rational Expectations 1975 Journal of Political Economy John B. Taylor 7 0.611
Rational Expectations in a Disequilibrium Model of the Term Structure 1976 The American Economic Review Michael E. Echols , Jan Walter Elliott 7 0.635
Rational Expectations in the Macro Model 1976 Brookings Papers on Economic Activity William Poole , Edmund S. Phelps, Martin N. Baily 7 0.647
Efficient-Markets Theory: Implications for Monetary Policy 1978 Brookings Papers on Economic Activity Frederic S. Mishkin 7 0.627
Inflation Planning Reconsidered 1978 Economica Edmund S. Phelps 7 0.601
Rational Expectations and Economic Thought 1979 Journal of Economic Literature Brian Kantor 7 0.643

Closest clusters of the cluster per decade

Closest clusters within the 1970-1979 decade

Cluster Name Similarity
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.2697232
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1791803
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0419781
60: policy_implications, london_school, revision_received, milton_friedman, friedman -0.0625824
43: investment, investment_decision, investment_decisions, investment_behavior, investments -0.0634786
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1071249
72: model, models, modeling, rational_expectations, economic_models -0.1153914
15: institutional_economics, economic_science, sciences, mathematics, scientific_method -0.1411400
51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system -0.1425165
53: social_choice, decision_maker, maker, decisions, rational_choice -0.1438503
46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer -0.1468880
74: optimal, economic_systems, economic_history, economic_interpretation, externalities -0.2972819

Closest clusters with all decade, for 1970-1979

Time Window Cluster Name Similarity
1980-1989 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.8004688
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.3494601
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.3287798
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.2994837
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.2853835
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.2697232
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1791803
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1380160
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1292375
1980-1989 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.1203886
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1162244
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1122724
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1032354
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1024396
1900-1919 13: laborers, employer, employers, wages, pain 0.1023561

Intertemporal cluster 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol

The cluster gathers 22190 sentences from our corpus. It represents 13.7% of all the sentences selected over the whole period.

The community exists from 1980 to 2019.

The most recurring authors are Warren J. Samuels (122 sentences), Tony Lawson (110 sentences), Larry Dwyer (96 sentences), Geoffrey M. Hodgson (92 sentences), David Dequech (75 sentences), Sheila C. Dow (69 sentences), Kurt Dopfer (68 sentences), David Colander (65 sentences), Philip Mirowski (60 sentences), Robert Sugden (59 sentences).

The most recurring journals are Journal of Economic Issues (2236 sentences), Cambridge Journal of Economics (1520 sentences), The American Economic Review (1232 sentences), Journal of Post Keynesian Economics (922 sentences), The American Journal of Economics and Sociology (878 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
mainstream 0.0011452
mainstream_economics 0.0007427
neoclassical 0.0006905
outcomes 0.0005554
inquiry_vol 0.0005553
institutional_economics 0.0005358
royal_economic 0.0004855
optimal 0.0004772
compilation_royal 0.0004722
neoclassical_economics 0.0004322
journal_compilation 0.0004144
economic_intuition 0.0004088
doi 0.0003990
heterodox 0.0003821
royal 0.0003726
business_school 0.0003628
contingent_valuation 0.0003594
empirical 0.0003588
economic_inquiry 0.0003473
evolutionary_economics 0.0003271

Top TF-IDF terms describing the community for each time window

Top terms 1980-1989

Token TF-IDF
economic_inquiry 0.0009727
revision_received 0.0007981
inquiry_vol 0.0007672
neoclassical 0.0006922
positive_economics 0.0006692
mainstream 0.0006161
economics_university 0.0005756
macroeconomics 0.0005651
manuscript_received 0.0005150
economic_agents 0.0005040
macroeconomic 0.0004948
physics 0.0004863
determinate_solutions 0.0004858
neoclassical_economics 0.0004855
economics_association 0.0004634

Top terms 1990-1999

Token TF-IDF
mainstream 0.0012359
institutional_economics 0.0009529
mainstream_economics 0.0008911
neoclassical 0.0008665
inquiry_vol 0.0007629
contingent_valuation 0.0007457
neoclassical_economics 0.0006308
economic_inquiry 0.0005657
economic_intuition 0.0005641
revision_received 0.0005040
final_revision 0.0004809
dialogue 0.0004791
optimal 0.0004385
evolutionary 0.0004359
u.s.a 0.0004321

Top terms 2000-2009

Token TF-IDF
compilation_royal 0.0025228
journal_compilation 0.0022773
compilation 0.0016121
royal_economic 0.0015102
mainstream 0.0013743
mainstream_economics 0.0010284
royal 0.0010160
economic_society 0.0008653
institutional_economics 0.0007919
critical_realism 0.0007571
business_school 0.0007517
critical_realist 0.0007085
neoclassical 0.0006743
economic_intuition 0.0006635
realist 0.0006557

Top terms 2010-2019

Token TF-IDF
doi 0.0016632
issn 0.0015561
issues_association 0.0013633
mohr 0.0013353
mainstream 0.0011440
mohr_siebeck 0.0010964
siebeck 0.0010964
heterodox 0.0010613
heterodox_economics 0.0009108
business_school 0.0008818
mainstream_economics 0.0008289
royal_economic 0.0007856
evolutionary_economics 0.0007736
outcomes 0.0007196
theoretical_economics 0.0007066

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
It is now commonplace, and fairly uncontroversial in our field, to assume that all actors behave rationally, or nearly so, and that poor outcomes are more likely the product of maximizing responses to inefficient or perverse constraints. Gerschenkron Panel Discussion, 11 September 2004 2005 The Journal of Economic History John Nye 0.825
A number of competing explanations have been proposed, some of which reject the present value model, some which reject rational expectations, and others which reject the assumption of rational optimising agents. Irrational Analysts’ Expectations as a Cause of Excess Volatility in Stock Prices 1997 The Economic Journal George Bulkley , Richard D. F. Harris 0.809
The “careful” economist must take pains not to confuse the behavior of perfectly rational persons with that of actual persons, for in a great many instances, the latter will deviate from the former in considerable degree, though not so much as to render economics useless. The Heterodox Economics of “The Most Orthodox of Orthodox Economists”: Frank H. Knight 1997 The American Journal of Economics and Sociology William S. Kern 0.802
Since ‘normal science’ in economics primarily involves deriving the testing implications of the assumption of rationality, it seems natural to yield to this temptation by looking for areas in which this approach may break down in some important way. Continuity and Change in the Economics Industry 1991 The Economic Journal Richard Schmalensee 0.795
Confronted with a situation where others might not behave rationally, they nevertheless behave the way good economic theory predicts. Are Economists More Selfish Than Other ‘Social’ Scientists? 1999 Public Choice David N. Laband, Richard O. Beil 0.784
conclude that their results are incompatible with the behaviour of standard, rational agents but consistent with both projection bias and salience. Something in the Air 2018 The Review of Economic Studies TOM Y. CHANG , WEI HUANG , YONGXIANG WANG 0.783
As opposed to various assumptions of the neoclassical homo oeconomicus, human beings are not “perfectly informed” but rather are subject to strong restrictions of information processing in the cognition, calculation, and selection processes required for “rational” action. Social Modernization and the Increase in the Divorce Rate 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Hartmut Esser 0.779
In other words, the claim that the rational actor approach offers a first-round presumption that market and political behav iour will be the same?that the “onus of proof” lies with those who dispute behavioural symmetry?turns out to depend on what I regard as a very strong empirical claim about the relation between instrumental and intrinsic net benefits. Psychological Dimensions in Voter Choice 2008 Public Choice Geoffrey Brennan 0.778
Reading again that work under this spirit, will provide some further arguments to all those who hold textbook type formal economic rationality as responsible for disorienting social science to “false paths for 200 years”31. ON THE SOCIAL NATURE OF RATIONALITY IN ADAM SMITH AND JOHN STUART MILL 2005 Cahiers d’économie politique / Papers in Political Economy Michel S. Zouboulakis 0.776
Subsequent sections address the problem of reductionism in economic theory, and show that mainstream explanations of economic and institutional phenomena in terms of given, rational individuals are not as robust as is often supposed. The Approach of Institutional Economics 1998 Journal of Economic Literature Geoffrey M. Hodgson 0.775
While the assumption of rational behaviour underlies most economic theory, this is being questioned by the recent rise of behavioural economics. Rational Adversaries? Evidence from Randomised Trials in One Day Cricket 2009 The Economic Journal V. Bhaskar 0.774
His concern not only with the importance of institutional changes, but also with a more accurate view of human behavior than that suggested by today’s neoclassical economic rationality, is presented in two parts. The Misperception of Walras 1994 The American Economic Review B. Bürgenmeier 0.764
common in all macroeconomic theory and on the assumption of correct expectations regarding the opponent’s state of rationality. A Comment on P. S. Kristensen’s Note 1980 The Scandinavian Journal of Economics Ingolf Ståhl 0.756
Historically, a recurrent theme in economics is that the values to which people respond are not confined to those one would expect based on the narrowly defined canons of rationality. Constructivist and Ecological Rationality in Economics 2003 The American Economic Review Vernon L. Smith 0.755
Following the new institutional economics, individuals are assumed to act with intended rationality. A Rational-Actor Perspective on the Origin of Liturgies in Ancient Greece 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Carl Hampus Lyttkens 0.754
Mainstream economic theory, with its emphasis on equilibrium outcomes from hyper-rational representative households and firms, encounters enormous difficulties in jointly explaining such a rich list of phenomena. Adaptive Microfoundations for Emergent Macroeconomics 2008 Eastern Economic Journal Edoardo Gaffeo , Domenico Delli Gatti, Saul Desiderio , Mauro Gallegati 0.754
Recently, economists and psychologists have begun a conversation on whether the rationality paradigm in economics can profit from empirical evaluation. Economic and Psychological Theories of Forecast Bias and Learning: Evidence from U.S. Business Managers’ Forecasts 1994 Eastern Economic Journal Michael A. Anderson, Arthur H. Goldsmith 0.751
Because these insights about actual behaviour often seem at odds with the dominant, rational choice or subjective expected utilising model, it is natural to wonder what they might mean for economics more generally. What is the meaning of behavioural economics? 2013 Cambridge Journal of Economics Shaun P. Hargreaves Heap 0.751
Rationality into Economics 541 would be bad judgment to bet confidently against the potential insights of a research line that has generated so much excitement among economic theorists. Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 0.749
While accepting the theoretical observation underlying Lucas’ critique, Sims challenges rational expectations econometrics, and does so by appealing to the very same general body of dynamic economic theory that Lucas used. Autoregressions, Expectations, and Advice 1984 The American Economic Review Thomas J. Sargent 0.748
Some analysts have approached this ques tion from the perspective of instrumental rationality. Asymmetric bargaining and development trade-offs in the CARIFORUM-European Union Economic Partnership Agreement 2011 Review of International Political Economy Tony Heron 0.748

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
common in all macroeconomic theory and on the assumption of correct expectations regarding the opponent’s state of rationality. A Comment on P. S. Kristensen’s Note 1980 The Scandinavian Journal of Economics Ingolf Ståhl 0.756
While accepting the theoretical observation underlying Lucas’ critique, Sims challenges rational expectations econometrics, and does so by appealing to the very same general body of dynamic economic theory that Lucas used. Autoregressions, Expectations, and Advice 1984 The American Economic Review Thomas J. Sargent 0.748
Value judgments of the sort relevant to the economist’s acceptance decisions can be defended in a rational manner, the ultimate justification for any such estimate being the extent to which the consequences expected to result from an acceptance decision promote or frustrate the satisfaction of human needs and interests. The Alleged Value Neutrality of Economics: An Alternative View 1982 Journal of Economic Issues Larry Dwyer 0.744
Economic processes influence when and how far any theory is able to withstand rational criticism. The Future of Socialist Economic Integration 1980 Eastern European Economics Kálmán Pécsi 0.742
may be made consistent with economic theory. The Role of Stated Preference Methods in Studies of Travel Choice 1988 Journal of Transport Economics and Policy David A. Hensher, Peter O. Barnard, Truong P. Truong 0.737
In this section I shall relax a few of the assumptions that I think most economists regard as plausible interpretation or convenient for certain purposes, but not essential in the whole logical structure, appealing to certain cases where I think economists generally would agree that they might not be applicable. Production Sets, Technological Knowledge, and R & D: Fragile and Overworked Constructs for Analysis of Productivity Growth? 1980 The American Economic Review Richard R. Nelson 0.736
I hope that other readers will understand that my result is to be taken in the context of understanding economic phenomena and arguing about their explanation. Wages and Employment 1984 Oxford Economic Papers F. H. Hahn 0.735
We assume that policymakers can influence real economic variables, without ruling out the possibility of rational expectat run. Presidential Popularity and Macroeconomic Performance: Are Voters Really so Naive? 1983 The Review of Economics and Statistics Henry W. Chappell, Jr. 0.733
Since the publication of these papers, many papers have been published that have described setups in which the choice of systematic policy matters, even when rational expectations prevail. Interpreting Economic Time Series 1981 Journal of Political Economy Thomas J. Sargent 0.729
On the other hand, since the non-market-clearing paradigm is consistent with a number of empirical phenomena and with rational-expectations theories of policy effectiveness it may be premature to discard its most basic insights. Rational Expectations, Disequilibrium Quantities, and Policy Effectiveness in a Non-Market-Clearing Framework 1982 Weltwirtschaftliches Archiv Stephen McCafferty 0.719
Put differently, the authors have taken a rational, fully informed neoclassical perspective as their point of departure, and in Section I of my comments I will by-pass this issue to focus on standard issues of theory and estimation. Innovation, Market Structure, and Market Dynamics: Comment 1986 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Steven N. Wiggins 0.717
Economic agents do not have to be more than merely sensible to perceive this fact and to incorporate it into their expectations. Monetarism: An Interpretation and an Assessment 1981 The Economic Journal D. Laidler 0.714

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
A number of competing explanations have been proposed, some of which reject the present value model, some which reject rational expectations, and others which reject the assumption of rational optimising agents. Irrational Analysts’ Expectations as a Cause of Excess Volatility in Stock Prices 1997 The Economic Journal George Bulkley , Richard D. F. Harris 0.809
The “careful” economist must take pains not to confuse the behavior of perfectly rational persons with that of actual persons, for in a great many instances, the latter will deviate from the former in considerable degree, though not so much as to render economics useless. The Heterodox Economics of “The Most Orthodox of Orthodox Economists”: Frank H. Knight 1997 The American Journal of Economics and Sociology William S. Kern 0.802
Since ‘normal science’ in economics primarily involves deriving the testing implications of the assumption of rationality, it seems natural to yield to this temptation by looking for areas in which this approach may break down in some important way. Continuity and Change in the Economics Industry 1991 The Economic Journal Richard Schmalensee 0.795
Confronted with a situation where others might not behave rationally, they nevertheless behave the way good economic theory predicts. Are Economists More Selfish Than Other ‘Social’ Scientists? 1999 Public Choice David N. Laband, Richard O. Beil 0.784
As opposed to various assumptions of the neoclassical homo oeconomicus, human beings are not “perfectly informed” but rather are subject to strong restrictions of information processing in the cognition, calculation, and selection processes required for “rational” action. Social Modernization and the Increase in the Divorce Rate 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Hartmut Esser 0.779
Subsequent sections address the problem of reductionism in economic theory, and show that mainstream explanations of economic and institutional phenomena in terms of given, rational individuals are not as robust as is often supposed. The Approach of Institutional Economics 1998 Journal of Economic Literature Geoffrey M. Hodgson 0.775
His concern not only with the importance of institutional changes, but also with a more accurate view of human behavior than that suggested by today’s neoclassical economic rationality, is presented in two parts. The Misperception of Walras 1994 The American Economic Review B. Bürgenmeier 0.764
Following the new institutional economics, individuals are assumed to act with intended rationality. A Rational-Actor Perspective on the Origin of Liturgies in Ancient Greece 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Carl Hampus Lyttkens 0.754
Recently, economists and psychologists have begun a conversation on whether the rationality paradigm in economics can profit from empirical evaluation. Economic and Psychological Theories of Forecast Bias and Learning: Evidence from U.S. Business Managers’ Forecasts 1994 Eastern Economic Journal Michael A. Anderson, Arthur H. Goldsmith 0.751
By accepting a set of such methodological restrictions we can “rationally” interpret empirical economic results. Empirical Economics? An Econometric Dilemma with Only a Methodological Solution 1998 Journal of Economic Issues T. D. Stanley 0.747
And, it assumes the rationality postulate of economics, which takes me to the last issue. Institutions and Credible Commitment 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Douglass C. North 0.746
The kind of relations assumed to be relevant for an explananation of “economic outcomes” differs in scope and structure from the usual “rationality of market decisions.” A Network Analysis of Markets 1992 Journal of Economic Issues P. R. Beije , J. Groenewegen 0.746
Modern economics assumes that individuals are rational maximizers, who, in the presence of costly information, sometimes make mistakes. Procrastination, Obedince, and Public Policy: The Irrelevance of Salience 1995 The American Journal of Economics and Sociology Gary M. Anderson, Walter Block 0.746

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
It is now commonplace, and fairly uncontroversial in our field, to assume that all actors behave rationally, or nearly so, and that poor outcomes are more likely the product of maximizing responses to inefficient or perverse constraints. Gerschenkron Panel Discussion, 11 September 2004 2005 The Journal of Economic History John Nye 0.825
In other words, the claim that the rational actor approach offers a first-round presumption that market and political behav iour will be the same?that the “onus of proof” lies with those who dispute behavioural symmetry?turns out to depend on what I regard as a very strong empirical claim about the relation between instrumental and intrinsic net benefits. Psychological Dimensions in Voter Choice 2008 Public Choice Geoffrey Brennan 0.778
Reading again that work under this spirit, will provide some further arguments to all those who hold textbook type formal economic rationality as responsible for disorienting social science to “false paths for 200 years”31. ON THE SOCIAL NATURE OF RATIONALITY IN ADAM SMITH AND JOHN STUART MILL 2005 Cahiers d’économie politique / Papers in Political Economy Michel S. Zouboulakis 0.776
While the assumption of rational behaviour underlies most economic theory, this is being questioned by the recent rise of behavioural economics. Rational Adversaries? Evidence from Randomised Trials in One Day Cricket 2009 The Economic Journal V. Bhaskar 0.774
Historically, a recurrent theme in economics is that the values to which people respond are not confined to those one would expect based on the narrowly defined canons of rationality. Constructivist and Ecological Rationality in Economics 2003 The American Economic Review Vernon L. Smith 0.755
Mainstream economic theory, with its emphasis on equilibrium outcomes from hyper-rational representative households and firms, encounters enormous difficulties in jointly explaining such a rich list of phenomena. Adaptive Microfoundations for Emergent Macroeconomics 2008 Eastern Economic Journal Edoardo Gaffeo , Domenico Delli Gatti, Saul Desiderio , Mauro Gallegati 0.754
Conclusion While our results do not imply that economists should abandon the rational-actor framework, they do suggest two major revisions. In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies 2001 The American Economic Review Joseph Henrich , Robert Boyd , Samuel Bowles , Colin Camerer , Ernst Fehr , Herbert Gintis , Richard McElreath 0.747
Institutional rationality may help to shed some light on issues of importance to institutional, or evolutionary, economics. On Institutional Rationality 2004 Journal of Economic Issues William H. Redmond 0.742
In Rationality, Institutions and Economic Methodology. On the Economics of Moral Preferences 2008 The American Journal of Economics and Sociology Viktor J. Vanberg 0.742
This approach has the advantage that its findings are grounded in economic theory, making the assumption that people understand their economic environment and react rationally to it. Means Testing and Retirement Choices in Europe: A Comparison of the British and Danish Systems 2005 Fiscal Studies James Sefton , Justin van de Ven, Martin Weale 0.739
They did not claim that abstract reasoning has no place in economic reason ing but that its use in economics is necessarily limited: the ability to constantly amalgamate «logic and intuition and wide knowledge of facts» is the crucial factor in economic interpretation. WHY DID ECONOMIC SCIENCE TAKE THE SAMUELSONIAN PATH AND WHAT IS THE ALTERNATIVE? 2005 History of Economic Ideas Roberto Marchionatti 0.735
Although the explanation roughly belongs to the “policy mistakes” category, in this paper policy-makers are assumed to be rational and optimizing. Why Inflation Rose and Fell: Policy-Makers’ Beliefs and U. S. Postwar Stabilization Policy 2006 The Quarterly Journal of Economics Giorgio E. Primiceri 0.734

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
conclude that their results are incompatible with the behaviour of standard, rational agents but consistent with both projection bias and salience. Something in the Air 2018 The Review of Economic Studies TOM Y. CHANG , WEI HUANG , YONGXIANG WANG 0.783
Because these insights about actual behaviour often seem at odds with the dominant, rational choice or subjective expected utilising model, it is natural to wonder what they might mean for economics more generally. What is the meaning of behavioural economics? 2013 Cambridge Journal of Economics Shaun P. Hargreaves Heap 0.751
Rationality into Economics 541 would be bad judgment to bet confidently against the potential insights of a research line that has generated so much excitement among economic theorists. Incorporating Limited Rationality into Economics 2013 Journal of Economic Literature Matthew Rabin 0.749
Some analysts have approached this ques tion from the perspective of instrumental rationality. Asymmetric bargaining and development trade-offs in the CARIFORUM-European Union Economic Partnership Agreement 2011 Review of International Political Economy Tony Heron 0.748
‘Rational choice and the framing of decisions’, Journal of Business, vol.  YOU NEED TO RECOGNISE AMBIGUITY TO AVOID IT 2018 The Economic Journal Chew Soo Hong , Mark Ratchford, Jacob S. Sagi 0.746
3.4 Conclusions Competition economists, particularly those of us of a certain age, tend not to like behavioural economic explanations: too messy, too imprecise and not founded on traditional rationality. Recent Developments at the CMA 2017 Review of Industrial Organization Chris Doyle , Alex Moore , Borbala Szathmary, Mike Walker 0.744
In each of these cases, what is at issue is the determination of the allocation of investment by prices that may not be?and often patently are not?the result of rational behavior. Reconstructing Economics in Light of the 2007—? Financial Crisis 2010 The Journal of Economic Education Benjamin M. Friedman 0.737
E-mail: gigerenzer@mpib-berlin.mpg.de nomics with «more realistic assumptions» is perhaps the guiding theme of behavioral economists, as behavioral economists undertake eco nomic analysis without one or more of the unbounded rationality assumptions. AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 0.735
Thus, the economic process in mainstream economics is predicated on a universal identity of individuals as independent rational2 agents in a social context, where the social is a “given” — i.e., unchanging, thus often considered irrelevant. Institutions and Values 2016 Journal of Economic Issues Tara Natarajan, Wayne Edwards 0.731
Explainawaytions In the process of making economics more mathematically rigorous after World War II, the economics profession appears to have lost its good intuition about human behavior. Behavioral Economics: Past, Present, and Future 2016 The American Economic Review Richard H. Thaler 0.730
“From Substantive to Procedural Rationality.” In 25 Years of Economic Theory: Retrospect and Prospect, 65–86. Parametric Recoverability of Preferences 2018 Journal of Political Economy Yoram Halevy , Dotan Persitz, Lanny Zrill 0.730
The limits of mainstream economic reasoning are methodological, imposed by the insistence that economic behavior must be analyzed mathematically as the relationship of autonomous agents, each free to make decisions, but always outside of any historical or social context. Editor’s Introduction Corporations as Semi-Sovereign Powers 2018 The American Journal of Economics and Sociology NULL 0.728

Closest sentences from the cluster’s centroid

Among the 200 closest sentences to the cluster’s centroid, 4.5% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Reading again that work under this spirit, will provide some further arguments to all those who hold textbook type formal economic rationality as responsible for disorienting social science to “false paths for 200 years”31. ON THE SOCIAL NATURE OF RATIONALITY IN ADAM SMITH AND JOHN STUART MILL 2005 Cahiers d’économie politique / Papers in Political Economy Michel S. Zouboulakis 0.838
In some cases economic theory has rationalized these findings.20 Where they have not been so explained, there is an important challenge to economic theorists and others to do so. Basic Issues in Econometrics: Past and Present 1982 The American Economist Arnold Zellner 0.823
His concern not only with the importance of institutional changes, but also with a more accurate view of human behavior than that suggested by today’s neoclassical economic rationality, is presented in two parts. The Misperception of Walras 1994 The American Economic Review B. Bürgenmeier 0.820
Historically, a recurrent theme in economics is that the values to which people respond are not confined to those one would expect based on the narrowly defined canons of rationality. Constructivist and Ecological Rationality in Economics 2003 The American Economic Review Vernon L. Smith 0.818
3.4 Conclusions Competition economists, particularly those of us of a certain age, tend not to like behavioural economic explanations: too messy, too imprecise and not founded on traditional rationality. Recent Developments at the CMA 2017 Review of Industrial Organization Chris Doyle , Alex Moore , Borbala Szathmary, Mike Walker 0.814
Because these insights about actual behaviour often seem at odds with the dominant, rational choice or subjective expected utilising model, it is natural to wonder what they might mean for economics more generally. What is the meaning of behavioural economics? 2013 Cambridge Journal of Economics Shaun P. Hargreaves Heap 0.811
The “careful” economist must take pains not to confuse the behavior of perfectly rational persons with that of actual persons, for in a great many instances, the latter will deviate from the former in considerable degree, though not so much as to render economics useless. The Heterodox Economics of “The Most Orthodox of Orthodox Economists”: Frank H. Knight 1997 The American Journal of Economics and Sociology William S. Kern 0.808
In Rationality, Institutions and Economic Methodology. On the Economics of Moral Preferences 2008 The American Journal of Economics and Sociology Viktor J. Vanberg 0.808
Economic processes influence when and how far any theory is able to withstand rational criticism. The Future of Socialist Economic Integration 1980 Eastern European Economics Kálmán Pécsi 0.806

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
An answer to an economic question can be obtained only at the cost of making some assumptions; some may be ‘natural’ economic assumptions, but others are formal, purely mathematical assumptions, and such assumptions may be viewed as objectionable by those who emphasize economic intuition. Presidential Address: Mathematics in economics and econometrics 2011 The Canadian Journal of Economics / Revue canadienne d’Economique Victoria Zinde-Walsh 0.860
This brings me back to the aim of maintaining a critical element in economic method ology about the substance of economic theories. Rhetoric vs realism in economic methodology: a critical assessment of recent contributions 2001 Cambridge Journal of Economics Fabienne Peter 0.859
Here I want to take up three issues that I think pose serious problems, all of which have modern manifestations: the methodology of intuitively obvious assumptions, the relegation of facts to be illustrations of theoretical propositions rather than as tests of their validity, and the belief in the general applicability of economic theory without the need for specific context. Some Legacies of Robbins’ “An Essay on the Nature and Significance of Economic Science” 2009 Economica Richard G. Lipsey 0.858
may be made consistent with economic theory. The Role of Stated Preference Methods in Studies of Travel Choice 1988 Journal of Transport Economics and Policy David A. Hensher, Peter O. Barnard, Truong P. Truong 0.856
Economic theory has always to be mixed with a large dollop of fact before prescriptions for action can be framed; but the facts are usually obscure, disputed, seen through different eyes against a different experience of life and stretching far beyond the limited economic context within which the economist seeks to analyze them. Economics in Theory and Practice 1985 The American Economic Review Alec Cairncross 0.850
The arguments presented in this paper rely on a more sophisticated economic framework. Employment Arguments for Protection and the Vita Theory 1984 Eastern Economic Journal H. Peter Gray 0.848
My explications are concerned with the bordering areas of economics, scientific methodology, and epistemology, and are, therefore, necessarily, rather abstract. EQUILIBRIUM AS A CATEGORY OF ECONOMICS 1983 Acta Oeconomica J. KORNAI 0.848
From this results the dilemma of economic theory which cannot foreswear abstractions and which must therefore chose and decide what is essential and what may be neglected. Historical School and “Methodenstreit” 1988 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Karl Häuser 0.844
While each one of these issues could be addressed more rigorously, this section focu on the economic intuition derived from our previous analysis rather than deriving formal theoretical results. HOW MARKET FRAGMENTATION CAN FACILITATE COLLUSION 2012 Journal of the European Economic Association Kai-Uwe Kühn 0.844
I hope that other readers will understand that my result is to be taken in the context of understanding economic phenomena and arguing about their explanation. Wages and Employment 1984 Oxford Economic Papers F. H. Hahn 0.843
This view was expressed at a presentation of this work at our Undergraduate Economics Society at our university, which approximately 30 students attended. Evaluating Teaching in Higher Education 2009 The Journal of Economic Education Bruce A. Weinberg , Masanori Hashimoto, Belton M. Fleisher 0.839
Reading again that work under this spirit, will provide some further arguments to all those who hold textbook type formal economic rationality as responsible for disorienting social science to “false paths for 200 years”31. ON THE SOCIAL NATURE OF RATIONALITY IN ADAM SMITH AND JOHN STUART MILL 2005 Cahiers d’économie politique / Papers in Political Economy Michel S. Zouboulakis 0.838
So prevalent has been the orthodox general comprehension of economics that a presentation such as this one usually prompts the critical contention that what is being said here might be significant in some sense or other, but it just is not economics. The Fundamental Principles of Economics 1981 Journal of Economic Issues John Fagg Foster 0.835
relying on guidance from economic theory. Human capital, tangible wealth, and the intangible capital residual 2014 Oxford Review of Economic Policy Kirk Hamilton, Gang Liu 0.835
This article aims at making a general contribution to our understanding of economics, as well as a few specific ones. Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics 2017 Cambridge Journal of Economics David Dequech 0.835

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
may be made consistent with economic theory. The Role of Stated Preference Methods in Studies of Travel Choice 1988 Journal of Transport Economics and Policy David A. Hensher, Peter O. Barnard, Truong P. Truong 0.856
Economic theory has always to be mixed with a large dollop of fact before prescriptions for action can be framed; but the facts are usually obscure, disputed, seen through different eyes against a different experience of life and stretching far beyond the limited economic context within which the economist seeks to analyze them. Economics in Theory and Practice 1985 The American Economic Review Alec Cairncross 0.850
The arguments presented in this paper rely on a more sophisticated economic framework. Employment Arguments for Protection and the Vita Theory 1984 Eastern Economic Journal H. Peter Gray 0.848
My explications are concerned with the bordering areas of economics, scientific methodology, and epistemology, and are, therefore, necessarily, rather abstract. EQUILIBRIUM AS A CATEGORY OF ECONOMICS 1983 Acta Oeconomica J. KORNAI 0.848
From this results the dilemma of economic theory which cannot foreswear abstractions and which must therefore chose and decide what is essential and what may be neglected. Historical School and “Methodenstreit” 1988 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Karl Häuser 0.844
I hope that other readers will understand that my result is to be taken in the context of understanding economic phenomena and arguing about their explanation. Wages and Employment 1984 Oxford Economic Papers F. H. Hahn 0.843
So prevalent has been the orthodox general comprehension of economics that a presentation such as this one usually prompts the critical contention that what is being said here might be significant in some sense or other, but it just is not economics. The Fundamental Principles of Economics 1981 Journal of Economic Issues John Fagg Foster 0.835
A Confusion of Economists.” A Confusion of Agricultural Economists?: A Professional Interest Survey and Essay 1986 American Journal of Agricultural Economics Rulon D. Pope, Arne Hallam 0.828
Going beyond this particular construction, I attempt to bring into sharper focus the nature of the underlying conceptual problem as well as its significance for economic analysis. On the timing of wage payments 1981 Cambridge Journal of Economics Donald J. Harris 0.823
Although we are unable to complete a comprehensive comparative study of competing paradigms in this limited space, we attempt to point out contrasting or complementary economic interpretations at appropriate places within the argument. An Economic Model of the Medieval Church: Usury as a Form of Rent Seeking 1989 Journal of Law, Economics, & Organization Robert B. Ekelund, Jr., Robert F. Hébert , Robert D. Tollison 0.823
In some cases economic theory has rationalized these findings.20 Where they have not been so explained, there is an important challenge to economic theorists and others to do so. Basic Issues in Econometrics: Past and Present 1982 The American Economist Arnold Zellner 0.823

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
The context and history of an economic theory stimulate discussion. Attracting “Otherwise Bright Students” to Economics 101 1995 The American Economic Review Robin L. Bartlett 0.831
Though it is true that there is no direct, non-theoretical, access to the ‘outside’ world, and though it is also true that the competing traditions envisage different facts and ask different questions, some important points about the day-to-day practice of theorizing in economic theory must nevertheless be taken into account. HISTORY OF ECONOMIC THOUGHT AS A PROBLEM 1994 History of Economic Ideas Riccardo Bellofiore 0.831
Introduction Progress in economic science often takes the form of explaining what was previously inexplicable. On Endogenizing Long-Run Growth 1993 The Scandinavian Journal of Economics Peter J. Hammond , Andrés Rodríguez-Clare 0.829
Economic behavior is more complex than our thoughts about it; our thoughts, however, are more comprehensive than standard theory, and standard theory is more comprehensive than mathematical economics. In Memoriam: Theodore W. Schultz 1998 Economic Development and Cultural Change D. Gale Johnson 0.827
The kind of relations assumed to be relevant for an explananation of “economic outcomes” differs in scope and structure from the usual “rationality of market decisions.” A Network Analysis of Markets 1992 Journal of Economic Issues P. R. Beije , J. Groenewegen 0.827
I shall therefore attempt to briefly trace the origin of this view of economics and explain under what circumstances this view is justified and the sort of dilemmas that arise when one has to confront the real world with the traditional views and tools of economists. Economic Policy in a Second-Best Environment 1990 The Canadian Journal of Economics / Revue canadienne d’Economique Charles Blackorby 0.826
This is where the history of economic thought comes on the scene. EPISTEMIC RELATIVISM, THE POST-MODERN TURN IN PHILOSOPHY, AND THE HISTORY OF ECONOMIC THOUGHT 1994 History of Economic Ideas Ernesto Screpanti 0.825
Economic theory yields ambiguous results. Distributional and Nutritional Impact of Devaluation in Rwanda 1998 Economic Development and Cultural Change Nicholas W. Minot 0.824
To illustrate the potential applicability of this concept, we then apply it to several different areas of economics. Translation Homotheticity 1998 Economic Theory Robert G. Chambers, Rolf Färe 0.822
What economic theory may lose in precision it gains in realism, pertinence and usefulness. Task and Job: The Promise of Transactional Analysis 1991 The American Journal of Economics and Sociology Anastasios Papathanasis , Christopher Vasillopulos 0.822

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
This brings me back to the aim of maintaining a critical element in economic method ology about the substance of economic theories. Rhetoric vs realism in economic methodology: a critical assessment of recent contributions 2001 Cambridge Journal of Economics Fabienne Peter 0.859
Here I want to take up three issues that I think pose serious problems, all of which have modern manifestations: the methodology of intuitively obvious assumptions, the relegation of facts to be illustrations of theoretical propositions rather than as tests of their validity, and the belief in the general applicability of economic theory without the need for specific context. Some Legacies of Robbins’ “An Essay on the Nature and Significance of Economic Science” 2009 Economica Richard G. Lipsey 0.858
This view was expressed at a presentation of this work at our Undergraduate Economics Society at our university, which approximately 30 students attended. Evaluating Teaching in Higher Education 2009 The Journal of Economic Education Bruce A. Weinberg , Masanori Hashimoto, Belton M. Fleisher 0.839
Reading again that work under this spirit, will provide some further arguments to all those who hold textbook type formal economic rationality as responsible for disorienting social science to “false paths for 200 years”31. ON THE SOCIAL NATURE OF RATIONALITY IN ADAM SMITH AND JOHN STUART MILL 2005 Cahiers d’économie politique / Papers in Political Economy Michel S. Zouboulakis 0.838
In spite of being apparently well founded in economic theory, this conventional wisdom has been fundamentally challenged by a - large and still increas- * I am indebted to two anonymous referees and the editor for valuable comments and suggestions. Social Capital, Inequality, and Economic Growth 2004 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Stefan Dietrich Josten 0.834
This section explores the implications of the theory and to what extent they correspond to interesting economic phenomena. Hierarchies and the Organization of Knowledge in Production 2000 Journal of Political Economy Luis Garicano 0.834
Whether one likes or dislikes the analysis that this work has spawned, this research opens up economics to alternative perspectives and encourages it to ask new and different questions, an enterprise which I believe to be valuable in the long term. The State of British Economics 2000 The Economic Journal Rebecca M. Blank 0.833
A contribution by economists could well advance our understanding of this subject. Economic Analysis at the Federal Communications Commission 2004 Review of Industrial Organization EVAN KWEREL , JONATHAN LEVY, CHUCK NEEDY , MARTIN PERRY , MARK URETSKY , TRACY WALDON , JOHN WILLIAMS 0.833
Implications for Economists This analysis has implications for the behavior of economists. Folk Economics 2003 Southern Economic Journal Paul H. Rubin 0.831
This predilection was preserved in economic theory to a much greater extent than uninformed observers realize, and it is often not clearly perceived by the theorists themselves.” Is There a Free-Market Economist in the House? The Policy Views of American Economic Association Members 2007 The American Journal of Economics and Sociology Daniel B. Klein, Charlotta Stern 0.826

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
An answer to an economic question can be obtained only at the cost of making some assumptions; some may be ‘natural’ economic assumptions, but others are formal, purely mathematical assumptions, and such assumptions may be viewed as objectionable by those who emphasize economic intuition. Presidential Address: Mathematics in economics and econometrics 2011 The Canadian Journal of Economics / Revue canadienne d’Economique Victoria Zinde-Walsh 0.860
While each one of these issues could be addressed more rigorously, this section focu on the economic intuition derived from our previous analysis rather than deriving formal theoretical results. HOW MARKET FRAGMENTATION CAN FACILITATE COLLUSION 2012 Journal of the European Economic Association Kai-Uwe Kühn 0.844
relying on guidance from economic theory. Human capital, tangible wealth, and the intangible capital residual 2014 Oxford Review of Economic Policy Kirk Hamilton, Gang Liu 0.835
This article aims at making a general contribution to our understanding of economics, as well as a few specific ones. Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics 2017 Cambridge Journal of Economics David Dequech 0.835
A number of economists gather and are faced with the problem of choosing between two theories, A and B, which appear to explain some occurrence equally well. Menger’s Aristotelianism 2018 Cambridge Journal of Economics Karl Mittermaier 0.832
The normative story that is told in most economic textbooks is not self explanatory, and it is not the only possible normative view that one might apply to economic issues. A proposal for more sophisticated normative principles in introductory economics 2017 The Journal of Economic Education Stephen Schmidt 0.831
Introduction Economics some might and believe. The New Economics of Religion 2016 Journal of Economic Literature Sriya Iyer 0.825
This article exists because for the most part the economics profession has little more than a passing interest in philosophical questions; it tends to presuppose one or the other answer unknowingly. I, “Roboticus Oeconomicus” The philosophy of mind in economics, and why it matters 2017 Cambridge Journal of Economics Brendan Markey-Towler 0.824
The work addresses fundamental questions that lie at the core of economics. The Contributions of Angus Deaton 2016 The Scandinavian Journal of Economics Timothy Besley 0.822
Surely, the long term goal of economics is to see every premise substantiated by compelling empirical evidence, and the impor tance of efforts to establish such evidence from sources residing outside the model is far from being overlooked by this author. TRYGVE HAAVELMO AND THE EMERGENCE OF CAUSAL CALCULUS 2015 Econometric Theory Judea Pearl 0.822

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Alleged Value Neutrality of Economics: An Alternative View 1982 Journal of Economic Issues Larry Dwyer 60 0.623
Value Judgments and Value Neutrality in Economics 2006 Economica Philippe Mongin 29 0.626
Morality, Maximization, and Economic Behavior 1997 Southern Economic Journal Alan G. Isaac 23 0.609
Institutional Economics and the Evolutionary Metaphor 1996 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Gisela Kubon-Gilke 22 0.656
Limits to the expansion of neoclassical economics 1988 Cambridge Journal of Economics Phedon Nicolaides 21 0.616
‘Value Freedom’ and the Scope of Economic Inquiry: I. Positivism’s Standard View and the Political Economists 1982 The American Journal of Economics and Sociology Larry Dwyer 20 0.609
Rhetoric vs realism in economic methodology: a critical assessment of recent contributions 2001 Cambridge Journal of Economics Fabienne Peter 20 0.616
THE NOTION OF DYNAMIC ECONOMICS 2012 Giornale degli Economisti e Annali di Economia Aldo Montesano, H. Ampt , I. Moscati 20 0.607
Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics 2017 Cambridge Journal of Economics David Dequech 20 0.605
Moral Philosophy, Cognitive Psychology and Economic Theory 1985 Eastern Economic Journal Sandra R. Baum 19 0.608

Top articles (most sentences) of the cluster for each time window

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
The Alleged Value Neutrality of Economics: An Alternative View 1982 Journal of Economic Issues Larry Dwyer 60 0.623
Limits to the expansion of neoclassical economics 1988 Cambridge Journal of Economics Phedon Nicolaides 21 0.616
‘Value Freedom’ and the Scope of Economic Inquiry: I. Positivism’s Standard View and the Political Economists 1982 The American Journal of Economics and Sociology Larry Dwyer 20 0.609
Moral Philosophy, Cognitive Psychology and Economic Theory 1985 Eastern Economic Journal Sandra R. Baum 19 0.608
Another Defense of Methodological Apriorism 1983 Eastern Economic Journal Robert L. Greenfield, Joseph T. Salerno 17 0.622
The Rhetoric of Economics 1983 Journal of Economic Literature Donald N. McCloskey 17 0.599
Classical Mechanics with an Ethical Dimension: Professor Tinbergen’s Economics 1988 Journal of Economic Issues Kurt Dopfer 17 0.596
Abstraction, tendencies and stylised facts: a realist approach to economic analysis 1989 Cambridge Journal of Economics Tony Lawson 17 0.609
‘Value Freedom’ and the Scope of Economic Inquiry: II. The Fact/Value Continuum and the Basis for Scientific and Humanistic Policy 1983 The American Journal of Economics and Sociology Larry Dwyer 16 0.610
Determinate Solutions and Valuational Processes: Overcoming the Foreclosure of Process 1989 Journal of Post Keynesian Economics Warren J. Samuels 16 0.613
Instrumental Valuation: The Normative Compass of Institutional Economics 1987 Journal of Economic Issues Steven R. Hickerson 15 0.599
The Necessary Normative Context of Positive Economics 1981 Journal of Economic Issues Richard B. McKenzie 14 0.610
The Philosophical Bases of Institutionalist Economics 1987 Journal of Economic Issues Philip Mirowski 14 0.616
An Essay on the Nature and Significance of the Normative Nature of Economics 1988 Journal of Post Keynesian Economics Warren J. Samuels 14 0.606
The New Controversy about the Rationale of Economic Evaluation 1982 Journal of Economic Issues E. J. Mishan 13 0.612

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Morality, Maximization, and Economic Behavior 1997 Southern Economic Journal Alan G. Isaac 23 0.609
Institutional Economics and the Evolutionary Metaphor 1996 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Gisela Kubon-Gilke 22 0.656
A Realist Perspective on Contemporary “Economic Theory” 1995 Journal of Economic Issues Tony Lawson 19 0.628
Kaldor on method: a challenge to contemporary methodology 1997 Cambridge Journal of Economics Thomas A. Boylan, Paschal O’Gorman 19 0.611
ECONOMISTS AND LANGUAGE 1998 History of Economic Ideas Jan Horst Keppler 18 0.611
The Complexity of Economic Phenomena: Reply to Tinbergen and Beyond 1991 Journal of Economic Issues Kurt Dopfer 16 0.618
ITALIAN-STYLE PLURALISM IN ECONOMICS 1994 History of Economic Ideas Duccio Cavalieri, Riccardo Faucci 16 0.617
The genesis of ‘positive economics’ and the rejection of monopolistic competition theory: a methodological debate 1998 Cambridge Journal of Economics Jan Horst Keppler 16 0.606
Economics and Psychology: Lessons for Our Own Day From the Early Twentieth Century 1996 Journal of Economic Literature Shira B. Lewin 15 0.617
Varieties of Capitalism and Varieties of Economic Theory 1996 Review of International Political Economy Geoffrey M. Hodgson 15 0.599
WHAT CAN WE ACCOMPLISH WITH HISTORICAL APPROACHES IN AN ADVANCED DISCIPLINE SUCH AS ECONOMICS? 1993 History of Economic Ideas A. W. “Bob” Coats 13 0.615
Toward a “General Theory” of Market Exchange 1995 Journal of Economic Issues Robert E. Prasch 13 0.640
Polarities between Naturalism and Non-Naturalism in Contemporary Economics: An Overview 1996 Journal of Economic Issues Clive Beed, Cara Beed 13 0.599
Reviving Veblenian economic psychology 1998 Cambridge Journal of Economics Paul Twomey 13 0.614
THE SURPRISING PLACE OF COGNITIVE PSYCHOLOGY IN THE WORK OF F.A. HAYEK 1999 History of Economic Ideas Jack Birner 13 0.619

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Value Judgments and Value Neutrality in Economics 2006 Economica Philippe Mongin 29 0.626
Rhetoric vs realism in economic methodology: a critical assessment of recent contributions 2001 Cambridge Journal of Economics Fabienne Peter 20 0.616
Theoretical isolation and explanatory progress: transaction cost economics and the dynamics of dispute 2004 Cambridge Journal of Economics Uskali Mäki 17 0.612
Economics, realism and reality: a comparison of Mäki and Lawson 2008 Cambridge Journal of Economics Duncan Hodge 17 0.616
The status of economics as a naturalistic social science 2000 Cambridge Journal of Economics Clive Beed, Cara Beed 15 0.618
Harry Gunnison Brown: An Orthodox Economist and His Contributions 2002 The American Journal of Economics and Sociology Christopher K. Ryan 15 0.601
Critical realism, empirical methods and inference: a critical discussion 2002 Cambridge Journal of Economics Paul Downward, John H. Finch, John Ramsay 14 0.617
Explaining modern economics (as a microcosm of society) 2008 Cambridge Journal of Economics Vinca Bigo 14 0.604
The Two Methods and the Hard Core of Economics 2009 Journal of Post Keynesian Economics Luiz Carlos Bresser-Pereira 14 0.636
Homo Economicus Meets G. H. Mead: A Contribution to the Critique of Economic Theory 2008 The American Journal of Economics and Sociology David Wilson , William Dixon 12 0.625
An Ethnographer’s Credo: Methodological Reflections following an Anthropological Journey among the Econ 2000 Journal of Economic Issues Yuval Yonay 11 0.601
Teaching the Principles of Economics: A Proposal for a Multi-Paradigmatic Approach 2003 Journal of Economic Issues Janet T. Knoedler , Daniel A. Underwood 11 0.610
Naturalised epistemology and economics 2005 Cambridge Journal of Economics Clive Beed 11 0.598
SUMMARY OF SOME CHAPTERS OF A NEW TREATISE ON PURE ECONOMICS BY PROFESSOR PARETO 2008 Giornale degli Economisti e Annali di Economia Vilfredo Pareto 11 0.617
Paradigms and Novelty in Economics: The History of Economic Thought as a Source of Enlightenment 2009 The American Journal of Economics and Sociology Wilfred Dolfsma , Patrick J. Welch 11 0.611

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
THE NOTION OF DYNAMIC ECONOMICS 2012 Giornale degli Economisti e Annali di Economia Aldo Montesano, H. Ampt , I. Moscati 20 0.607
Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics 2017 Cambridge Journal of Economics David Dequech 20 0.605
The Bond between Positive and Normative Economics 2018 Revue d’économie politique Daniel M. Hausman 16 0.617
COMPLEXITY, THE SANTA FE APPROACH, AND NON-EQUILIBRIUM ECONOMICS 2010 History of Economic Ideas W. Brian Arthur 14 0.607
Institutions in the economy and some institutions of mainstream economics 2018 Journal of Post Keynesian Economics David Dequech 14 0.614
What is this ‘school’ called neoclassical economics? 2013 Cambridge Journal of Economics Tony Lawson 13 0.608
ECONOMIC MODELS AS ANALOGIES 2014 The Economic Journal Itzhak Gilboa , Andrew Postlewaite, Larry Samuelson , David Schmeidler 13 0.618
ECONOMICS: BETWEEN PREDICTION AND CRITICISM 2018 International Economic Review Itzhak Gilboa , Andrew Postlewaite, Larry Samuelson , David Schmeidler 13 0.614
THE «SOLITUDE OF THE REFORMIST». PUBLIC POLICY AND VALUE JUDGMENTS IN THE WORK OF FEDERICO CAFFÈ 2012 History of Economic Ideas Paolo Ramazzotti 12 0.609
Why Economics Should Be a Modest and Reasonable Science 2012 Journal of Economic Issues Luiz Carlos Bresser-Pereira 12 0.623
Are Mainstream and Heterodox Economists Different? An Empirical Analysis 2013 The American Journal of Economics and Sociology Michele Di Maio 12 0.602
Shackle’s potential surprise function and the formation of expectations in a monetary economy 2014 Journal of Post Keynesian Economics ANDRES F. CANTILLO 12 0.600
J. M. KEYNES, THINKER OF ECONOMIC COMPLEXITY 2010 History of Economic Ideas Roberto Marchionatti 11 0.632
Veblen, Myrdal, and the Convergence Hypothesis: Toward an Institutionalist Critique 2010 Journal of Economic Issues John Hall , Udo Ludwig 10 0.612
Economic Complexity and the Role of Markets 2010 Journal of Economic Issues Igor Matutinovic 10 0.594

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1302977
72: model, models, modeling, rational_expectations, economic_models 0.0169466
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0105746
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0328188
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.1050834
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.1205737
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.1245188
87: asset, rational_expectations, investors, rational_investors, traders -0.1590528
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1926637
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.2169757
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.3005922
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.5250385

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0031945
72: model, models, modeling, rational_expectations, economic_models -0.0854909
103: voters, voting, voter, rational_voter, public_choice -0.1119671
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1192656
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1233195
93: rational_agents, agent’s, representative_agent, agents, agent -0.1430551
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1598899
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.1706888
87: asset, rational_expectations, investors, rational_investors, traders -0.1929814
101: players, games, game_theory, player, game -0.2153176
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.2899970

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0459969
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0520625
72: model, models, modeling, rational_expectations, economic_models -0.0667867
103: voters, voting, voter, rational_voter, public_choice -0.0705210
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0786863
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1238937
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1447863
111: information, private_information, rational_expectations, informational, rational_inattention -0.1459562
87: asset, rational_expectations, investors, rational_investors, traders -0.1523810
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1699379
93: rational_agents, agent’s, representative_agent, agents, agent -0.1864682
101: players, games, game_theory, player, game -0.2342629

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0726906
72: model, models, modeling, rational_expectations, economic_models -0.0068485
103: voters, voting, voter, rational_voter, public_choice -0.0629745
87: asset, rational_expectations, investors, rational_investors, traders -0.0724474
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0846697
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1016555
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1065248
111: information, private_information, rational_expectations, informational, rational_inattention -0.1727454
101: players, games, game_theory, player, game -0.1802709
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1892923
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.2375515
93: rational_agents, agent’s, representative_agent, agents, agent -0.2468144

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.8216535
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.7424580
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.6696884
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.5434859
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4176874
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3981775
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.3884031
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.3609090
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3418763
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3229302
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3145447
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.2602698
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2453705
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.2199069
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2053570

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.9052378
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.8216535
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.8101414
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.5214067
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4692027
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3836138
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.3595464
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3393417
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.3368209
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3106810
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2859603
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2592562
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.2549667
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2184096
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.2066903

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.9366531
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.9052378
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.7424580
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4535586
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.4235191
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3658283
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3600857
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.3446812
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.3196064
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.2914443
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2637170
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2621981
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2448423
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2208628
1950-1959 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.1933019

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.9366531
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.8101414
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.6696884
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3666844
1970-1979 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3599051
1960-1969 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.3332141
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.3264614
1960-1969 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.3021946
1900-1919 4: economic_method, economic_science, pure_economics, fundamental_economic, economic_doctrine 0.2919383
1950-1959 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2862814
1920-1939 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.2057722
1940-1949 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.2001716
1950-1959 45: economic_development, economic_planning, free_enterprise, underdeveloped, planning 0.1860587
1920-1939 15: institutional_economics, economic_science, sciences, mathematics, scientific_method 0.1821347
1940-1949 24: economic_reality, pure_economic, economic_planning, economic_phenomena, economic_process 0.1783396

Intertemporal cluster 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight

The cluster gathers 1809 sentences from our corpus. It represents 1.12% of all the sentences selected over the whole period.

The community exists from 1980 to 1999.

The most recurring authors are David E. Runkle (49 sentences), Michael P. Keane (39 sentences), Pami Dua (30 sentences), Roy Batchelor (27 sentences), Roman Frydman (24 sentences), Frederic S. Mishkin (18 sentences), Arlington W. Williams (16 sentences), J. S. Shonkwiler (16 sentences), Robert Waldmann (15 sentences), Tilman Ehrbeck (15 sentences).

The most recurring journals are The American Economic Review (182 sentences), Journal of Money, Credit and Banking (122 sentences), The Economic Journal (113 sentences), The Review of Economics and Statistics (97 sentences), Journal of Post Keynesian Economics (87 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0070957
forecasts 0.0049847
expectations 0.0042714
forecast 0.0033211
perfect_foresight 0.0027771
forecasters 0.0024566
forecasting 0.0018724
rational_forecasts 0.0018614
forecast_errors 0.0018568
expectations_hypothesis 0.0012244
forecast_error 0.0011651
rational_forecast 0.0011651
forecast_rationality 0.0011503
futures 0.0011195
foresight 0.0010117
models 0.0010010
predictions 0.0009858
model 0.0009612
time_series 0.0008451
foresight_equilibrium 0.0008018

Top TF-IDF terms describing the community for each time window

Top terms 1980-1989

Token TF-IDF
rational_expectations 0.0075798
forecasts 0.0068558
forecast 0.0042112
expectations 0.0038930
perfect_foresight 0.0033329
forecasting 0.0032105
rational_forecasts 0.0018859
futures 0.0018852
forecast_errors 0.0017121
model 0.0014328
agents 0.0013513
rational_forecast 0.0012966
expectations_hypothesis 0.0012759
foresight 0.0012491
forecast_error 0.0011348

Top terms 1990-1999

Token TF-IDF
forecasts 0.0101573
forecasters 0.0079342
rational_expectations 0.0075411
forecast 0.0073661
perfect_foresight 0.0037853
rational_forecasts 0.0034823
forecasting 0.0034795
forecast_errors 0.0032587
expectations 0.0030697
forecast_rationality 0.0026726
forecast_error 0.0023665
rational_forecast 0.0022532
foresight 0.0018247
expectations_hypothesis 0.0015838
agents 0.0015188

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
In “good” cases, the rational-expectations forecast will appear as the necessary outcome of agents’ mental activities which have clear and appealing economic grounds; the rational-expectations outcome will then be explained and not merely assumed. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.838
In the context of a nonstochastic fix-price model, the particular sense in which the term rational expectations has come to be understood has extremely strong implications: all individuals have perfect foresight not only concerning the level of wages and prices that will prevail in the future and the constraints that will be binding, but also concerning the magnitude of those constraints. Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria 1983 The Quarterly Journal of Economics J. Peter Neary , Joseph E. Stiglitz 0.817
This paper will, however, try to outline the evolution of the rational expectations concept from a notion of optimal forecasting to a virtually complete departure from the Walrasian model of equilibrium. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.808
Even if individuals are subject to bounded rationality, divergences from full rationality at the individual level may cancel out in the aggregate, so that aggregate behaviour is such that it is as if individuals can forecast rationally. Macroeconomic Policy Design and Control Theory–A Failed Partnership? 1985 The Economic Journal David Currie 0.799
In many rational expectations applications economists have assumed that rational agents base their forecasts on past price data. Reason and Rationality during Energy Crises 1983 Journal of Political Economy George G. Daly , Thomas H. Mayor 0.788
This result depends critically on knowledge of the future long-run equilibrium; knowledge entailed by the rational expectations hypothesis, yet knowledge forbidden to mortals facing an uncertain future. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.788
INTRODUCTION The rational expectations hypothesis asserts that economic agents anticipate the future according to the true probability distribution of future events. Convergence to Rational Expectations in a Stationary Linear Game 1992 The Review of Economic Studies J. S. Jordan 0.788
We show that the bulk of objections concerning earlier rational models can be attributed not to rational decision making, but rather to the common implicit assumption of perfect foresight. Rational Addiction with Learning and Regret 1995 Journal of Political Economy Athanasios Orphanides, David Zervos 0.788
While the authors claim that their estimates are consistent with “economic theory”-meaning the idea of rational, foresighted people-they have made numerous assumptions that seem at variance with such rationality and foresight. Should Generational Accounts Replace Public Budgets and Deficits? 1994 The Journal of Economic Perspectives Robert Haveman 0.786
Alternatively, price expectations may be formed by the hypothesis of perfect foresight rational expectations1. Expected Inflation, Wealth Effects and Personal Expenditure 1982 Weltwirtschaftliches Archiv J. Neill Fortune 0.785
We list below a number of necessary conditions for rationality that can be developed from this definition, and explain how we have tackled the econometric problems that arise when Blue Chip forecast data are used to test for violations of these conditions. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.784
“Full” rationality postulates that agents’ anticipations coincide with the forecasts of a specified econometric model. Assessing the Variability of Inflation 1983 The Review of Economic Studies A. R. Pagan , A. D. Hall , P. K. Trivedi 0.773
Rational models are based on forward-looking expectations in which “all the right things” happen in the first instance to determine q,. Dynamic Animal Economics 1987 American Journal of Agricultural Economics Sherwin Rosen 0.772
These models are attractive in imposing some consistency on agents’ forecasts relative to the actual prices delivered by the economy, but the notion of rationality embodied in these models is procedural rather than substantive. Learning Rational Expectations Under Computability Constraints 1989 Econometrica Stephen E. Spear 0.771
Then the applied economic theories which introduced “rational expectations” will be covered along with the simultaneous generalization of Hicks’ perfect foresight idea to the case of uncertainty. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.770
In the absence of structural change, quasi- rational expectations satisfy the minimal requirement of rational expectations: they are unbiased forecasts of the realized future values. Expectations, Plans, and Realizations in Theory and Practice 1983 Econometrica Marc Nerlove 0.770
Although the reasoning may differ, the conclusions reached here share much with those of opponents of “predictivism” in economics, that term meaning a single-minded emphasis on prediction as the quintessential criterion of theory choice.45 At this time, it seems that future work will be directed toward investigating the possibilities for rational theory choice in economics. Positivist Philosophy of Science and the Methodology of Economics 1980 Journal of Economic Issues Bruce Caldwell 0.769
“Individual Rationality, Decentralization, and the Rational Expectations Hypothesis,” In lndividual Forecasting and Aggregate Outcomes: “Rational Expectations” Examined, edited by Roman Frydman and Edmund S. Phelps, pp.  The Derivation and Interpretation of the Lucas Supply Function: Reply 1984 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.767
This use of rational expectations contrasts markedly with the ad hoc mechanisms used to explain agent’s beliefs about the future in the earlier macroeconomic literature. Robert Lucas, Recipient of the 1995 Nobel Memorial Prize in Economics 1996 The Scandinavian Journal of Economics Robert E. Hall 0.765
The rational expectations hypothesis implies that rational agents make forecasts consistent with those of the underlying economic model, use all available information efficiently in making decisions, and do not make systematic errors. Wheat Storage and Trade in an Efficient Global Market 1996 American Journal of Agricultural Economics Shiva S. Makki , Luther G. Tweeten, Mario J. Miranda 0.763

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
In the context of a nonstochastic fix-price model, the particular sense in which the term rational expectations has come to be understood has extremely strong implications: all individuals have perfect foresight not only concerning the level of wages and prices that will prevail in the future and the constraints that will be binding, but also concerning the magnitude of those constraints. Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria 1983 The Quarterly Journal of Economics J. Peter Neary , Joseph E. Stiglitz 0.817
This paper will, however, try to outline the evolution of the rational expectations concept from a notion of optimal forecasting to a virtually complete departure from the Walrasian model of equilibrium. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.808
Even if individuals are subject to bounded rationality, divergences from full rationality at the individual level may cancel out in the aggregate, so that aggregate behaviour is such that it is as if individuals can forecast rationally. Macroeconomic Policy Design and Control Theory–A Failed Partnership? 1985 The Economic Journal David Currie 0.799
In many rational expectations applications economists have assumed that rational agents base their forecasts on past price data. Reason and Rationality during Energy Crises 1983 Journal of Political Economy George G. Daly , Thomas H. Mayor 0.788
This result depends critically on knowledge of the future long-run equilibrium; knowledge entailed by the rational expectations hypothesis, yet knowledge forbidden to mortals facing an uncertain future. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.788
Alternatively, price expectations may be formed by the hypothesis of perfect foresight rational expectations1. Expected Inflation, Wealth Effects and Personal Expenditure 1982 Weltwirtschaftliches Archiv J. Neill Fortune 0.785
“Full” rationality postulates that agents’ anticipations coincide with the forecasts of a specified econometric model. Assessing the Variability of Inflation 1983 The Review of Economic Studies A. R. Pagan , A. D. Hall , P. K. Trivedi 0.773
Rational models are based on forward-looking expectations in which “all the right things” happen in the first instance to determine q,. Dynamic Animal Economics 1987 American Journal of Agricultural Economics Sherwin Rosen 0.772
These models are attractive in imposing some consistency on agents’ forecasts relative to the actual prices delivered by the economy, but the notion of rationality embodied in these models is procedural rather than substantive. Learning Rational Expectations Under Computability Constraints 1989 Econometrica Stephen E. Spear 0.771
Then the applied economic theories which introduced “rational expectations” will be covered along with the simultaneous generalization of Hicks’ perfect foresight idea to the case of uncertainty. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.770
In the absence of structural change, quasi- rational expectations satisfy the minimal requirement of rational expectations: they are unbiased forecasts of the realized future values. Expectations, Plans, and Realizations in Theory and Practice 1983 Econometrica Marc Nerlove 0.770
Although the reasoning may differ, the conclusions reached here share much with those of opponents of “predictivism” in economics, that term meaning a single-minded emphasis on prediction as the quintessential criterion of theory choice.45 At this time, it seems that future work will be directed toward investigating the possibilities for rational theory choice in economics. Positivist Philosophy of Science and the Methodology of Economics 1980 Journal of Economic Issues Bruce Caldwell 0.769

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
In “good” cases, the rational-expectations forecast will appear as the necessary outcome of agents’ mental activities which have clear and appealing economic grounds; the rational-expectations outcome will then be explained and not merely assumed. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.838
INTRODUCTION The rational expectations hypothesis asserts that economic agents anticipate the future according to the true probability distribution of future events. Convergence to Rational Expectations in a Stationary Linear Game 1992 The Review of Economic Studies J. S. Jordan 0.788
We show that the bulk of objections concerning earlier rational models can be attributed not to rational decision making, but rather to the common implicit assumption of perfect foresight. Rational Addiction with Learning and Regret 1995 Journal of Political Economy Athanasios Orphanides, David Zervos 0.788
While the authors claim that their estimates are consistent with “economic theory”-meaning the idea of rational, foresighted people-they have made numerous assumptions that seem at variance with such rationality and foresight. Should Generational Accounts Replace Public Budgets and Deficits? 1994 The Journal of Economic Perspectives Robert Haveman 0.786
We list below a number of necessary conditions for rationality that can be developed from this definition, and explain how we have tackled the econometric problems that arise when Blue Chip forecast data are used to test for violations of these conditions. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.784
This use of rational expectations contrasts markedly with the ad hoc mechanisms used to explain agent’s beliefs about the future in the earlier macroeconomic literature. Robert Lucas, Recipient of the 1995 Nobel Memorial Prize in Economics 1996 The Scandinavian Journal of Economics Robert E. Hall 0.765
The rational expectations hypothesis implies that rational agents make forecasts consistent with those of the underlying economic model, use all available information efficiently in making decisions, and do not make systematic errors. Wheat Storage and Trade in an Efficient Global Market 1996 American Journal of Agricultural Economics Shiva S. Makki , Luther G. Tweeten, Mario J. Miranda 0.763
Introduction Expectations are said to be rational if they fully incorporate all of the information available to the agents at the time the forecast is made. On the Rationality of Forecasts 1991 The Review of Economics and Statistics Bong-Soo Lee 0.762
An alternative model would emphasize fully rational expectations.9 When perfect foresight is assumed, two differences with the previous analysis emerge. Extreme Inflation: Dynamics and Stabilization 1990 Brookings Papers on Economic Activity Rudiger Dornbusch , Federico Sturzenegger, Holger Wolf , Stanley Fischer , Robert J. Barro 0.762
“Rational Expectations and Economic Forecasts.” Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.755
The two different perfect foresight equilibria that I have described represent alternative ways of modelling rational expectations responses to a regime switch. Sticky Prices 1991 The Economic Journal Roger E. A. Farmer 0.754
Conditions for Rationality We denote by fi t - h t the forecast made by individual i in the forecast month t - h for some variable, the value of which will be known in the month t. Month t is the target month for the forecast, and h the forecast horizon. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.754

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 81% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
In “good” cases, the rational-expectations forecast will appear as the necessary outcome of agents’ mental activities which have clear and appealing economic grounds; the rational-expectations outcome will then be explained and not merely assumed. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.905
INTRODUCTION The rational expectations hypothesis asserts that economic agents anticipate the future according to the true probability distribution of future events. Convergence to Rational Expectations in a Stationary Linear Game 1992 The Review of Economic Studies J. S. Jordan 0.866
This approach led to the question of whether such forecasts were indeed rational; research on this topic was also directed toward testing the rational expectations assumption. Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s 1993 Journal of Money, Credit and Banking David Neumark , Jonathan S. Leonard 0.850
In many rational expectations applications economists have assumed that rational agents base their forecasts on past price data. Reason and Rationality during Energy Crises 1983 Journal of Political Economy George G. Daly , Thomas H. Mayor 0.846
RATIONALITY, ECONOMIC THEORY, AND FORECASTING METHOD An interesting but hitherto unexplored issue is whether differences in forecast rationality can be attributed to differences in the way forecasts are compiled. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.846
This paper will, however, try to outline the evolution of the rational expectations concept from a notion of optimal forecasting to a virtually complete departure from the Walrasian model of equilibrium. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.845
Empirical tests of the rational expectations hypothesis using individual forecasts may be biased toward rejecting rationality because they fail to take into account the interplay among forecasters. Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 0.845
In the present paper, we assume that the firm utilizes “economically rational” expectations in making forecasts.8 By economically rational expectations, we mean that the firm uses information in forming expectations not only on past values of the variable being forecast but also on recent changes in major policy actions that are widely known or believed to influence movements in the forecasted variable. Adjustment Lags, Economically Rational Expectations and Price Behavior 1981 The Review of Economics and Statistics Louis J. Maccini 0.841
In the next section we examine why rational agents are likely to make systematic forecast errors similar to those we have observed. Inflation Regimes and the Sources of Inflation Uncertainty 1993 Journal of Money, Credit and Banking Martin Evans, Paul Wachtel 0.841
Finally, we examine whether deviations from rationality are associated with the adherence of forecasters to particular economic theories or forecasting methods. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.837
This result depends critically on knowledge of the future long-run equilibrium; knowledge entailed by the rational expectations hypothesis, yet knowledge forbidden to mortals facing an uncertain future. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.836
Conclusions This paper does provide a response to the question: Are market forecasts rational? Are Market Forecasts Rational? 1981 The American Economic Review Frederic S. Mishkin 0.834
While the authors claim that their estimates are consistent with “economic theory”-meaning the idea of rational, foresighted people-they have made numerous assumptions that seem at variance with such rationality and foresight. Should Generational Accounts Replace Public Budgets and Deficits? 1994 The Journal of Economic Perspectives Robert Haveman 0.833
This research casts further doubt on how closely forecaster behavior conforms to rational expectations. Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 0.833
Many previous studies may be biased against the hypothesis of rationality because they assume that the final revisions of all variables contained in agents’ information sets were known when forecasts were made. Testing the Rationality of Price Forecasts: New Evidence from Panel Data 1990 The American Economic Review Michael P. Keane, David E. Runkle 0.833

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
In “good” cases, the rational-expectations forecast will appear as the necessary outcome of agents’ mental activities which have clear and appealing economic grounds; the rational-expectations outcome will then be explained and not merely assumed. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.905
INTRODUCTION The rational expectations hypothesis asserts that economic agents anticipate the future according to the true probability distribution of future events. Convergence to Rational Expectations in a Stationary Linear Game 1992 The Review of Economic Studies J. S. Jordan 0.866
The powerful ‘rational expectations’ argument that forecasting rules which imply indefinitely repeated errors will be rejected no longer suffices to tie down long run behaviour. Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth 1992 The Economic Journal Neil Rankin 0.850
This approach led to the question of whether such forecasts were indeed rational; research on this topic was also directed toward testing the rational expectations assumption. Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s 1993 Journal of Money, Credit and Banking David Neumark , Jonathan S. Leonard 0.850
“Rational expectations” represent optimal expectations only when a set of restrictive assumptions holds.1 A difficulty with the relevance of the REH is whether it constitutes optimal forecasting behavior when these assumptions do not hold. Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 0.848
In many rational expectations applications economists have assumed that rational agents base their forecasts on past price data. Reason and Rationality during Energy Crises 1983 Journal of Political Economy George G. Daly , Thomas H. Mayor 0.846
RATIONALITY, ECONOMIC THEORY, AND FORECASTING METHOD An interesting but hitherto unexplored issue is whether differences in forecast rationality can be attributed to differences in the way forecasts are compiled. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.846
This paper will, however, try to outline the evolution of the rational expectations concept from a notion of optimal forecasting to a virtually complete departure from the Walrasian model of equilibrium. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.845
Empirical tests of the rational expectations hypothesis using individual forecasts may be biased toward rejecting rationality because they fail to take into account the interplay among forecasters. Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 0.845
In the present paper, we assume that the firm utilizes “economically rational” expectations in making forecasts.8 By economically rational expectations, we mean that the firm uses information in forming expectations not only on past values of the variable being forecast but also on recent changes in major policy actions that are widely known or believed to influence movements in the forecasted variable. Adjustment Lags, Economically Rational Expectations and Price Behavior 1981 The Review of Economics and Statistics Louis J. Maccini 0.841
In the next section we examine why rational agents are likely to make systematic forecast errors similar to those we have observed. Inflation Regimes and the Sources of Inflation Uncertainty 1993 Journal of Money, Credit and Banking Martin Evans, Paul Wachtel 0.841
In such a changing world it is difficult to see what variables it would be “rational” for the investors to grant more weight.32 There exists some evidence for the idea that forecasters do not concur on a single stabilizing sort of expectations model as nicely as the estimates of regressive expectations described above would suggest. Are Exchange Rates Excessively Variable? 1987 NBER Macroeconomics Annual Jeffrey A. Frankel, Richard Meese 0.837
As explained in the introduction, this paper is not concerned with the ‘rationality’ or accuracy of the forecasts per se. What Do Private Agents Believe about the Time Series Properties of GNP? 1992 The Canadian Journal of Economics / Revue canadienne d’Economique Jeremy R. Rudin 0.837
Finally, we examine whether deviations from rationality are associated with the adherence of forecasters to particular economic theories or forecasting methods. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.837
This result depends critically on knowledge of the future long-run equilibrium; knowledge entailed by the rational expectations hypothesis, yet knowledge forbidden to mortals facing an uncertain future. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.836

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
In many rational expectations applications economists have assumed that rational agents base their forecasts on past price data. Reason and Rationality during Energy Crises 1983 Journal of Political Economy George G. Daly , Thomas H. Mayor 0.846
This paper will, however, try to outline the evolution of the rational expectations concept from a notion of optimal forecasting to a virtually complete departure from the Walrasian model of equilibrium. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.845
In the present paper, we assume that the firm utilizes “economically rational” expectations in making forecasts.8 By economically rational expectations, we mean that the firm uses information in forming expectations not only on past values of the variable being forecast but also on recent changes in major policy actions that are widely known or believed to influence movements in the forecasted variable. Adjustment Lags, Economically Rational Expectations and Price Behavior 1981 The Review of Economics and Statistics Louis J. Maccini 0.841
In such a changing world it is difficult to see what variables it would be “rational” for the investors to grant more weight.32 There exists some evidence for the idea that forecasters do not concur on a single stabilizing sort of expectations model as nicely as the estimates of regressive expectations described above would suggest. Are Exchange Rates Excessively Variable? 1987 NBER Macroeconomics Annual Jeffrey A. Frankel, Richard Meese 0.837
This result depends critically on knowledge of the future long-run equilibrium; knowledge entailed by the rational expectations hypothesis, yet knowledge forbidden to mortals facing an uncertain future. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.836
Conclusions This paper does provide a response to the question: Are market forecasts rational? Are Market Forecasts Rational? 1981 The American Economic Review Frederic S. Mishkin 0.834
Rational expectations theories provide a model of how agents make those forecasts. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.832
Turning now to economic models of expectation formation, it is useful to see whether a model of expectations generation distinct from the rational model can usefully characterize the forecasters. The Use of Information in Balance of Payments Forecasting 1983 Economica Robert Fildes , M. Desmond Fitzgerald 0.831
Alternatively, price expectations may be formed by the hypothesis of perfect foresight rational expectations1. Expected Inflation, Wealth Effects and Personal Expenditure 1982 Weltwirtschaftliches Archiv J. Neill Fortune 0.830
In Individual Forecasting and Aggregate Outcomes: “Rational Expectations” Examined, edited by Roman Frydman and Edmund S. Phelps. The Derivation and Interpretation of the Lucas Supply Function 1983 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.828
In the context of a nonstochastic fix-price model, the particular sense in which the term rational expectations has come to be understood has extremely strong implications: all individuals have perfect foresight not only concerning the level of wages and prices that will prevail in the future and the constraints that will be binding, but also concerning the magnitude of those constraints. Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria 1983 The Quarterly Journal of Economics J. Peter Neary , Joseph E. Stiglitz 0.828
This suggestion has implications for empirical work in other areas, in that rendering rational expectations operational by assuming perfect foresight may introduce far greater errors in variables than occur if the information available is assumed limited. The Treasury-Bill Futures Market 1980 Journal of Political Economy Rodney L. Jacobs, Robert A. Jones 0.828
In such neighbourhoods, the assumption of parameter constancy and the fiction that agents have precise knowledge of parameters on which to base their rational forecasts have to be worked very hard for sense to be made of the rational expectations solution. Structural Instability in a Rational Expectations Model of a Small Open Economy with a J-Curve 1985 Economica David Currie 0.828

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
In “good” cases, the rational-expectations forecast will appear as the necessary outcome of agents’ mental activities which have clear and appealing economic grounds; the rational-expectations outcome will then be explained and not merely assumed. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.905
INTRODUCTION The rational expectations hypothesis asserts that economic agents anticipate the future according to the true probability distribution of future events. Convergence to Rational Expectations in a Stationary Linear Game 1992 The Review of Economic Studies J. S. Jordan 0.866
The powerful ‘rational expectations’ argument that forecasting rules which imply indefinitely repeated errors will be rejected no longer suffices to tie down long run behaviour. Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth 1992 The Economic Journal Neil Rankin 0.850
This approach led to the question of whether such forecasts were indeed rational; research on this topic was also directed toward testing the rational expectations assumption. Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s 1993 Journal of Money, Credit and Banking David Neumark , Jonathan S. Leonard 0.850
“Rational expectations” represent optimal expectations only when a set of restrictive assumptions holds.1 A difficulty with the relevance of the REH is whether it constitutes optimal forecasting behavior when these assumptions do not hold. Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 0.848
RATIONALITY, ECONOMIC THEORY, AND FORECASTING METHOD An interesting but hitherto unexplored issue is whether differences in forecast rationality can be attributed to differences in the way forecasts are compiled. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.846
Empirical tests of the rational expectations hypothesis using individual forecasts may be biased toward rejecting rationality because they fail to take into account the interplay among forecasters. Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 0.845
In the next section we examine why rational agents are likely to make systematic forecast errors similar to those we have observed. Inflation Regimes and the Sources of Inflation Uncertainty 1993 Journal of Money, Credit and Banking Martin Evans, Paul Wachtel 0.841
As explained in the introduction, this paper is not concerned with the ‘rationality’ or accuracy of the forecasts per se. What Do Private Agents Believe about the Time Series Properties of GNP? 1992 The Canadian Journal of Economics / Revue canadienne d’Economique Jeremy R. Rudin 0.837
Finally, we examine whether deviations from rationality are associated with the adherence of forecasters to particular economic theories or forecasting methods. Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 0.837

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Testing the Rationality of Price Forecasts: New Evidence from Panel Data 1990 The American Economic Review Michael P. Keane, David E. Runkle 29 0.653
Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 26 0.675
Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 15 0.673
Why are Professional Forecasters Biased? Agency Versus Behavioral Explanations 1996 The Quarterly Journal of Economics Tilman Ehrbeck , Robert Waldmann 15 0.631
Are Market Forecasts Rational? 1981 The American Economic Review Frederic S. Mishkin 13 0.636
Are Livestock Futures Prices Rational Forecasts? 1986 Western Journal of Agricultural Economics J. S. Shonkwiler 11 0.670
In Search of a “Strictly Rational” Forecast 1991 The Review of Economics and Statistics Carl S. Bonham , Douglas C. Dacy 11 0.659
Are Farrowing Intentions Rational Forecasts? 1991 American Journal of Agricultural Economics David E. Runkle 10 0.641
Tests of Rational Expectations in a Stark Setting 1993 The Economic Journal Gerald P. Dwyer, Jr., Arlington W. Williams , Raymond C. Battalio , Timothy I. Mason 10 0.629
Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 10 0.634

Top articles (most sentences) of the cluster for each time window

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 15 0.673
Are Market Forecasts Rational? 1981 The American Economic Review Frederic S. Mishkin 13 0.636
Are Livestock Futures Prices Rational Forecasts? 1986 Western Journal of Agricultural Economics J. S. Shonkwiler 11 0.670
The Expectation Formation Behavior of the Inventory-Holding Firm 1982 The American Economist Sherry S. Atkinson 9 0.634
Econometric Implications of the Rational Expectations Hypothesis 1980 Econometrica Kenneth F. Wallis 8 0.645
Is Optimism Good in a Keynesian Economy? 1983 Economica Torsten Persson , Lars E. O. Svensson 8 0.600
A Theoretical and Empirical Approach to the Value of Information in Risky Markets 1986 The Review of Economics and Statistics Frances Antonovitz, Terry Roe 8 0.650
An Indirect Test for the Specification of Expectation Regimes 1986 The Review of Economics and Statistics Peter Orazem , John Miranowski 8 0.623
Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence 1985 Journal of Economic Literature Victor Zarnowitz 7 0.676
What do Economists Know? An Empirical Study of Experts’ Expectations 1981 Econometrica Bryan W. Brown, Shlomo Maital 6 0.655
Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes 1982 Journal of Post Keynesian Economics Paul Davidson 6 0.629
The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 6 0.645
The Formation of Price Forecasts in Experimental Markets 1987 Journal of Money, Credit and Banking Arlington W. Williams 6 0.666
Learning Rational Expectations Under Computability Constraints 1989 Econometrica Stephen E. Spear 6 0.683
From Walras’s General Equilibrium to Hicks’s Temporary Equilibrium 1989 Recherches Économiques de Louvain / Louvain Economic Review Bruna INGRAO 6 0.618

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Testing the Rationality of Price Forecasts: New Evidence from Panel Data 1990 The American Economic Review Michael P. Keane, David E. Runkle 29 0.653
Blue Chip Rationality Tests 1991 Journal of Money, Credit and Banking Roy Batchelor, Pami Dua 26 0.675
Why are Professional Forecasters Biased? Agency Versus Behavioral Explanations 1996 The Quarterly Journal of Economics Tilman Ehrbeck , Robert Waldmann 15 0.631
In Search of a “Strictly Rational” Forecast 1991 The Review of Economics and Statistics Carl S. Bonham , Douglas C. Dacy 11 0.659
Are Farrowing Intentions Rational Forecasts? 1991 American Journal of Agricultural Economics David E. Runkle 10 0.641
Tests of Rational Expectations in a Stark Setting 1993 The Economic Journal Gerald P. Dwyer, Jr., Arlington W. Williams , Raymond C. Battalio , Timothy I. Mason 10 0.629
Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 10 0.634
Economic Forecasts, Rationality, and the Processing of New Information over Time 1990 Journal of Money, Credit and Banking Steve Swidler, David Ketcher 7 0.652
On the Rationality of Forecasts 1991 The Review of Economics and Statistics Bong-Soo Lee 7 0.671
Rationality of Preliminary Money Stock Estimates 1995 The Review of Economics and Statistics Kenneth Kavajecz, Sean Collins 7 0.614
Imperfect Knowledge and Behaviour in the Foreign Exchange Market 1996 The Economic Journal Michael D. Goldberg, Roman Frydman 7 0.667
Imperfect Competition, Expectations and the Multiple Effects of Monetary Growth 1992 The Economic Journal Neil Rankin 6 0.640
Inflation Regimes and the Sources of Inflation Uncertainty 1993 Journal of Money, Credit and Banking Martin Evans, Paul Wachtel 6 0.654
Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 6 0.667
Rationality and the Role of Judgement in Macroeconomic Forecasting 1995 The Economic Journal Michael P. Clements 6 0.623

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0767149
87: asset, rational_expectations, investors, rational_investors, traders 0.0003795
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.0110178
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.0136402
72: model, models, modeling, rational_expectations, economic_models -0.0333845
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.0343214
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0351885
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0424658
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0519470
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1053527
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1459159
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.2169757

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
87: asset, rational_expectations, investors, rational_investors, traders 0.0639792
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0581702
93: rational_agents, agent’s, representative_agent, agents, agent -0.0122852
103: voters, voting, voter, rational_voter, public_choice -0.0189072
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0199364
72: model, models, modeling, rational_expectations, economic_models -0.0398464
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0568218
101: players, games, game_theory, player, game -0.0575176
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0702000
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1706888
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1804947

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.9592433
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.2509967
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.1752409
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1702494
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1643479
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.1576327
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1391950
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.1350281
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.1172012
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1165995
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.1128287
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0988132
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0894861
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.0833042
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0767149

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.9592433
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.2437734
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.2018020
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.1810989
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1757875
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1697764
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.1681333
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1597878
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.1411068
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.1310908
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1305789
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.1291125
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1032354
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0972158
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0962305

Intertemporal cluster 82: rational_expectations, expectations, unemployment, natural_rate, wage

The cluster gathers 607 sentences from our corpus. It represents 0.37% of all the sentences selected over the whole period.

The community exists from 1980 to 1989.

The most recurring authors are Charles L. Schultze (18 sentences), George A. Akerlof (18 sentences), Janet L. Yellen (16 sentences), Kent P. Kimbrough (10 sentences), Robert E. Hall (10 sentences), Robert J. Gordon (10 sentences), David K. H. Begg (8 sentences), Allan Drazen (7 sentences), Clive Bull (7 sentences), John B. Taylor (7 sentences).

The most recurring journals are The American Economic Review (75 sentences), Journal of Post Keynesian Economics (46 sentences), The Quarterly Journal of Economics (42 sentences), Journal of Political Economy (41 sentences), The Economic Journal (39 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0088680
expectations 0.0039953
real_wage 0.0025646
unemployment 0.0022554
natural_rate 0.0021974
wage 0.0017159
labor_markets 0.0015462
model 0.0015406
labor_market 0.0015254
demand_schedules 0.0012291
labour_market 0.0011345
expectations_model 0.0010788
models 0.0010554
stickiness 0.0010263
workers 0.0010252
involuntary 0.0009822
macroeconomic 0.0009822
market_clearing 0.0009806
real_rate 0.0009454
labor_supply 0.0009121

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
The conclusion reached from many models using the rational expectations approach is that instability in output and employment arises from lags in the ability of rational agents to incorporate new information into their predictive models. Keynes, Harrod, and the Rational Expectations Revolution 1985 Journal of Post Keynesian Economics Steven M. Fazzari 0.784
It appears that an unemployment equilibrium is consistent with rationality in some sense, though the mixed results make any strong statement questionable. Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 0.764
The results do not provide any direct evidence on the appropriateness of the assumption of rational expectation formation; in fact, they are consistent with a rational expectations model with sticky wages or prices. Anticipated Fiscal Policy and Real Output 1984 The Review of Economics and Statistics G. S. Laumas , W. D. McMillin 0.758
We assume that economic agents form rational expectations of unobserved variables; consequently, systematic policy will have no impact on real variables unless there exists either an informational asymmetry between the authority and private agents or some form of price or wage rigidity. Long-Term Contracts and the Effectiveness of Demand and Supply Policies 1981 Journal of Money, Credit and Banking Gary C. Fethke , Andrew J. Policano 0.758
Now the approach in question does indeed imply that output and employment can be influenced by policy only to the extent that it causes prices to vary in a way that agents in the private sector do not forsee, while the rational expectations hypothesis tells us that if such effects were systematic, the private sector would discover the fact, adapt to it, and thereby render policy ineffective. Monetarism: An Interpretation and an Assessment 1981 The Economic Journal D. Laidler 0.755
In your book Profitability and Unemployment, you analyze the relevance of the assumption of rational expectations and you express some critical views on this approach. The ET Interview: Professor Edmond Malinvaud 1987 Econometric Theory Alberto Holly , Peter C. B. Phillips, Edmond Malinvaud 0.752
Though the notion of a locally rational conjectural equilibrium appears theoretically interesting, attempts in specific models to demonstrate rationality of behavior leading to an unemployment equilibrium have been disappointing. Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 0.752
From macroeconomic research completed during the last ten years, it now seems clear that a rational expectations approach to policy evaluation should not be confined to market-clearing situations where all prices and wages adjust instantaneously, nullifying the real effects of anticipated policy and leaving only unanticipated policy to matter. Establishing Credibility: A Rational Expectations Viewpoint 1982 The American Economic Review John B. Taylor 0.751
As a result there is no permanent inflation-employment trade-off .3 A few words are in order on how the concept of rational expectations is being used in the paper. Optimal Union Wage Setting Behaviour and the Non-Neutrality of Anticipated Monetary Changes 1988 Oxford Economic Papers Howard F. Naish 0.751
1 Since the macroeconomic effects of their own wage and price decisions do not enter into economic agents’ objective functions, the Akerlof-Yellen conclusions about the small size of losses from “near-rational” behavior would apply to the nonauction markets I am here describing. Microeconomic Efficiency and Nominal Wage Stickiness 1985 The American Economic Review Charles L. Schultze 0.748
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.744
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” Market Fundamentals versus Price-Level Bubbles: The First Tests 1980 Journal of Political Economy Robert P. Flood, Peter M. Garber 0.744
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” The Derivation and Interpretation of the Lucas Supply Function 1983 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.742
The theoretical foundations of this view are the two pillars of Muth-rational expectations and the ‘Phelps- Friedman-Lucas-instantaneous-natural rate or only-wage-and-price-surprises- matter’ supply function. The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics 1980 The Economic Journal Willem H. Buiter 0.741
“Rational Expectations, the Real Rate of Interest and the Natural Rate of Unemployment.” “Fisher, Phillips, Friedman and the Measured Impact of Inflation on Interest”: A Comment 1981 The Journal of Finance Herbert Taylor 0.740
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” The Derivation and Interpretation of the Lucas Supply Function: Comment 1984 Journal of Money, Credit and Banking Kent P. Kimbrough 0.740
“Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment.” The Derivation and Interpretation of the Lucas Supply Function: Reply 1984 Journal of Money, Credit and Banking Clive Bull , Roman Frydman 0.740
Given his simple assumptions, he analyses at some length the Rational Expectations equilibrium problem and the time series behaviour of wages, prices, employment and output. Rational Expectations, Wage Rigidity and Involuntary Unemployment: A Particular Theory 1982 Oxford Economic Papers David K. H. Begg 0.737
“Rational Expectations, the Real Rate of Interest and the ‘Natural’ Rate of Unemployment.” Sectoral Shifts and Cyclical Unemployment 1982 Journal of Political Economy David M. Lilien 0.737
The question of the existence of a labor market equilibrium such that workers have rational expectations which fulfill A3 is discussed briefly at the end of this section. The Existence of Self-Enforcing Implicit Contracts 1987 The Quarterly Journal of Economics Clive Bull 0.734

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 78% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
It appears that an unemployment equilibrium is consistent with rationality in some sense, though the mixed results make any strong statement questionable. Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 0.841
As a result there is no permanent inflation-employment trade-off .3 A few words are in order on how the concept of rational expectations is being used in the paper. Optimal Union Wage Setting Behaviour and the Non-Neutrality of Anticipated Monetary Changes 1988 Oxford Economic Papers Howard F. Naish 0.830
The question of the existence of a labor market equilibrium such that workers have rational expectations which fulfill A3 is discussed briefly at the end of this section. The Existence of Self-Enforcing Implicit Contracts 1987 The Quarterly Journal of Economics Clive Bull 0.830
Now the approach in question does indeed imply that output and employment can be influenced by policy only to the extent that it causes prices to vary in a way that agents in the private sector do not forsee, while the rational expectations hypothesis tells us that if such effects were systematic, the private sector would discover the fact, adapt to it, and thereby render policy ineffective. Monetarism: An Interpretation and an Assessment 1981 The Economic Journal D. Laidler 0.821
The rational expectations critique has shown that if wages are set rationally-even if they lack the flexibility to continually clear the labor market-then, in this model, no consistent policy regime can be devised to ameliorate cyclical fluctuations. Monetary Analysis, the Equilibrium Method, and Keynes’s “General Theory” 1986 Journal of Political Economy Meir Kohn 0.811
As many economists have recognized, however, this conclusion rests not only on the assumption of rational expectations, but also on the belief that wages and prices are set at market-clearing levels, i.e., at levels that equate notional supply and demand at least in an anticipatory sense.4 In contrast, in many Keynesian models wages and prices include an important disequilibrium element, at least in the short run. The Macroeconomic Models and Expectations of Corporate Executives 1986 Journal of Post Keynesian Economics Daniel J. Richards 0.809
Section III explains how the efficiency-wage hypothesis, with near rational behavior, can explain cyclical fluctuations in unemployment. Efficiency Wage Models of Unemployment 1984 The American Economic Review Janet L. Yellen 0.808
Though the notion of a locally rational conjectural equilibrium appears theoretically interesting, attempts in specific models to demonstrate rationality of behavior leading to an unemployment equilibrium have been disappointing. Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 0.808
Implications for the Rational Expectations Model of the Economy The findings presented above about the flexibility of wages and prices relative to aggregate demand are particularly relevant for the implications of rational expectations and related theories that emphasize market-clearing price and wage behavior combined with misperceptions and information lags as an explanation of the response of inflation and output to changes in aggregate demand. Some Macro Foundations for Micro Theory 1981 Brookings Papers on Economic Activity Charles L. Schultze, William Fellner , Robert J. Gordon 0.807
Also, work on indeterminacy in rational-expectations models may direct the profession’s attention away from wage-stickiness and back towards the intertemporal co-ordination problems that Keynes saw as lying at the root of unemployment. The Keynesian Recovery 1986 The Canadian Journal of Economics / Revue canadienne d’Economique Peter Howitt 0.807
This notion of a constant natural rate of employment prepared macroeconomics for invasion by the rational-expectations hypothesis. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.805
In your book Profitability and Unemployment, you analyze the relevance of the assumption of rational expectations and you express some critical views on this approach. The ET Interview: Professor Edmond Malinvaud 1987 Econometric Theory Alberto Holly , Peter C. B. Phillips, Edmond Malinvaud 0.804
If inertia in the economy is due to multiperiod nominal wage contracts, as was assumed in the model, then rational agents must form expectations of inflation more than one period ahead in order to bargain intelligently when their contracts are renegotiated. Food Prices, Expectations, and Inflation 1982 American Journal of Agricultural Economics Carl Van Duyne 0.804
At the same time, the requirement that expectations be rational places more restrictions on the types of equilibria consistent with a given wage-price vector than did the exogenous constraint expectations considered in Section IV: for example, many points such as A” are consistent with Keynesian unemployment in the current period if expectations are allowed to be arbitrarily pessimistic, but not in general if they are required to be rational. Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria 1983 The Quarterly Journal of Economics J. Peter Neary , Joseph E. Stiglitz 0.801
Models with rational expectations that include contracts and staggered wage setting can produce more realistic output and employment paths at the cost of rejecting the market assumptions of the new classical school. Inflation in Theory and Practice 1980 Brookings Papers on Economic Activity George L. Perry , William Fellner , Robert J. Gordon , James Duesenberry, Robert E. Hall , Christopher Sims , William Nordhaus , Robin Marris , Thomas Juster , John Shoven , Benjamin Friedman, James Tobin 0.801
We assume that economic agents form rational expectations of unobserved variables; consequently, systematic policy will have no impact on real variables unless there exists either an informational asymmetry between the authority and private agents or some form of price or wage rigidity. Long-Term Contracts and the Effectiveness of Demand and Supply Policies 1981 Journal of Money, Credit and Banking Gary C. Fethke , Andrew J. Policano 0.801

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
It appears that an unemployment equilibrium is consistent with rationality in some sense, though the mixed results make any strong statement questionable. Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 0.841
As a result there is no permanent inflation-employment trade-off .3 A few words are in order on how the concept of rational expectations is being used in the paper. Optimal Union Wage Setting Behaviour and the Non-Neutrality of Anticipated Monetary Changes 1988 Oxford Economic Papers Howard F. Naish 0.830
The question of the existence of a labor market equilibrium such that workers have rational expectations which fulfill A3 is discussed briefly at the end of this section. The Existence of Self-Enforcing Implicit Contracts 1987 The Quarterly Journal of Economics Clive Bull 0.830
Now the approach in question does indeed imply that output and employment can be influenced by policy only to the extent that it causes prices to vary in a way that agents in the private sector do not forsee, while the rational expectations hypothesis tells us that if such effects were systematic, the private sector would discover the fact, adapt to it, and thereby render policy ineffective. Monetarism: An Interpretation and an Assessment 1981 The Economic Journal D. Laidler 0.821
In these papers the real wage was assumed to be somehow exogenously determined, and employment was determined by either a dynamic supply function or a dynamic demand function for labor, with no explanation of why either the supply function or the demand function should prevail. An Econometric Analysis of Fluctuations in Aggregate Labor Supply and Demand 1988 Econometrica John Kennan 0.818
The rational expectations critique has shown that if wages are set rationally-even if they lack the flexibility to continually clear the labor market-then, in this model, no consistent policy regime can be devised to ameliorate cyclical fluctuations. Monetary Analysis, the Equilibrium Method, and Keynes’s “General Theory” 1986 Journal of Political Economy Meir Kohn 0.811
As many economists have recognized, however, this conclusion rests not only on the assumption of rational expectations, but also on the belief that wages and prices are set at market-clearing levels, i.e., at levels that equate notional supply and demand at least in an anticipatory sense.4 In contrast, in many Keynesian models wages and prices include an important disequilibrium element, at least in the short run. The Macroeconomic Models and Expectations of Corporate Executives 1986 Journal of Post Keynesian Economics Daniel J. Richards 0.809
Section III explains how the efficiency-wage hypothesis, with near rational behavior, can explain cyclical fluctuations in unemployment. Efficiency Wage Models of Unemployment 1984 The American Economic Review Janet L. Yellen 0.808
Though the notion of a locally rational conjectural equilibrium appears theoretically interesting, attempts in specific models to demonstrate rationality of behavior leading to an unemployment equilibrium have been disappointing. Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 0.808
Implications for the Rational Expectations Model of the Economy The findings presented above about the flexibility of wages and prices relative to aggregate demand are particularly relevant for the implications of rational expectations and related theories that emphasize market-clearing price and wage behavior combined with misperceptions and information lags as an explanation of the response of inflation and output to changes in aggregate demand. Some Macro Foundations for Micro Theory 1981 Brookings Papers on Economic Activity Charles L. Schultze, William Fellner , Robert J. Gordon 0.807
Also, work on indeterminacy in rational-expectations models may direct the profession’s attention away from wage-stickiness and back towards the intertemporal co-ordination problems that Keynes saw as lying at the root of unemployment. The Keynesian Recovery 1986 The Canadian Journal of Economics / Revue canadienne d’Economique Peter Howitt 0.807
This notion of a constant natural rate of employment prepared macroeconomics for invasion by the rational-expectations hypothesis. The rational-expectations hypothesis and the epistemics of time 1983 Cambridge Journal of Economics Randall Bausor 0.805
In your book Profitability and Unemployment, you analyze the relevance of the assumption of rational expectations and you express some critical views on this approach. The ET Interview: Professor Edmond Malinvaud 1987 Econometric Theory Alberto Holly , Peter C. B. Phillips, Edmond Malinvaud 0.804
If inertia in the economy is due to multiperiod nominal wage contracts, as was assumed in the model, then rational agents must form expectations of inflation more than one period ahead in order to bargain intelligently when their contracts are renegotiated. Food Prices, Expectations, and Inflation 1982 American Journal of Agricultural Economics Carl Van Duyne 0.804
“Rational Expectations, the Real Rate of Interest and the ‘Natural’ Rate of Unemployment.” Sectoral Shifts and Cyclical Unemployment 1982 Journal of Political Economy David M. Lilien 0.802

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Microeconomic Efficiency and Nominal Wage Stickiness 1985 The American Economic Review Charles L. Schultze 12 0.624
A Near-Rational Model of the Business Cycle, With Wage and Price Inertia 1985 The Quarterly Journal of Economics George A. Akerlof, Janet L. Yellen 10 0.646
Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 7 0.701
Rational Expectations, Wage Rigidity and Involuntary Unemployment: A Particular Theory 1982 Oxford Economic Papers David K. H. Begg 7 0.685
Monetarism: An Interpretation and an Assessment 1981 The Economic Journal D. Laidler 5 0.652
Increasing Returns and the Foundations of Unemployment Theory 1982 The Economic Journal Martin L. Weitzman 5 0.605
Increasing Returns and the Foundations of Unemployment Theory: A Note 1988 The Economic Journal Heinz Holländer 5 0.618
The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics 1980 The Economic Journal Willem H. Buiter 4 0.661
Agency Problems and the Theory of the Firm 1980 Journal of Political Economy Eugene F. Fama 4 0.613
Some Macro Foundations for Micro Theory 1981 Brookings Papers on Economic Activity Charles L. Schultze, William Fellner , Robert J. Gordon 4 0.653

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0498148
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0432179
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0270053
72: model, models, modeling, rational_expectations, economic_models 0.0026946
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0136402
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0223539
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.0369309
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0540515
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0727642
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.0866480
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1245188
87: asset, rational_expectations, investors, rational_investors, traders -0.1737586

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1900-1919 13: laborers, employer, employers, wages, pain 0.8069049
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.7280733
1920-1939 23: rationalisation, productive_capacity, productive_resources, productive, industry 0.3837424
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.2853835
1960-1969 57: economic_development, economic_growth, underdeveloped, external_economies, diseconomies 0.1154104
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1083088
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0999419
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0979445
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0831714
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.0818216
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0797108
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0787905
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0784207
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.0773160
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0626909

Intertemporal cluster 83: risk_aversion, aversion, uncertainty, averse, risk_averse

The cluster gathers 5272 sentences from our corpus. It represents 3.26% of all the sentences selected over the whole period.

The community exists from 1980 to 2019.

The most recurring authors are David Dequech (70 sentences), Matthew Rabin (41 sentences), Carlo Zappia (40 sentences), Sheila C. Dow (40 sentences), W. Kip Viscusi (39 sentences), Glenn W. Harrison (38 sentences), Mark J. Machina (37 sentences), Thomas J. Sargent (34 sentences), Tony Lawson (32 sentences), Jochen Runde (31 sentences).

The most recurring journals are The American Economic Review (427 sentences), Journal of Post Keynesian Economics (395 sentences), Economic Theory (329 sentences), The Economic Journal (260 sentences), Econometrica (247 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
risk_aversion 0.0048748
aversion 0.0028989
uncertainty 0.0025998
averse 0.0023203
risk_averse 0.0023079
irreversibility_uncertainty 0.0022728
risk 0.0022408
fundamental_uncertainty 0.0018060
expected_utility 0.0017118
risk_preferences 0.0015590
uncertainty_aversion 0.0014896
risk_attitudes 0.0011367
risky 0.0010664
irreversibility 0.0009549
moral_hazard 0.0009443
probabilities 0.0008983
ambiguity 0.0008742
ambiguity_aversion 0.0007844
risk_taking 0.0007830
model 0.0007586

Top TF-IDF terms describing the community for each time window

Top terms 1980-1989

Token TF-IDF
uncertainty 0.0036485
risk_aversion 0.0028601
risk_averse 0.0018142
aversion 0.0017358
price_uncertainty 0.0015398
averse 0.0014239
stochastic 0.0013393
keynes 0.0013067
rational_expectations 0.0012787
risk 0.0012630
expected_utility 0.0009028
expectations 0.0008934
uncertain_world 0.0008542
model 0.0008498
uncertain 0.0008158

Top terms 1990-1999

Token TF-IDF
irreversibility_uncertainty 0.0036231
uncertainty 0.0033344
risk_aversion 0.0031764
aversion 0.0023257
irreversibility 0.0021465
fundamental_uncertainty 0.0017112
risk_averse 0.0016916
risk 0.0015228
averse 0.0014921
endogenous_uncertainty 0.0013678
expected_utility 0.0013402
extrinsic_uncertainty 0.0011432
probabilities 0.0010765
rational_expectations 0.0010627
moral_hazard 0.0010469

Top terms 2000-2009

Token TF-IDF
risk_aversion 0.0061849
fundamental_uncertainty 0.0048385
aversion 0.0047529
risk_averse 0.0030601
averse 0.0029515
uncertainty 0.0028131
risk 0.0026549
risk_preferences 0.0022109
risk_attitudes 0.0020930
expected_utility 0.0019649
uncertainty_aversion 0.0018429
irreversibility_uncertainty 0.0016893
bounded_rationality 0.0014444
bounded 0.0014214
risky 0.0013861

Top terms 2010-2019

Token TF-IDF
risk_aversion 0.0070771
aversion 0.0058603
risk_averse 0.0033772
averse 0.0032835
risk 0.0031005
risk_preferences 0.0030214
risk_attitudes 0.0026459
uncertainty_aversion 0.0025627
uncertainty 0.0022662
ambiguity_aversion 0.0022528
irreversibility_uncertainty 0.0021356
risky 0.0019274
risk_taking 0.0018446
expected_utility 0.0018379
ambiguity 0.0018244

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Whether or not one agrees that economic models ought always to assume rational behavior under uncertainty, i.e.  Macroeconomics and Reality 1980 Econometrica Christopher A. Sims 0.805
‘Rational behavior, uncertain prospects, and expected utility.’ Nonlinear Preferences and Two-Stage Lotteries: Theories and Evidence 1994 The Economic Journal Michele Bernasconi 0.801
Deciding How to Decide: Truly Bounded Rationality The considerations sketched in the last two sections make the typical problem of rational decision-making under uncertainty appear much more complicated than the simple examples one encounters in textbooks on microeconomic theory and management science. Bounded Rationality, Indeterminacy, and the Theory of the Firm 1996 The Economic Journal Roy Radner 0.786
Brav and Heaton discuss how this type of uncertainty exploits the distinction between “rationality” and “ratio nal expectations.” Corporate Political Contributions and Stock Returns 2010 The Journal of Finance MICHAEL J. COOPER , HUSEYIN GULEN , ALEXEI V. OVTCHINNIKOV 0.786
Conclusion Behavioural economics has challenged strong assumptions about the rationality of individuals that underpin many models of economic decision-making, especially under conditions of uncertainty. Re-engaging with rationality in economic geography: behavioural approaches and the importance of context in decision-making 2008 Journal of Economic Geography Kendra Strauss 0.780
This uncertainty is the result of rational economic reasoning. Rational Ignorance is not Bliss: When do Lazy Voters Learn from Decentralised Policy Experiments? 2008 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Jan Schnellenbach 0.779
But prices are only one of many dimensions along which uncertainty of expectations may complicate rational decision I. makring. Organizations and Markets 1991 The Journal of Economic Perspectives Herbert A. Simon 0.778
“Rationality, Price Risk, and Response.” Risk Behavior and Rational Expectations in the U.S. Broiler Market 1989 American Journal of Agricultural Economics Satheesh V. Aradhyula, Matthew T. Holt 0.777
Here it is maintained, in distinction from the first type of responses to the problem of uncertainty, that the rational actor model must be rejected more completely than these approaches suggest and, in distinction from the latter approaches, that the under. Economic Sociology and Embeddedness: How Shall We Conceptualize Economic Action? 2003 Journal of Economic Issues Jens Beckert 0.776
Hence, there is no reason why equilibrium, or even a tendency toward it, should be expected.8 Recently, the neoclassical response to the reality of uncertainty has been the development of the theory of “rational expectations.” On Equilibrium 1983 Journal of Post Keynesian Economics John F. Henry 0.775
Introduction RATIONALITY and uncertainty are concepts central to economic theorising. The Nature of Rational Choice and The Foundations of Statistics 1991 Oxford Economic Papers Paul Anand 0.774
We seek to answer the question: How much irrationality must be permitted before speculation and agreements to disagree emerge in equilibrium?7 There are a number of errors that are typically made by decision-makers that suggest we go beyond the orthodox Bayesian paradigm. Common Knowledge 1992 The Journal of Economic Perspectives John Geanakoplos 0.773
By replacing rational expectations with rational belief they extend the uncertainty allowed and argue that in equilibrium the demanded premium would be higher than could be accounted for by models in which the only perceived uncertainty is the exogenous uncertainty of future dividends. Rational Beliefs and Endogenous Uncertainty 1996 Economic Theory Mordecai Kurz 0.773
Rationality and uncertainty. Utilities versus Rights to Publicly Provided Goods: Arguments and Evidence from Health Care Rationing 2000 Economica Paul Anand , Allan Wailoo 0.770
Uncertainty Rational expectations and Keynesian uncertainty: a critique MALCOLM RUTHERFORD It has long been recognized that an individual’s expectations will affect his economic behavior. Rational Expectations and Keynesian Uncertainty: A Critique 1984 Journal of Post Keynesian Economics Malcolm Rutherford 0.766
The concepts of endogenous uncertainty and rational beliefs, although formally distinct, are brought together in the last section of the paper. Speculative Trading with Rational Beliefs and Endogenous Uncertainty 2003 Economic Theory Ho-Mou Wu , Wen-Chung Guo 0.766
Since both bounded rationality and “fundamental” uncertainty imply, at least in certain areas of decision-making, agents are unable to make optimizing choices whose payoffs are expected in the future, it is easy to conflate bounded rationality with an analysis of decision-making under uncertainty. Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective 2001 Journal of Post Keynesian Economics Stephen P. Dunn 0.766
‘Probabilities vs. money: a test of some fundamental assumptions about rational decision making’, EcoNoMIC JOURNAL, vol.  Precautionary Saving and Social Learning across Generations: An Experiment 2003 The Economic Journal T. Parker Ballinger, Michael G. Palumbo , Nathaniel T. Wilcox 0.765
rationality and uncertainty. INTENTIONAL APPLE-CHOICE BEHAVIORS: 2013 Cahiers d’économie politique / Papers in Political Economy Dorian Jullien 0.765
Some aspects of economic behavior under uncertainty should be considered arational, rather than irrational. Asset Choice, Liquidity Preference, and Rationality under Uncertainty 2000 Journal of Economic Issues David Dequech 0.764

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
Whether or not one agrees that economic models ought always to assume rational behavior under uncertainty, i.e.  Macroeconomics and Reality 1980 Econometrica Christopher A. Sims 0.805
“Rationality, Price Risk, and Response.” Risk Behavior and Rational Expectations in the U.S. Broiler Market 1989 American Journal of Agricultural Economics Satheesh V. Aradhyula, Matthew T. Holt 0.777
Hence, there is no reason why equilibrium, or even a tendency toward it, should be expected.8 Recently, the neoclassical response to the reality of uncertainty has been the development of the theory of “rational expectations.” On Equilibrium 1983 Journal of Post Keynesian Economics John F. Henry 0.775
Uncertainty Rational expectations and Keynesian uncertainty: a critique MALCOLM RUTHERFORD It has long been recognized that an individual’s expectations will affect his economic behavior. Rational Expectations and Keynesian Uncertainty: A Critique 1984 Journal of Post Keynesian Economics Malcolm Rutherford 0.766
But like Keynesianism’s strategy of freely postulating price rigidities, rational expectations’ coherent tracing out of the implications of dynamic optimization under uncertainty is both its central strength and its main weakness. The New Keynesian Economics and the Output-Inflation Trade-Off 1988 Brookings Papers on Economic Activity Laurence Ball , N. Gregory Mankiw , David Romer , George A. Akerlof , Andrew Rose , Janet Yellen , Christopher A. Sims 0.755
This sort of control model may be seen as a rational response by economic agents under uncertainty, although its backward-looking character is possibly subject to criticism. An Econometric Model of Manufacturing Investment in the UK 1981 The Economic Journal C. R. Bean 0.754
Rational expectations macroeconomics put at center stage the reaction of people to the uncertainty in their economic environment. The New Keynesian Economics and the Output-Inflation Trade-Off 1988 Brookings Papers on Economic Activity Laurence Ball , N. Gregory Mankiw , David Romer , George A. Akerlof , Andrew Rose , Janet Yellen , Christopher A. Sims 0.754
Introduction In the past decade, significant advances in economic theory have modelled rational decisionmaking and market equilibrium under conditions of uncertainty. Resource Allocation with Factor Price Differentials under Price Uncertainty 1985 Southern Economic Journal Eden S. H. Yu , Charles A. Ingene 0.753
“Rational Behavior, Uncertain Prospects, and Measurable Utility,” Econometrica, Apr.  The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations 1982 Journal of Economic Literature Paul J. H. Schoemaker 0.749
Conclusions This study has extended the rational expectations framework to include price uncertainty. Risk Behavior and Rational Expectations in the U.S. Broiler Market 1989 American Journal of Agricultural Economics Satheesh V. Aradhyula, Matthew T. Holt 0.747
Rational Behavior Under Uncertainty 1.3.1. Rational Behavior under Complete Ignorance 1980 Econometrica Michèle Cohen , Jean-Yves Jaffray 0.745
The difficulties involved in defining rational behaviour under risk and uncertainty have been analysed in some depth and detail by economists in the literature on decision theory and cannot be reviewed here52. On Merit Wants: Reflections on the Evolution, Normative Status and Policy Relevance of a Controversial Public Finance Concept 1988 FinanzArchiv / Public Finance Analysis John G. Head 0.743

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
‘Rational behavior, uncertain prospects, and expected utility.’ Nonlinear Preferences and Two-Stage Lotteries: Theories and Evidence 1994 The Economic Journal Michele Bernasconi 0.801
Deciding How to Decide: Truly Bounded Rationality The considerations sketched in the last two sections make the typical problem of rational decision-making under uncertainty appear much more complicated than the simple examples one encounters in textbooks on microeconomic theory and management science. Bounded Rationality, Indeterminacy, and the Theory of the Firm 1996 The Economic Journal Roy Radner 0.786
But prices are only one of many dimensions along which uncertainty of expectations may complicate rational decision I. makring. Organizations and Markets 1991 The Journal of Economic Perspectives Herbert A. Simon 0.778
Introduction RATIONALITY and uncertainty are concepts central to economic theorising. The Nature of Rational Choice and The Foundations of Statistics 1991 Oxford Economic Papers Paul Anand 0.774
We seek to answer the question: How much irrationality must be permitted before speculation and agreements to disagree emerge in equilibrium?7 There are a number of errors that are typically made by decision-makers that suggest we go beyond the orthodox Bayesian paradigm. Common Knowledge 1992 The Journal of Economic Perspectives John Geanakoplos 0.773
By replacing rational expectations with rational belief they extend the uncertainty allowed and argue that in equilibrium the demanded premium would be higher than could be accounted for by models in which the only perceived uncertainty is the exogenous uncertainty of future dividends. Rational Beliefs and Endogenous Uncertainty 1996 Economic Theory Mordecai Kurz 0.773
Here, inherent uncertainties in markets contribute to the human characteristic of bounded rationality. THE TRANSACTIONS COST THEORY OF VERTICAL INTEGRATION: LEASING IN THE MOTOR CARRIER INDUSTRY 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti K.P. UPADHYAYA , F.G. MIXON Jr. 0.761
“Rational Expectations, Risk, Uncertainty and Market Responses.” Were Financial Crises Predictable? 1994 Journal of Money, Credit and Banking Fabio Canova 0.761
Contributions by Robison and Barry; Robison and Lev; and Robison, Barry, and Burghardt have considered several realistic institutions that may be important in explaining decisions under uncertainty by real-world economic agents. Risk Analysis for Proprietors with Limited Liability: A Mean-Variance, Safety-First Synthesis 1991 Western Journal of Agricultural Economics Robert A. Collins, Edward E. Gbur 0.754
Furthermore, the assumption of rationality implies that problems of information and uncertainty are not so severe as to undermine the assumption that the actions of agents result from, or can be treated as if they result from, informed rational choice. Some Remarks on ‘Economic Imperialism’ and International Political Economy 1994 Review of International Political Economy Geoffrey M. Hodgson 0.754
The discussion of principles of rational behavior under uncertainty in Part IV of my 1959 book starts with a variant of L. J. Foundations of Portfolio Theory 1991 The Journal of Finance Harry M. Markowitz 0.753
The ‘rationality’ of the actors facing Knightian uncertainty has to be modelled as a ‘bounded rationality’. The agenda for growth theory: a different point of view 1998 Cambridge Journal of Economics Richard R. Nelson 0.753

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
Conclusion Behavioural economics has challenged strong assumptions about the rationality of individuals that underpin many models of economic decision-making, especially under conditions of uncertainty. Re-engaging with rationality in economic geography: behavioural approaches and the importance of context in decision-making 2008 Journal of Economic Geography Kendra Strauss 0.780
This uncertainty is the result of rational economic reasoning. Rational Ignorance is not Bliss: When do Lazy Voters Learn from Decentralised Policy Experiments? 2008 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Jan Schnellenbach 0.779
Here it is maintained, in distinction from the first type of responses to the problem of uncertainty, that the rational actor model must be rejected more completely than these approaches suggest and, in distinction from the latter approaches, that the under. Economic Sociology and Embeddedness: How Shall We Conceptualize Economic Action? 2003 Journal of Economic Issues Jens Beckert 0.776
Rationality and uncertainty. Utilities versus Rights to Publicly Provided Goods: Arguments and Evidence from Health Care Rationing 2000 Economica Paul Anand , Allan Wailoo 0.770
The concepts of endogenous uncertainty and rational beliefs, although formally distinct, are brought together in the last section of the paper. Speculative Trading with Rational Beliefs and Endogenous Uncertainty 2003 Economic Theory Ho-Mou Wu , Wen-Chung Guo 0.766
Since both bounded rationality and “fundamental” uncertainty imply, at least in certain areas of decision-making, agents are unable to make optimizing choices whose payoffs are expected in the future, it is easy to conflate bounded rationality with an analysis of decision-making under uncertainty. Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective 2001 Journal of Post Keynesian Economics Stephen P. Dunn 0.766
‘Probabilities vs. money: a test of some fundamental assumptions about rational decision making’, EcoNoMIC JOURNAL, vol.  Precautionary Saving and Social Learning across Generations: An Experiment 2003 The Economic Journal T. Parker Ballinger, Michael G. Palumbo , Nathaniel T. Wilcox 0.765
Some aspects of economic behavior under uncertainty should be considered arational, rather than irrational. Asset Choice, Liquidity Preference, and Rationality under Uncertainty 2000 Journal of Economic Issues David Dequech 0.764
In the fourth section, the paper incorporates this type of uncertainty into a discussion of rationality and institutions, so that bounded rationality, institutions, and fundamental uncertainty can be brought together. Bounded Rationality, Institutions, and Uncertainty 2001 Journal of Economic Issues David Dequech 0.760
Several important topics have been discussed in greater depth elsewhere.9 My focus is on the psychology of imperfect rationality, not psychological determinants of rational risk aversion or time preference. Investor Psychology and Asset Pricing 2001 The Journal of Finance David Hirshleifer 0.760
In the rest of this paper we will study the emergence of endogenous uncertainty in a rational belief framework. Speculative Trading with Rational Beliefs and Endogenous Uncertainty 2003 Economic Theory Ho-Mou Wu , Wen-Chung Guo 0.758
We observe that rationality has now been defined as behavior consistent with the true probabilities of uncertain states. Financial Economics At 50: An Oxymoronic Tautology 2008 Journal of Post Keynesian Economics M. C. Findlay , E. E. Williams 0.757

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Brav and Heaton discuss how this type of uncertainty exploits the distinction between “rationality” and “ratio nal expectations.” Corporate Political Contributions and Stock Returns 2010 The Journal of Finance MICHAEL J. COOPER , HUSEYIN GULEN , ALEXEI V. OVTCHINNIKOV 0.786
rationality and uncertainty. INTENTIONAL APPLE-CHOICE BEHAVIORS: 2013 Cahiers d’économie politique / Papers in Political Economy Dorian Jullien 0.765
Arising in cases of conflict between incommensurable or opposite heterogeneous reasons within a single judgment of probability, rational dilemmas concern not only Keynes’ treatment of probability as the hypothesis upon which it is reasonable to act and, more generally, a guide for life, but enter the realm of economics as well. Keynes and the Complexity of International Economic Relations in the Aftermath of World War I 2010 Journal of Economic Issues Anna M. Carabelli, Mario A. Cedrini 0.762
“Probabilities vs Money: A Test of Some Fundamental Assumptions about Rational Decision Making.” Econ. Incentives in Experiments 2018 Journal of Political Economy Yaron Azrieli , Christopher P. Chambers, Paul J. Healy 0.755
Rational behavior, uncertain prospects, and measurable utility, Econometrica, vol.  De Finetti on uncertainty 2014 Cambridge Journal of Economics Alberto Feduzi, Jochen Runde , Carlo Zappia 0.739
However, in the field of choice among risky situations, actual behaviour seems to differ from “rational behaviour” more than happens in the usual field of riskless situations, and this is true for various reasons. ON PREFERABILITY 2012 Giornale degli Economisti e Annali di Economia Bruno de Finetti, H. Ampt , I. Moscati 0.732
Keywords: Risk attitude, game theory, rationalizability, equilibrium. THE EFFECT OF CHANGES IN RISK ATTITUDE ON STRATEGIC BEHAVIOR 2016 Econometrica Jonathan Weinstein 0.728
Somehow unexpectedly, seut has become the positive description of how the rational agents populating neoclassical economic models are assumed to behave when facing decision under either parametric or strategic uncertainty.1 Such an unexpected development might happen, among other rea sons, only after the harsh critiques raised against seut as a tool for stat isticians had been forgotten - or merely set aside. CROSSED DESTINIES: LAW AND ECONOMICS MEETS THE HISTORY OF ECONOMIC THOUGHT 2012 History of Economic Ideas Nicola Giocoli 0.727
We will try to answer the question to what extent people measure up to the normative standard of fully rational and cognitively unconstrained optimization under risk neutrality for different combinations of evidence. Errors in Judicial Decisions: Experimental Results 2012 Journal of Law, Economics, & Organization Joep Sonnemans, Frans van Dijk 0.724
“Risk and Rationality: Uncovering Heterogeneity in Probability Distortion.” INDIVIDUAL RISK ATTITUDES: MEASUREMENT, DETERMINANTS, AND BEHAVIORAL CONSEQUENCES 2011 Journal of the European Economic Association Thomas Dohmen , David Huffman , Jürgen Schupp , Armin Falk , Uwe Sunde , Gert G. Wagner 0.724
With rational expectations, agents assign correct probabilities to scenarios and hence price risk accordingly. The Economic and Policy Consequences of Catastrophes 2013 American Economic Journal: Economic Policy Robert S. Pindyck, Neng Wang 0.717
“Risk and Rationality: Uncovering Heterogeneity in Probability Distortion. COMMON COMPONENTS OF RISK AND UNCERTAINTY ATTITUDES ACROSS CONTEXTS AND DOMAINS: EVIDENCE FROM 30 COUNTRIES 2015 Journal of the European Economic Association Ferdinand M. Vieider, Mathieu Lefebvre , Ranoua Bouchouicha , Thorsten Chmura , Rustamdjan Hakimov , Michal Krawczyk , Peter Martinsson 0.716

Closest sentences from the cluster’s centroid

Among the 200 closest sentences to the cluster’s centroid, 14% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The difficulties involved in defining rational behaviour under risk and uncertainty have been analysed in some depth and detail by economists in the literature on decision theory and cannot be reviewed here52. On Merit Wants: Reflections on the Evolution, Normative Status and Policy Relevance of a Controversial Public Finance Concept 1988 FinanzArchiv / Public Finance Analysis John G. Head 0.825
But prices are only one of many dimensions along which uncertainty of expectations may complicate rational decision I. makring. Organizations and Markets 1991 The Journal of Economic Perspectives Herbert A. Simon 0.820
Rational choice theories under certainty and under risk have been established as descriptive models for the decisions of consumers, producers, voters, politicians, etc. How Politicians Make Decisions: A Political Choice Experiment 2007 Journal of Economics Enrique Fatas , Tibor Neugebauer, Pilar Tamborero 0.820
Introduction RATIONALITY and uncertainty are concepts central to economic theorising. The Nature of Rational Choice and The Foundations of Statistics 1991 Oxford Economic Papers Paul Anand 0.819
SAMUEL J. PORTELLI Probabilistic risk, neuroeconomic ambiguity, and Keynesian uncertainty Abstract: The relative importance of agent confidence and rational expectations has fluctuated in the course of economic thought , and remains an important issue in the discipline today. Probabilistic risk, neuroeconomic ambiguity, and Keynesian uncertainty 2013 Journal of Post Keynesian Economics SAMUEL J. PORTELLI 0.816
Traditional decision analysis, now well incorporated into economic theory, would tell us that for a rational, self-interested individual, “a risk is a risk is a risk.” Betrayal Aversion: Evidence from Brazil, China, Oman, Switzerland, Turkey, and the United States 2008 The American Economic Review Iris Bohnet , Fiona Greig , Benedikt Herrmann , Richard Zeckhauser 0.815
Since both bounded rationality and “fundamental” uncertainty imply, at least in certain areas of decision-making, agents are unable to make optimizing choices whose payoffs are expected in the future, it is easy to conflate bounded rationality with an analysis of decision-making under uncertainty. Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective 2001 Journal of Post Keynesian Economics Stephen P. Dunn 0.814
‘Probabilities vs. money: a test of some fundamental assumptions about rational decision making’, EcoNoMIC JOURNAL, vol.  Precautionary Saving and Social Learning across Generations: An Experiment 2003 The Economic Journal T. Parker Ballinger, Michael G. Palumbo , Nathaniel T. Wilcox 0.813
RISK AND UNCERTAINTY: FROM KEYNES AND KNIGHT TO RATIONAL EXPECTATIONS The conceptual framework developed in this paper is rooted in seminal work from the 1920s, when two economists - Frank Knight and John Maynard Keynes - introduced the idea that decision-making by economic agents in situations of risk and uncertainty might differ. Reading the right signals and reading the signals right: IPE and the financial crisis of 2008 2013 Review of International Political Economy Peter J. Katzenstein, Stephen C. Nelson 0.812
A second line of research in psychology, and more recently in economics, has explored the rationality of individual choices under uncertainty and its implications.2 These analyses have primarily relied on experimental evidence and some survey data to assess the reliability of individuals’ formations of probabilistic perceptions and the consistency of their behavior under uncertainty. An Investigation of the Rationality of Consumer Valuations of Multiple Health Risks 1987 The RAND Journal of Economics W. Kip Viscusi , Wesley A. Magat, Joel Huber 0.810
Springer-Verlag 1996 Symposium Rational beliefs and endogenous uncertainty* Mordecai Kurz Department of Economics, Serra Street at Galvez, Stanford University, Stanford, CA 94305-6072, USA 1 On the diversity of probability beliefs Sharp differences of opinions and probability beliefs among economic agents are very commonly observed phenomena. Rational Beliefs and Endogenous Uncertainty 1996 Economic Theory Mordecai Kurz 0.810
Uncertainty and Decision Theory Uncertainty often takes a “backseat” in economic analyses using rational expectations models with risk-averse agents. Nobel Lecture: Uncertainty Outside and Inside Economic Models 2014 Journal of Political Economy Lars Peter Hansen 0.810
The concepts of endogenous uncertainty and rational beliefs, although formally distinct, are brought together in the last section of the paper. Speculative Trading with Rational Beliefs and Endogenous Uncertainty 2003 Economic Theory Ho-Mou Wu , Wen-Chung Guo 0.809
Section 5 discusses how to reconcile the implied dynamic inconsistency of human choice with policy suggestions to regard perfect information on risk magnitude as a sufficient condition for rational choice. Does Time Preference Change with Age? 2004 Journal of Population Economics David M. Bishai 0.809
Models and experiments in risk and rationality. Balancedness and the Core in Economies with Asymmetric Information 2003 Economic Theory Stefan Maus 0.806
Models and experiments in risk and rationality. ‘Expected Utility / Subjective Probability’ Analysis without the Sure-Thing Principle or Probabilistic Sophistication 2005 Economic Theory Mark J. Machina 0.806

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Introduction In general, there is reason to believe that uncertainty affects the expected utility of economic agents. Uncertainty and Monetary Policy in a Wage Bargaining Model 1992 The Scandinavian Journal of Economics Jan Rose Sørensen 0.868
In so doing, the paper explicitly examines the importance of uncertainty on the decisions of individual agents. The Economic Effects of Production Taxes in a Stochastic Growth Model 1990 The American Economic Review Michael Dotsey 0.863
Some aspects of economic behavior under uncertainty should be considered arational, rather than irrational. Asset Choice, Liquidity Preference, and Rationality under Uncertainty 2000 Journal of Economic Issues David Dequech 0.857
Economic Perspectives-Volume 1, Number ISummer 1987-Pages 121-154 Choice Under Uncertainty: Problems Solved and Unsolved Mark J. Machina F ifteen years ago, the theory of choice under uncertainty could be considered one of the “success stories” of economic analysis: it rested on solid axiomatic foundations, it had seen important breakthroughs in the analytics of risk, risk aversion and their applications to economic issues, and it stood ready to provide the theoretical underpinnings for the newly emerging “information revolution” in economics.’ Choice Under Uncertainty: Problems Solved and Unsolved 1987 The Journal of Economic Perspectives Mark J. Machina 0.853
To investigate the effects of uncertainty on economic choice, some earlier writers compared the optimal choice of a risk averse decision maker with its certainty equivalent. Risk, Risk Aversion and Many Control Variables 1983 Zeitschrift für Nationalökonomie / Journal of Economics Yuzo Honda 0.850
If, as suggested by the certainty ef fect, the mere presence of uncertainty causes individuals to discount their valuation of a prospect, then their valuation of a gamble will depend on whether it is evaluated rela tive to a certain or uncertain alternative. Risk Averters That Love Risk? Marginal Risk Aversion in Comparison to a Reference Gamble 2009 American Journal of Agricultural Economics David R. Just , Travis J. Lybbert 0.850
INTRODUCTION THE ECONOMIC THEORY OF BEHAVIOR under uncertainty forms the basis for much of modern finance and monetary theory. Common Persistence in Conditional Variances 1993 Econometrica Tim Bollerslev , Robert F. Engle 0.849
Introduction The reaction of economic agents to conditions of uncertainty has long interested economists. The Mean-Generalized Coefficient of Variation Selection Rule and Expected Utility Maximization 1988 Southern Economic Journal Glenn W. Boyle , Ramesh K. S. Rao 0.845
In Essays on Economic Behavior Under Uncertainty. Managerial Incentives in a Stock Market Economy 1982 The Journal of Finance Paul J. Beck , Thomas S. Zorn 0.842
‘Rational behavior, uncertain prospects, and expected utility.’ Nonlinear Preferences and Two-Stage Lotteries: Theories and Evidence 1994 The Economic Journal Michele Bernasconi 0.840
We close this section by noting that the normative implications of uncertainty aversion also differ from that of extreme risk aversion. Collective Risk Management in a Flight to Quality Episode 2008 The Journal of Finance Ricardo J. Caballero, Arvind Krishnamurthy 0.840
This paper may have given the reader the impression that the welfare economics of risk and uncertainty is itself full of uncertainty. Welfare economics, risk and uncertainty 2018 The Canadian Journal of Economics / Revue canadienne d’Economique Marc Fleurbaey 0.840
Economic agents are assumed to respond to uncertainty as expected-utility maximizers with some level of risk preference. Deterministic Modeling without (Unwarranted) Apology 1998 Review of Agricultural Economics Ray G. Huffaker 0.839
Introduction The distinction between risk and uncertainty is generally interpreted as having to do with whether or not agents can be assumed to act as if We have received helpful comments from H. E. Frech, Christian Gilles, and George Stigler. Knight on Risk and Uncertainty 1987 Journal of Political Economy Stephen F. LeRoy , Larry D. Singell, Jr. 0.838
Contributions by Robison and Barry; Robison and Lev; and Robison, Barry, and Burghardt have considered several realistic institutions that may be important in explaining decisions under uncertainty by real-world economic agents. Risk Analysis for Proprietors with Limited Liability: A Mean-Variance, Safety-First Synthesis 1991 Western Journal of Agricultural Economics Robert A. Collins, Edward E. Gbur 0.837
INTRODUCTION The concept of risk aversion is at the core of economic agents’ decisions under uncertainty. Estimating Risk Aversion from Ascending and Sealed-Bid Auctions: The Case of Timber Auction Data 2008 Journal of Applied Econometrics Jingfeng Lu , Isabelle Perrigne 0.837

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
Economic Perspectives-Volume 1, Number ISummer 1987-Pages 121-154 Choice Under Uncertainty: Problems Solved and Unsolved Mark J. Machina F ifteen years ago, the theory of choice under uncertainty could be considered one of the “success stories” of economic analysis: it rested on solid axiomatic foundations, it had seen important breakthroughs in the analytics of risk, risk aversion and their applications to economic issues, and it stood ready to provide the theoretical underpinnings for the newly emerging “information revolution” in economics.’ Choice Under Uncertainty: Problems Solved and Unsolved 1987 The Journal of Economic Perspectives Mark J. Machina 0.853
To investigate the effects of uncertainty on economic choice, some earlier writers compared the optimal choice of a risk averse decision maker with its certainty equivalent. Risk, Risk Aversion and Many Control Variables 1983 Zeitschrift für Nationalökonomie / Journal of Economics Yuzo Honda 0.850
Introduction The reaction of economic agents to conditions of uncertainty has long interested economists. The Mean-Generalized Coefficient of Variation Selection Rule and Expected Utility Maximization 1988 Southern Economic Journal Glenn W. Boyle , Ramesh K. S. Rao 0.845
In Essays on Economic Behavior Under Uncertainty. Managerial Incentives in a Stock Market Economy 1982 The Journal of Finance Paul J. Beck , Thomas S. Zorn 0.842
Introduction The distinction between risk and uncertainty is generally interpreted as having to do with whether or not agents can be assumed to act as if We have received helpful comments from H. E. Frech, Christian Gilles, and George Stigler. Knight on Risk and Uncertainty 1987 Journal of Political Economy Stephen F. LeRoy , Larry D. Singell, Jr. 0.838
Introduction In the economics of uncertainty, risk-aversion as a cautious attitude is generally accepted for reasonable decision making. Risk-Aversion and Mixing 1981 Zeitschrift für Nationalökonomie / Journal of Economics Rolf Kotz , Klaus Spremann 0.834
The difficulties involved in defining rational behaviour under risk and uncertainty have been analysed in some depth and detail by economists in the literature on decision theory and cannot be reviewed here52. On Merit Wants: Reflections on the Evolution, Normative Status and Policy Relevance of a Controversial Public Finance Concept 1988 FinanzArchiv / Public Finance Analysis John G. Head 0.825
Much of the Economics of Uncertainty is concerned with such propositions. Whither Uncertainty? 1983 The Economic Journal John D. Hey 0.824
Essays in Economic Behavior under Uncertainty. Implications of the Auction Mechanism in Baseball’s Free Agent Draft 1980 Southern Economic Journal James Cassing , Richard W. Douglas 0.823
Under conditions of uncertainty economic agents modify their behavior only when the prospective attenuated gains outweigh the prospective attenuated losses. Predictable Behavior: Comment 1985 The American Economic Review Roger W. Garrison 0.822

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Introduction In general, there is reason to believe that uncertainty affects the expected utility of economic agents. Uncertainty and Monetary Policy in a Wage Bargaining Model 1992 The Scandinavian Journal of Economics Jan Rose Sørensen 0.868
In so doing, the paper explicitly examines the importance of uncertainty on the decisions of individual agents. The Economic Effects of Production Taxes in a Stochastic Growth Model 1990 The American Economic Review Michael Dotsey 0.863
INTRODUCTION THE ECONOMIC THEORY OF BEHAVIOR under uncertainty forms the basis for much of modern finance and monetary theory. Common Persistence in Conditional Variances 1993 Econometrica Tim Bollerslev , Robert F. Engle 0.849
‘Rational behavior, uncertain prospects, and expected utility.’ Nonlinear Preferences and Two-Stage Lotteries: Theories and Evidence 1994 The Economic Journal Michele Bernasconi 0.840
Economic agents are assumed to respond to uncertainty as expected-utility maximizers with some level of risk preference. Deterministic Modeling without (Unwarranted) Apology 1998 Review of Agricultural Economics Ray G. Huffaker 0.839
Contributions by Robison and Barry; Robison and Lev; and Robison, Barry, and Burghardt have considered several realistic institutions that may be important in explaining decisions under uncertainty by real-world economic agents. Risk Analysis for Proprietors with Limited Liability: A Mean-Variance, Safety-First Synthesis 1991 Western Journal of Agricultural Economics Robert A. Collins, Edward E. Gbur 0.837
Sinn, H.-W.: Economic Decisions under Uncertainty. A Theory of the Welfare State 1995 The Scandinavian Journal of Economics Hans-Werner Sinn 0.829
Thus, in contrast to Lucas’s view of the limits of economic reasoning, this paper suggests that economics can, and must, deal with behaviour under more general forms of uncertainty. Beyond Rational Expectations: A Constructive Interpretation of Keynes’s Analysis of Behaviour Under Uncertainty 1994 The Economic Journal Bill Gerrard 0.827
But prices are only one of many dimensions along which uncertainty of expectations may complicate rational decision I. makring. Organizations and Markets 1991 The Journal of Economic Perspectives Herbert A. Simon 0.820
Introduction RATIONALITY and uncertainty are concepts central to economic theorising. The Nature of Rational Choice and The Foundations of Statistics 1991 Oxford Economic Papers Paul Anand 0.819
They indicate how temporal uncertainty and attitudes toward risk affect the behavioral implications of economic theory. Economic Behavior under Temporal Uncertainty 1994 Southern Economic Journal Jean-Paul Chavas, Bruce A. Larson 0.819

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
Some aspects of economic behavior under uncertainty should be considered arational, rather than irrational. Asset Choice, Liquidity Preference, and Rationality under Uncertainty 2000 Journal of Economic Issues David Dequech 0.857
If, as suggested by the certainty ef fect, the mere presence of uncertainty causes individuals to discount their valuation of a prospect, then their valuation of a gamble will depend on whether it is evaluated rela tive to a certain or uncertain alternative. Risk Averters That Love Risk? Marginal Risk Aversion in Comparison to a Reference Gamble 2009 American Journal of Agricultural Economics David R. Just , Travis J. Lybbert 0.850
We close this section by noting that the normative implications of uncertainty aversion also differ from that of extreme risk aversion. Collective Risk Management in a Flight to Quality Episode 2008 The Journal of Finance Ricardo J. Caballero, Arvind Krishnamurthy 0.840
INTRODUCTION The concept of risk aversion is at the core of economic agents’ decisions under uncertainty. Estimating Risk Aversion from Ascending and Sealed-Bid Auctions: The Case of Timber Auction Data 2008 Journal of Applied Econometrics Jingfeng Lu , Isabelle Perrigne 0.837
Essays on economic behavior under uncertainty, pp.  Money Non-Neutrality in a Rational Belief Equilibrium with Financial Assets 2001 Economic Theory Maurizio Motolese 0.835
We conclude with a discussion of what may be driving the uncertainty effect and the implications of the effect for models of risky choice. The Uncertainty Effect: When a Risky Prospect Is Valued Less than Its Worst Possible Outcome 2006 The Quarterly Journal of Economics Uri Gneezy , John A. List, George Wu 0.829
When guesses have uncertain consequences, risk preferences are potentially relevant. Cognition and Behavior in Two-Person Guessing Games: An Experimental Study 2006 The American Economic Review Miguel A. Costa-Gomes, Vincent P. Crawford 0.825
The crux of the matter lies in the nature and significance of the phenomenon of uncertainty, that is to say, in situations in which people are unable to assign sharp numerical probabilities to the consequences of their actions.1 The existence of such situations is significant for economic sociologists because the standard economic model of people as expected utility-maximizers is inapplicable to those large swathes of economic life characterized by uncertainty. Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order 2008 The American Journal of Economics and Sociology Paul Lewis 0.824
Essays on Economics Behavior Under Uncertainty. The State-Contingent Properties of Stochastic Production Functions 2002 American Journal of Agricultural Economics Robert G. Chambers, John Quiggin 0.822
As a result of this growing concern with cognitive matters, the issue of uncertainty itself has been the subject of interesting new developments in economics, some of which will inform the discussion below. Uncertainty and Economic Sociology: A Preliminary Discussion 2003 The American Journal of Economics and Sociology David Dequech 0.821

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
This paper may have given the reader the impression that the welfare economics of risk and uncertainty is itself full of uncertainty. Welfare economics, risk and uncertainty 2018 The Canadian Journal of Economics / Revue canadienne d’Economique Marc Fleurbaey 0.840
Essays on Economic Behavior Under Uncertainty, pp.  Diverse beliefs and time variability of risk premia 2011 Economic Theory Mordecai Kurz , Maurizio Motolese 0.835
“The Uncertainty Effect: When a Risky Prospect Is Valued Less Than Its Worst Possible Outcome.” The Quarterly Journal of Economics, 121, 1283–1309. THE LIMITS OF EXPECTATIONS-BASED REFERENCE DEPENDENCE 2017 Journal of the European Economic Association Uri Gneezy , Lorenz Goette , Charles Sprenger , Florian Zimmermann 0.833
‘Decisions under uncertainty: comment’, Quarterly journal of Economics, vol.  YOU NEED TO RECOGNISE AMBIGUITY TO AVOID IT 2018 The Economic Journal Chew Soo Hong , Mark Ratchford, Jacob S. Sagi 0.833
Yet in economic theory it has long been recognized both in the mainstream and in behavioral approaches that people’s attitudes to decision making when faced with risk are a good deal more complex than the simple idea of universal risk aversion suggests. The Capital Asset Pricing Model and the Efficient Markets Hypothesis 2018 International Journal of Political Economy Patrick O’Sullivan 0.831
We document substantial differences between utility elicited under uncertainty and utility elicited under certainty. Violence and Risk Preference: Experimental Evidence from Afghanistan 2014 The American Economic Review Michael Callen , Mohammad Isaqzadeh, James D. Long , Charles Sprenger 0.828
Economic decisions are made in an environment of uncertainty. Modeling financial crises: a schematic approach 2010 Journal of Post Keynesian Economics JOHN T. HARVEY 0.824
Brav and Heaton discuss how this type of uncertainty exploits the distinction between “rationality” and “ratio nal expectations.” Corporate Political Contributions and Stock Returns 2010 The Journal of Finance MICHAEL J. COOPER , HUSEYIN GULEN , ALEXEI V. OVTCHINNIKOV 0.824
Essays in Economic Behavior Under Uncertainty. A theory of Bayesian decision making with action-dependent subjective probabilities 2011 Economic Theory Edi Karni 0.823
Any model where individuals are risk averse and the outcome is uncertain may benefit from considering this article’s basic insight. FREE PARKING FOR ALL IN SHOPPING MALLS 2014 International Economic Review Kevin Hasker, Eren Inci 0.819

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
KEYNES ON PROBABILITY AND DECISION: EVIDENCE FROM THE CORRESPONDENCE WITH HUGH TOWNSHEND 2015 History of Economic Ideas Carlo Zappia 15 0.605
Modeling Risk Aversion in Economics 2018 The Journal of Economic Perspectives Ted O’Donoghue , Jason Somerville 15 0.618
Estimating Risk Preferences in the Field 2018 Journal of Economic Literature Levon Barseghyan , Francesca Molinari , Ted O’Donoghue , Joshua C. Teitelbaum 14 0.607
Keynesian Uncertainty in Credit Markets 1996 Journal of Post Keynesian Economics Penny Neal 13 0.623
Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective 2001 Journal of Post Keynesian Economics Stephen P. Dunn 13 0.668
Uncertainty and Economic Sociology: A Preliminary Discussion 2003 The American Journal of Economics and Sociology David Dequech 13 0.628
Addressing uncertainty in economics and the economy 2015 Cambridge Journal of Economics Sheila C. Dow 13 0.597
Probability and Uncertainty in Economic Analysis 1988 Journal of Post Keynesian Economics Tony Lawson 12 0.627
De Finetti on uncertainty 2014 Cambridge Journal of Economics Alberto Feduzi, Jochen Runde , Carlo Zappia 12 0.608
Alternative Keynesian and Post Keynesian Perspectives on Uncertainty and Expectations 2001 Journal of Post Keynesian Economics J. Barkley Rosser, Jr. 11 0.609

Top articles (most sentences) of the cluster for each time window

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Probability and Uncertainty in Economic Analysis 1988 Journal of Post Keynesian Economics Tony Lawson 12 0.627
Uncertainty, Indicative Planning, and Industrial Policy 1984 Journal of Economic Issues Allan G. Gruchy 10 0.602
Uncertainty and Economic Analysis 1985 The Economic Journal Tony Lawson 10 0.635
Troublesome Probability and Economics 1987 Journal of Post Keynesian Economics Robin Rowley, Omar Hamouda 9 0.609
Whither Uncertainty? 1983 The Economic Journal John D. Hey 8 0.623
The Conceptual Framework of Modern Economics 1980 Journal of Economic Issues Daniel R. Fusfeld 7 0.636
Uncertainty, Efficiency, and Economic Planning in Keynesian Economics 1985 Journal of Post Keynesian Economics Saul Estrin , Peter Holmes 7 0.610
On Relational Structures and Non-Equilibrium in Economic Theory 1985 Eastern Economic Journal Douglas Vickers 7 0.624
The Mumpsimus of Economists and the Role of Time and Uncertainty in the Progress of Economic Knowledge 1987 Journal of Post Keynesian Economics Albert Arouh 7 0.622
Choice Under Uncertainty: Problems Solved and Unsolved 1987 The Journal of Economic Perspectives Mark J. Machina 7 0.615
Efficiency and Speculation in a Model with Price-Contingent Contracts 1981 Econometrica Lars E. O. Svensson 6 0.600
Deficient Foresight: A Troublesome Theme in Keynesian Economics 1982 The American Economic Review Alan Coddington 6 0.605
Flexibility and Uncertainty 1984 The Review of Economic Studies Robert A. Jones , Joseph M. Ostroy 6 0.592
An Investigation of the Rationality of Consumer Valuations of Multiple Health Risks 1987 The RAND Journal of Economics W. Kip Viscusi , Wesley A. Magat, Joel Huber 6 0.648
Inventory Stability and Resource Allocation under Uncertainty in a Command Economy 1982 Econometrica Richard E. Ericson 5 0.628

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Keynesian Uncertainty in Credit Markets 1996 Journal of Post Keynesian Economics Penny Neal 13 0.623
Uncertainty, Expectations, and the Future: If We Don’t Know the Answers, What Are the Questions? 1993 Journal of Post Keynesian Economics Thomas I. Palley 10 0.617
Endogenous Uncertainty in a General Equilibrium Model with Price Contingent Contracts 1996 Economic Theory Mordecai Kurz, Ho-Mou Wu 10 0.613
Keynesian uncertainty and liquidity preference 1994 Cambridge Journal of Economics Jochen Runde 8 0.616
The appeal of neoclassical economics: some insights from Keynes’s epistemology 1995 Cambridge Journal of Economics Sheila C. Dow 8 0.602
Money, a Substitute for Confidence?: Vaughan to Keynes and beyond 1999 The American Journal of Economics and Sociology Franz Ritzmann 8 0.592
Keynes’s critiques of Moore: philosophical foundations of Keynes’s economics 1991 Cambridge Journal of Economics J. B. Davis 7 0.613
Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective 1991 The Journal of Economic Perspectives Paul Davidson 7 0.597
Beyond Rational Expectations: A Constructive Interpretation of Keynes’s Analysis of Behaviour Under Uncertainty 1994 The Economic Journal Bill Gerrard 7 0.658
Uncertainty and the Institutional Structure of Capitalist Economies: Remarks upon Receiving the Veblen-Commons Award 1996 Journal of Economic Issues Hyman P. Minsky 7 0.656
THE ‘TRUE’ HYPOTHESIS OF DANIEL BERNOULLI: WHAT DID THE MARGINALISTS REALLY KNOW? 1998 History of Economic Ideas Nicola Giocoli 7 0.614
Market Uncertainty: Correlated and Sunspot Equilibria in Imperfectly Competitive Economies 1991 The Review of Economic Studies James Peck, Karl Shell 6 0.613
Global Environmental Risks 1993 The Journal of Economic Perspectives Graciela Chichilnisky, Geoffrey Heal 6 0.600
Learning and its Rationality in a Context of Fundamental Uncertainty 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Hansjörg Siegenthaler 6 0.659
Robust Permanent Income and Pricing 1999 The Review of Economic Studies Lars Peter Hansen , Thomas J. Sargent , Thomas D. Tallarini, Jr. 6 0.624

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective 2001 Journal of Post Keynesian Economics Stephen P. Dunn 13 0.668
Uncertainty and Economic Sociology: A Preliminary Discussion 2003 The American Journal of Economics and Sociology David Dequech 13 0.628
Alternative Keynesian and Post Keynesian Perspectives on Uncertainty and Expectations 2001 Journal of Post Keynesian Economics J. Barkley Rosser, Jr. 11 0.609
Keynes, uncertainty and interest rates 2002 Cambridge Journal of Economics Brian Weatherson 11 0.611
A Bayesian Approach to Uncertainty Aversion 2005 The Review of Economic Studies Yoram Halevy , Vincent Feltkamp 11 0.615
The Concept of Uncertainty in Post Keynesian Theory and in Institutional Economics 2005 Journal of Economic Issues Fernando Ferrari-Filho , Octavio Augusto Camargo Conceição 11 0.618
Asset Choice, Liquidity Preference, and Rationality under Uncertainty 2000 Journal of Economic Issues David Dequech 9 0.614
Bounded Rationality, Institutions, and Uncertainty 2001 Journal of Economic Issues David Dequech 9 0.636
Economic Sociology and Embeddedness: How Shall We Conceptualize Economic Action? 2003 Journal of Economic Issues Jens Beckert 9 0.677
Learning to Reoptimize Consumption at New Income Levels: A Rationale for Prospect Theory 2004 Journal of the European Economic Association Markus K. Brunnermeier 9 0.633
Uncertainty and Probability in Institutional Economics 2007 Journal of Economic Issues Matthew C. Wilson 9 0.609
Uncertainty and Monetary Policy 2004 Oxford Economic Papers Sheila C. Dow 8 0.619
‘Expected Utility / Subjective Probability’ Analysis without the Sure-Thing Principle or Probabilistic Sophistication 2005 Economic Theory Mark J. Machina 8 0.618
Uncertainty and Risk in Financial Markets 2005 Econometrica Luca Rigotti , Chris Shannon 8 0.611
Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing 2006 The American Economic Review Nicholas Barberis, Ming Huang , Richard H. Thaler 8 0.607

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
KEYNES ON PROBABILITY AND DECISION: EVIDENCE FROM THE CORRESPONDENCE WITH HUGH TOWNSHEND 2015 History of Economic Ideas Carlo Zappia 15 0.605
Modeling Risk Aversion in Economics 2018 The Journal of Economic Perspectives Ted O’Donoghue , Jason Somerville 15 0.618
Estimating Risk Preferences in the Field 2018 Journal of Economic Literature Levon Barseghyan , Francesca Molinari , Ted O’Donoghue , Joshua C. Teitelbaum 14 0.607
Addressing uncertainty in economics and the economy 2015 Cambridge Journal of Economics Sheila C. Dow 13 0.597
De Finetti on uncertainty 2014 Cambridge Journal of Economics Alberto Feduzi, Jochen Runde , Carlo Zappia 12 0.608
Risk, ambiguity, and state-preference theory 2011 Economic Theory Robert Nau 11 0.594
CHOICE UNDER UNCERTAINTY: EVIDENCE FROM ETHIOPIA, INDIA AND UGANDA 2010 The Economic Journal Glenn W. Harrison , Steven J. Humphrey, Arjan Verschoor 9 0.609
Uncertainty: A Typology and Refinements of Existing Concepts 2011 Journal of Economic Issues David Dequech 9 0.596
SALIENCE THEORY OF CHOICE UNDER RISK 2012 The Quarterly Journal of Economics Pedro Bordalo , Nicola Gennaioli, Andrei Shleifer 9 0.614
Survey Measurement of Probabilistic Macroeconomic Expectations 2017 NBER Macroeconomics Annual Charles F. Manski 9 0.609
THE FOURFOLD PATTERN OF RISK ATTITUDES IN CHOICE AND PRICING TASKS 2010 The Economic Journal William T. Harbaugh, Kate Krause , Lise Vesterlund 8 0.589
Are Risk Preferences Stable across Contexts? Evidence from Insurance Data 2011 The American Economic Review Levon Barseghyan , Jeffrey Prince , Joshua C. Teitelbaum 8 0.594
Is there a plausible theory for decision under risk? A dual calibration critique 2013 Economic Theory James C. Cox , Vjollca Sadiraj , Bodo Vogt , Utteeyo Dasgupta 8 0.618
Why uncertainty matters: discounting under intertemporal risk aversion and ambiguity 2014 Economic Theory Christian P. Traeger 8 0.592
A rejoinder to O’Donnell’s critique of the ergodic/nonergodic explanation of Keynes’s concept of uncertainty 2015 Journal of Post Keynesian Economics PAUL DAVIDSON 8 0.592

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0775828
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0105746
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.0223539
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0351885
87: asset, rational_expectations, investors, rational_investors, traders -0.0380902
72: model, models, modeling, rational_expectations, economic_models -0.0412826
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.0454251
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0530643
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0592432
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0672018
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1489400
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.1970774

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
87: asset, rational_expectations, investors, rational_investors, traders 0.0263304
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0183853
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0199364
72: model, models, modeling, rational_expectations, economic_models -0.0611288
93: rational_agents, agent’s, representative_agent, agents, agent -0.0678105
101: players, games, game_theory, player, game -0.0717621
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0812581
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0875128
103: voters, voting, voter, rational_voter, public_choice -0.0976369
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1089900
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1233195

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
87: asset, rational_expectations, investors, rational_investors, traders 0.0450583
111: information, private_information, rational_expectations, informational, rational_inattention 0.0066812
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0117370
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0272780
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0534939
93: rational_agents, agent’s, representative_agent, agents, agent -0.0606982
72: model, models, modeling, rational_expectations, economic_models -0.0643543
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0894462
103: voters, voting, voter, rational_voter, public_choice -0.0989932
101: players, games, game_theory, player, game -0.1014663
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1094981
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1699379

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
87: asset, rational_expectations, investors, rational_investors, traders 0.0296360
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0114294
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.0204288
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0264656
111: information, private_information, rational_expectations, informational, rational_inattention -0.0333226
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0475248
93: rational_agents, agent’s, representative_agent, agents, agent -0.0885739
72: model, models, modeling, rational_expectations, economic_models -0.1140519
101: players, games, game_theory, player, game -0.1148366
103: voters, voting, voter, rational_voter, public_choice -0.1188371
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1593412
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1892923

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9726037
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9001980
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.8217910
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2120124
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1716231
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1117729
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.1115929
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1027542
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.0959576
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0888852
1940-1949 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0816088
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0775828
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0736225
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.0714002
1920-1939 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0679396

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9726037
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9463886
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.8807454
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2078074
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1544756
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1253790
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.1211137
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.1193090
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1145617
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.1099632
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1033373
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0929469
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0917233
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0910982
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0778941

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9768550
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9463886
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9001980
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2069643
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1251585
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1128474
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1010586
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0978485
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0952849
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0816959
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0813718
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0747057
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0621114
1940-1949 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0577990
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0571941

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.9768550
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.8807454
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.8217910
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1857153
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.1382558
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0953138
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0831799
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0802450
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0746375
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0691991
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.0643810
1900-1919 3: schumpeter, capitalism, feels, civilization, dynamic_economics 0.0591863
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0529916
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0504297
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0496369

Intertemporal cluster 87: asset, rational_expectations, investors, rational_investors, traders

The cluster gathers 8014 sentences from our corpus. It represents 4.95% of all the sentences selected over the whole period.

The community exists from 1980 to 2019.

The most recurring authors are Andrei Shleifer (97 sentences), David Hirshleifer (90 sentences), Lawrence H. Summers (88 sentences), John Y. Campbell (80 sentences), Jeremy C. Stein (63 sentences), Stephen A. Ross (61 sentences), Jiang Wang (57 sentences), Robert J. Shiller (57 sentences), Richard H. Thaler (52 sentences), Leonid Kogan (48 sentences).

The most recurring journals are The Journal of Finance (1586 sentences), The American Economic Review (687 sentences), Economic Theory (352 sentences), Econometrica (324 sentences), The Economic Journal (281 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
asset 0.0035598
rational_expectations 0.0027645
investors 0.0027586
rational_investors 0.0026212
traders 0.0021802
bubbles 0.0018518
asset_pricing 0.0017574
asset_prices 0.0017198
financial_markets 0.0016356
stock_market 0.0015926
expectations 0.0015479
stock_prices 0.0013648
rational_traders 0.0011630
efficient_markets 0.0010881
bubble 0.0010715
noise_traders 0.0010470
arbitrage 0.0010448
investor 0.0010390
beliefs 0.0009941
volatility 0.0009784

Top TF-IDF terms describing the community for each time window

Top terms 1980-1989

Token TF-IDF
rational_expectations 0.0049934
stock_market 0.0033675
asset 0.0031936
stock_prices 0.0028904
efficient_markets 0.0028192
option_pricing 0.0025502
rational_option 0.0024557
bubbles 0.0023167
asset_prices 0.0022594
expectations 0.0022310
investors 0.0020504
market_efficiency 0.0018616
financial_markets 0.0018265
market_rationality 0.0015766
arbitrage 0.0014400

Top terms 1990-1999

Token TF-IDF
rational_investors 0.0036216
traders 0.0036139
rational_expectations 0.0033291
investors 0.0032416
asset 0.0029040
noise_traders 0.0025588
bubbles 0.0023362
positive_feedback 0.0022337
asset_pricing 0.0021059
stock_market 0.0021000
stock_prices 0.0020066
rational_traders 0.0019522
financial_markets 0.0017850
asset_prices 0.0017051
destabilizing_rational 0.0015334

Top terms 2000-2009

Token TF-IDF
investors 0.0052862
rational_investors 0.0039804
traders 0.0035888
asset 0.0034125
irrational_traders 0.0027863
asset_pricing 0.0027522
rational_traders 0.0025872
stock_market 0.0024129
investor 0.0021622
financial_markets 0.0021571
arbitrageurs 0.0019741
asset_prices 0.0019555
behavioral_finance 0.0019366
portfolio 0.0019110
rational_expectations 0.0018738

Top terms 2010-2019

Token TF-IDF
investors 0.0047022
asset 0.0043787
rational_investors 0.0029609
asset_pricing 0.0028890
financial_markets 0.0023573
bubbles 0.0022813
asset_prices 0.0022519
rational_expectations 0.0020533
behavioral_finance 0.0019798
traders 0.0019592
investor 0.0016581
asset_price 0.0014518
beliefs 0.0014166
bubble 0.0014139
herding 0.0012821

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Theoretical I IA Macrostochastic The statistical expectations of an RE principles rationality model are equivalent to the psychological expectations of rational market participants which dominate the market. The Rational Expectations Tautologies 1982 Journal of Post Keynesian Economics James R. Wible 0.811
I also add to the behavioral/ rationalist debate by demonstrating how a simple model with rational investors and asymmetric information can be applied to generate apparently behavioral phenomenon. Trade Generation, Reputation, and Sell-Side Analysts 2005 The Journal of Finance Andrew R. Jackson 0.809
As noted in the introduction, a possible objection to models with imperfectly rational traders is that wealth may shift from foolish to rational traders until price setting is dominated by rational traders. Investor Psychology and Security Market under- and Overreactions 1998 The Journal of Finance Kent Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.808
This section tests another challenge to the market rationality hypothesis. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.807
The effect of bounded rationality on market outcomes is a central question. Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 0.801
Following this distinction, the rational expectations equilibrium is treated in this paper as a “benchmark” for the analysis of market behavior when the market is not in the rational expectations equilibrium.” Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.793
In the development below, we will study a variant of this market model and examine its behavior under Rational Expectations as well as under Rational Beliefs. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.793
They show that a wide range of market events can be combined to form a very strong case against market rationality, albeit a circumstantial one. THE ASSESSMENT: THE NEW ECONOMY 2002 Oxford Review of Economic Policy JONATHAN TEMPLE 0.792
The Rationality Struggle: Illustrations from Financial Markets. Index Funds, Financialization, and Commodity Futures Markets 2011 Applied Economic Perspectives and Policy Scott H. Irwin , Dwight R. Sanders 0.792
Although I must confess to a traditional view on the central role of rational behavior in finance, I also believe that financial models based on frictionless markets and complete information are often inadequate to capture the complexity of rationality in action. A Simple Model of Capital Market Equilibrium with Incomplete Information 1987 The Journal of Finance Robert C. Merton 0.791
Knez, Peter; Smith, Vernon L.; and Williams, Arlington W. “Individual Rationality, Market Rationality, and Value Estimation.” Experimental Tests of the Endowment Effect and the Coase Theorem 1990 Journal of Political Economy Daniel Kahneman , Jack L. Knetsch , Richard H. Thaler 0.791
The Efficient-Markets/Rational-Expectations Hypothesis. Using Financial Data to Measure Effects of Regulation 1981 The Journal of Law & Economics G. William Schwert 0.789
These results are consistent with the theoretical models which I have been describing and can be taken as support for the application of the rational expectations hypothesis to financial markets. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.785
Since, however, so many formal investigations have been published in the past which establish market failure due to rational behavior, we should now follow any conceivable route which promises the possibility of predicting, based on rational behavior, some more “rational” outcome. Calculus of Consent: A Game-theoretic Perspective 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Urs Schweizer 0.783
The economic reasoning for the results on indeterminacy evolves as follows: rational investors know the behavior of the naive agents. On Forecasting Heterogeneity, Irrational Exuberance, and the Multiplicity of Rational Expectations Equilibria 2002 Journal of Economics Mark Weder 0.782
The model describes market participants characterised by a boundedly rational behavior, and more im portantly by an idiosyncratic level of rationality. Strategic Market Games Quantal Response Equilibria 2006 Economic Theory Dimitrios Voliotis 0.780
Based on a reasonable interpretation of Thaler’s Groundhog Day argument, one could conclude that the collective rationality of markets is negatively related to the individual rationality of market decision makers. Can behavioral economists improve economic rationality? 2018 Public Choice Dwight R. Lee, J. R. Clark 0.779
There is a growing number of theoretical contributions that analyze the performance of markets characterized by a mixture of rational and near-rational decision makers. Banking (Conservatively) with Optimists 1999 The RAND Journal of Economics Michael Manove , A. Jorge Padilla 0.777
“Market Analysis with Rational Expectations.” Risk Behavior and Rational Expectations in the U.S. Broiler Market 1989 American Journal of Agricultural Economics Satheesh V. Aradhyula, Matthew T. Holt 0.776
If there is little confidence in the likely accuracy of rational expectations in a particular market it may well be that non-rational expectations will be preferred, even if the possibility of systematic errors exists, as any such systematic errors may be ajudged less damaging than the error contained in the rational expectations. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.776
The fact that the rationality of expectations goes together with an optimistic view of the performance of the market is witnessed by examples outside the strict field of the theory of resource allocation. The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 0.776

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
Theoretical I IA Macrostochastic The statistical expectations of an RE principles rationality model are equivalent to the psychological expectations of rational market participants which dominate the market. The Rational Expectations Tautologies 1982 Journal of Post Keynesian Economics James R. Wible 0.811
Following this distinction, the rational expectations equilibrium is treated in this paper as a “benchmark” for the analysis of market behavior when the market is not in the rational expectations equilibrium.” Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.793
Although I must confess to a traditional view on the central role of rational behavior in finance, I also believe that financial models based on frictionless markets and complete information are often inadequate to capture the complexity of rationality in action. A Simple Model of Capital Market Equilibrium with Incomplete Information 1987 The Journal of Finance Robert C. Merton 0.791
The Efficient-Markets/Rational-Expectations Hypothesis. Using Financial Data to Measure Effects of Regulation 1981 The Journal of Law & Economics G. William Schwert 0.789
These results are consistent with the theoretical models which I have been describing and can be taken as support for the application of the rational expectations hypothesis to financial markets. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.785
“Market Analysis with Rational Expectations.” Risk Behavior and Rational Expectations in the U.S. Broiler Market 1989 American Journal of Agricultural Economics Satheesh V. Aradhyula, Matthew T. Holt 0.776
Eventually, as a common basis for “rational expectations” emerges, the performance of markets improves, but never reaches that of the newly designed mechanisms. Allocating Uncertain and Unresponsive Resources: An Experimental Approach 1989 The RAND Journal of Economics Jeffrey S. Banks, John O. Ledyard , David P. Porter 0.772
The first of the discussion papers is Tobin’s, which not only includes thoughtful comments on market clearing, informational imperfections, and other characteristics of rational expectations models in general, but also specific critiques of each of the four principal papers in the volume. Rational Expectations: Introduction 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.771
INTRODUCTION The assumption that economic agents have rational expectations is commonplace in studies of macroeconomic policy and asset market behavior. Short-term Inflation Expectations: Evidence from a Monthly Survey: Note 1987 Journal of Money, Credit and Banking Douglas K. Pearce 0.771
The rational expectations market-clearing model involves numerous dubious assumptions. Macroeconomics and Reality 1980 Econometrica Christopher A. Sims 0.770
Since that time, alternative models with rational expectations and market clearing have been proposed; curiously, they retain their popularity, despite the numerous empirical rejections of such models. Job Switching and Job Satisfaction in the U.S. Labor Market 1988 Brookings Papers on Economic Activity George A. Akerlof, Andrew K. Rose , Janet L. Yellen , Laurence Ball , Robert E. Hall 0.769
To this extent, therefore, even in a market with active trading, substantial infor mation, thoughtful and informed traders and an active forward market, it might be suggested that the rational expectations hypothesis is not always applicable. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.769

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
As noted in the introduction, a possible objection to models with imperfectly rational traders is that wealth may shift from foolish to rational traders until price setting is dominated by rational traders. Investor Psychology and Security Market under- and Overreactions 1998 The Journal of Finance Kent Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.808
This section tests another challenge to the market rationality hypothesis. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.807
The effect of bounded rationality on market outcomes is a central question. Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 0.801
In the development below, we will study a variant of this market model and examine its behavior under Rational Expectations as well as under Rational Beliefs. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.793
Knez, Peter; Smith, Vernon L.; and Williams, Arlington W. “Individual Rationality, Market Rationality, and Value Estimation.” Experimental Tests of the Endowment Effect and the Coase Theorem 1990 Journal of Political Economy Daniel Kahneman , Jack L. Knetsch , Richard H. Thaler 0.791
Since, however, so many formal investigations have been published in the past which establish market failure due to rational behavior, we should now follow any conceivable route which promises the possibility of predicting, based on rational behavior, some more “rational” outcome. Calculus of Consent: A Game-theoretic Perspective 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Urs Schweizer 0.783
There is a growing number of theoretical contributions that analyze the performance of markets characterized by a mixture of rational and near-rational decision makers. Banking (Conservatively) with Optimists 1999 The RAND Journal of Economics Michael Manove , A. Jorge Padilla 0.777
If there is little confidence in the likely accuracy of rational expectations in a particular market it may well be that non-rational expectations will be preferred, even if the possibility of systematic errors exists, as any such systematic errors may be ajudged less damaging than the error contained in the rational expectations. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.776
If agents make weak-form rational expectations the market price dynamics diverge from the fundamental price, although it is still rational in a weak sense. Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion 1991 The Economic Journal Richard Topol 0.775
Traders in financial markets then appear to behave in a manner consistent with the rational expectations thesi Before concluding however that in spite of the difficulties agents will aspire to holding rational expectations the general validity of the rational expectations thesis must be assessed. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.775
The mere presence of a few rational traders in a market does not guarantee that prices are efficient; rational traders may be no more willing or able to act on their beliefs than biased traders. Volume, Volatility, Price, and Profit When All Traders Are above Average 1998 The Journal of Finance Terrance Odean 0.774
The Rationality Struggle: Illustrations from Financial Markets By JAYENDU PATEL, RICHARD ZECKHAUSER, AND DARRYLL HENDRICKS * For most economists it is an article of faith that financial markets reach rational aggregate outcomes, despite the irrational behavior of some participants, since sophisticated players stand ready to capitalize on the mistakes of the naive. The Rationality Struggle: Illustrations from Financial Markets 1991 The American Economic Review Jayendu Patel , Richard Zeckhauser, Darryll Hendricks 0.767

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
I also add to the behavioral/ rationalist debate by demonstrating how a simple model with rational investors and asymmetric information can be applied to generate apparently behavioral phenomenon. Trade Generation, Reputation, and Sell-Side Analysts 2005 The Journal of Finance Andrew R. Jackson 0.809
They show that a wide range of market events can be combined to form a very strong case against market rationality, albeit a circumstantial one. THE ASSESSMENT: THE NEW ECONOMY 2002 Oxford Review of Economic Policy JONATHAN TEMPLE 0.792
The economic reasoning for the results on indeterminacy evolves as follows: rational investors know the behavior of the naive agents. On Forecasting Heterogeneity, Irrational Exuberance, and the Multiplicity of Rational Expectations Equilibria 2002 Journal of Economics Mark Weder 0.782
The model describes market participants characterised by a boundedly rational behavior, and more im portantly by an idiosyncratic level of rationality. Strategic Market Games Quantal Response Equilibria 2006 Economic Theory Dimitrios Voliotis 0.780
The fact that the rationality of expectations goes together with an optimistic view of the performance of the market is witnessed by examples outside the strict field of the theory of resource allocation. The Government and Market Expectations 2001 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Guesnerie 0.776
Rational economic theories do not preclude investor mistakes. Massively Confused Investors Making Conspicuously Ignorant Choices (MCI-MCIC) 2001 The Journal of Finance Michael S. Rashes 0.773
V. CONCLUSION Modern financial economics assumes that we behave with extreme rationality; but, we do not. Boys Will be Boys: Gender, Overconfidence, and Common Stock Investment 2001 The Quarterly Journal of Economics Brad M. Barber, Terrance Odean 0.764
Failure of prices to equal discounted payoffs is taken in this passage to be equivalent to irrationality, so there is no allowance for the possibility that values could exceed discounted future returns when agents are fully rational.2 Bubbles as manifestations of irrationality are considered more fully in section 6 below. Rational Exuberance 2004 Journal of Economic Literature Stephen F. LeRoy 0.762
We are considering the possibility that some investors are irrational, so we must distinguish between the subjective expectations of irrational investors and the objective expectations of rational investors. Inflation Illusion and Stock Prices 2004 The American Economic Review John Y. Campbell , Tuomo Vuolteenaho 0.760
PREDICTIONS Under the assumption of common knowledge of rationality and selfishness of all market participants, the predictions for each of our four treatments are straightforward. Credit Reporting, Relationship Banking, and Loan Repayment 2007 Journal of Money, Credit and Banking Martin Brown , Christian Zehnder 0.760
These empirical results are consistent with standard rational asset pricing theory,23 but they are also consistent with explanations based on imperfect rationality. Overconfidence, Arbitrage, and Equilibrium Asset Pricing 2001 The Journal of Finance Kent D. Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.758
Section III shows that when investors have rational expectations about their future optimal portfolio choices, this logic is reversed. Information Immobility and the Home Bias Puzzle 2009 The Journal of Finance Stijn Van Nieuwerburgh, Laura Veldkamp 0.752
To see this, consider a model in which investors are rational. Sports Sentiment and Stock Returns 2007 The Journal of Finance Alex Edmans , Diego García, Øyvind Norli 0.752

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
The Rationality Struggle: Illustrations from Financial Markets. Index Funds, Financialization, and Commodity Futures Markets 2011 Applied Economic Perspectives and Policy Scott H. Irwin , Dwight R. Sanders 0.792
Based on a reasonable interpretation of Thaler’s Groundhog Day argument, one could conclude that the collective rationality of markets is negatively related to the individual rationality of market decision makers. Can behavioral economists improve economic rationality? 2018 Public Choice Dwight R. Lee, J. R. Clark 0.779
Recent events have called into question the hypothesis of “rational expectations” and a related concept, that of “efficient markets.” Markets with Search Friction and the DMP Model 2011 The American Economic Review Dale T. Mortensen 0.774
This is the sense in which we shall say that investors, in this paper, entertain “locally rational expectations”. Nominal uniqueness and money non-neutrality in the limit-price exchange process 2010 Economic Theory Gaël Giraud , Dimitrios P. Tsomocos 0.773
In particular, one of the equilibrium market hypothesis-based streams of literature has introduced various types of irrational or partially rational agents whose interaction in the marketplace causes the realization of prices that are different from the fundamental values and may even lead to the occurrence of destabilizing dynamics. Hedging, Arbitrage, and the Financialization of Commodities Markets 2016 International Journal of Political Economy Domenica Tropeano 0.759
We then make the key observation that rationality implies that beliefs must fluctuate and thus have inherent dynamics which induces a crucial component of market volatility that we call “Endogenous Uncertainty.” Diverse beliefs and time variability of risk premia 2011 Economic Theory Mordecai Kurz , Maurizio Motolese 0.757
The paper makes the standard assumption that all agents, including the outside investors, are rational and sophis ticated and claims that these are weak assumptions. Preventing Abuse by Controlling Shareholders: Comment 2013 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Eric van Damme 0.751
First, the introduction of near-rational behavior microfounds the amount of noise in asset prices in a way that is consistent with the rational paradigm and lends itself to normative analysis. The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 0.749
Concluding Remarks Theories involving departures from fully-rational behaviour have long played a role in efforts to account for the behaviour of asset prices. RATIONAL AND NEAR-RATIONAL BUBBLES WITHOUT DRIFT 2010 The Economic Journal Kevin J. Lansing 0.748
Consistent with the thesis of Greenwood and Shleifer, it is implausible, given this evidence, that the surveyed investors have rational expectations.19 This fact is unsettling for proponents of rational-expectations representative-agent models. WHAT IS THE EXPECTED RETURN ON THE MARKET? 2017 The Quarterly Journal of Economics Ian Martin 0.745
However, another interpretation of the evidence is that agents are fully rational but either do not find it in their interest to reevaluate exchange rate expectations on a continuous basis when they make infrequent portfolio decisions or rationally condition expectations on a limited information set for the various reasons discussed in Section IIB. Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle 2010 The American Economic Review Philippe Bacchetta, Eric van Wincoop 0.745
Elton, Edwin J., Martin J. Gruber, and Jeffrey A. Busse, 2004, Are investors rational? Learning about Mutual Fund Managers 2016 The Journal of Finance DARWIN CHOI , BIGE KAHRAMAN , ABHIROOP MUKHERJEE 0.743

Closest sentences from the cluster’s centroid

Among the 200 closest sentences to the cluster’s centroid, 63.5% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
This section tests another challenge to the market rationality hypothesis. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.871
I also add to the behavioral/ rationalist debate by demonstrating how a simple model with rational investors and asymmetric information can be applied to generate apparently behavioral phenomenon. Trade Generation, Reputation, and Sell-Side Analysts 2005 The Journal of Finance Andrew R. Jackson 0.870
As noted in the introduction, a possible objection to models with imperfectly rational traders is that wealth may shift from foolish to rational traders until price setting is dominated by rational traders. Investor Psychology and Security Market under- and Overreactions 1998 The Journal of Finance Kent Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.863
THE IDEA THAT REAL-WORLD INVESTORS MAY NOT BE fully rational is an important influence on studies of modern asset pricing. The Limits of Investor Behavior 2006 The Journal of Finance Mark Loewenstein , Gregory A. Willard 0.851
The mere presence of a few rational traders in a market does not guarantee that prices are efficient; rational traders may be no more willing or able to act on their beliefs than biased traders. Volume, Volatility, Price, and Profit When All Traders Are above Average 1998 The Journal of Finance Terrance Odean 0.849
Heterogeneity in behavior can be an important factor in asset pricing, and it may not require there to be many rational traders for prices to reflect no judgment errors. Are Judgment Errors Reflected in Market Prices and Allocations? Experimental Evidence Based on the Monty Hall Problem 2004 The Journal of Finance Brian D. Kluger, Steve B. Wyatt 0.847
We are considering the possibility that some investors are irrational, so we must distinguish between the subjective expectations of irrational investors and the objective expectations of rational investors. Inflation Illusion and Stock Prices 2004 The American Economic Review John Y. Campbell , Tuomo Vuolteenaho 0.845
The Stock Market A premise of this paper is the rationality of the stock market, or, more precisely, of securities markets generally. E-Capital: The Link between the Stock Market and the Labor Market in the 1990s 2000 Brookings Papers on Economic Activity Robert E. Hall , Jason G. Cummins, Owen A. Lamont 0.842
Recent theoretical work on asset markets, based on the rational expectations hypothesis, has argued that they may have an additional informational role. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.838
One key element in the theories coming out of this research is that people do not possess the full set of information assumed in the standard asset price model with rational expectations. Bubbles Tomorrow and Bubbles Yesterday, but Never Bubbles Today? 2013 Business Economics JOHN C. WILLIAMS 0.832
As is well known in the finance literature, efficient markets do not require that all investors behave rationally, only that some do. Taxation and Investment Decisions in Petroleum 2018 The Energy Journal Graham A. Davis, Diderik Lund 0.829
Participants in the stock market have rational expectations: they understand managers’ incentives to work and to manipulate, but they do not know the realized value of cm, and thus of M, and cannot observe V’. Managerial Incentives and Stock Price Manipulation 2014 The Journal of Finance LIN PENG , AILSA RÖELL 0.828
In the rest of this section, we consider the case in which investors have biased beliefs, but characterize expected returns from the perspective of a fully rational observer. A Dynamic Model of Characteristic-Based Return Predictability 2019 The Journal of Finance AYDOĞAN ALTI , SHERIDAN TITMAN 0.827
The effect of bounded rationality on market outcomes is a central question. Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 0.826
This paper shows that this fact need not reflect a failure either of market analysts or of the hypothesis of investor rationality. Rational Asset-Price Movements Without News 1993 The American Economic Review David Romer 0.826

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
This section tests another challenge to the market rationality hypothesis. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.871
I also add to the behavioral/ rationalist debate by demonstrating how a simple model with rational investors and asymmetric information can be applied to generate apparently behavioral phenomenon. Trade Generation, Reputation, and Sell-Side Analysts 2005 The Journal of Finance Andrew R. Jackson 0.870
As noted in the introduction, a possible objection to models with imperfectly rational traders is that wealth may shift from foolish to rational traders until price setting is dominated by rational traders. Investor Psychology and Security Market under- and Overreactions 1998 The Journal of Finance Kent Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.863
The Efficient-Markets/Rational-Expectations Hypothesis. Using Financial Data to Measure Effects of Regulation 1981 The Journal of Law & Economics G. William Schwert 0.853
THE IDEA THAT REAL-WORLD INVESTORS MAY NOT BE fully rational is an important influence on studies of modern asset pricing. The Limits of Investor Behavior 2006 The Journal of Finance Mark Loewenstein , Gregory A. Willard 0.851
The mere presence of a few rational traders in a market does not guarantee that prices are efficient; rational traders may be no more willing or able to act on their beliefs than biased traders. Volume, Volatility, Price, and Profit When All Traders Are above Average 1998 The Journal of Finance Terrance Odean 0.849
Heterogeneity in behavior can be an important factor in asset pricing, and it may not require there to be many rational traders for prices to reflect no judgment errors. Are Judgment Errors Reflected in Market Prices and Allocations? Experimental Evidence Based on the Monty Hall Problem 2004 The Journal of Finance Brian D. Kluger, Steve B. Wyatt 0.847
We are considering the possibility that some investors are irrational, so we must distinguish between the subjective expectations of irrational investors and the objective expectations of rational investors. Inflation Illusion and Stock Prices 2004 The American Economic Review John Y. Campbell , Tuomo Vuolteenaho 0.845
Recent events have called into question the hypothesis of “rational expectations” and a related concept, that of “efficient markets.” Markets with Search Friction and the DMP Model 2011 The American Economic Review Dale T. Mortensen 0.843
The Stock Market A premise of this paper is the rationality of the stock market, or, more precisely, of securities markets generally. E-Capital: The Link between the Stock Market and the Labor Market in the 1990s 2000 Brookings Papers on Economic Activity Robert E. Hall , Jason G. Cummins, Owen A. Lamont 0.842
Recent theoretical work on asset markets, based on the rational expectations hypothesis, has argued that they may have an additional informational role. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.838
One key element in the theories coming out of this research is that people do not possess the full set of information assumed in the standard asset price model with rational expectations. Bubbles Tomorrow and Bubbles Yesterday, but Never Bubbles Today? 2013 Business Economics JOHN C. WILLIAMS 0.832
Several hypotheses have been advanced by students of financial markets in an effort to unravel this “conundrum.” Expected Future Budget Deficits and the U.S. Yield Curve: HISTORY INDICATES THAT LARGER DEFICITS MAKE IT STEEPER 2006 Business Economics Lloyd B. Thomas, Danhua Wu 0.829
As is well known in the finance literature, efficient markets do not require that all investors behave rationally, only that some do. Taxation and Investment Decisions in Petroleum 2018 The Energy Journal Graham A. Davis, Diderik Lund 0.829
Participants in the stock market have rational expectations: they understand managers’ incentives to work and to manipulate, but they do not know the realized value of cm, and thus of M, and cannot observe V’. Managerial Incentives and Stock Price Manipulation 2014 The Journal of Finance LIN PENG , AILSA RÖELL 0.828
Behavior on financial markets may be irrational or efficient, yet the study of such competing assumptions nevertheless deserves a joint Nobel Prize. Contract Theory in the Spotlight 2018 Revue d’économie politique Pierre Fleckinger, David Martimort 0.828

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
The Efficient-Markets/Rational-Expectations Hypothesis. Using Financial Data to Measure Effects of Regulation 1981 The Journal of Law & Economics G. William Schwert 0.853
Recent theoretical work on asset markets, based on the rational expectations hypothesis, has argued that they may have an additional informational role. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.838
To this extent, therefore, even in a market with active trading, substantial infor mation, thoughtful and informed traders and an active forward market, it might be suggested that the rational expectations hypothesis is not always applicable. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.820
Although I must confess to a traditional view on the central role of rational behavior in finance, I also believe that financial models based on frictionless markets and complete information are often inadequate to capture the complexity of rationality in action. A Simple Model of Capital Market Equilibrium with Incomplete Information 1987 The Journal of Finance Robert C. Merton 0.812
This treatment was motivated by the conjecture that if the stock market was dominated only by professional traders, one might observe intrinsic value asset prices, but that the presence of uninformed novices who lose money, leave the market, and are replaced by new novices, prevents such equilibria from occurring. Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets 1988 Econometrica Vernon L. Smith , Gerry L. Suchanek , Arlington W. Williams 0.811
As with interest rates, perhaps as rational expectations models become standard fare in business schools, market behavior may adapt to this theory! Reflections on Rational Expectations 1980 Journal of Money, Credit and Banking Phillip Cagan 0.809
I want to discuss four of those zones of weakness that have attracted unfriendly fire: the fix-price assumption, the treatment of expectations, the stock-flow problem, and-in order to meet Leijonhufvud head on-the ‘informational’ presumptions. Mr Hicks and the Classics 1984 Oxford Economic Papers R. M. Solow 0.809
Much of the recent theoretical work on asset markets has been concerned with investigating the circumstances under which a rational expectations equilibrium exists, and is informationally efficient. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.807
Conclusion The central idea of efficient capital market theory is that securities prices are determined by the interaction of self-interested rational agents. Efficient Capital Markets and Martingales 1989 Journal of Economic Literature Stephen F. LeRoy 0.805
In the face of this evidence, adherents of efficient markets must search for rational explanations of why equilibrium expected returns vary over time. Anomalies: A Mean-Reverting Walk Down Wall Street 1989 The Journal of Economic Perspectives Werner F. M. De Bondt, Richard H. Thaler 0.803

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
This section tests another challenge to the market rationality hypothesis. Are Multiple Art Markets Rational? 1997 Journal of Cultural Economics LESLIE P. SINGER, GARY A. LYNCH 0.871
As noted in the introduction, a possible objection to models with imperfectly rational traders is that wealth may shift from foolish to rational traders until price setting is dominated by rational traders. Investor Psychology and Security Market under- and Overreactions 1998 The Journal of Finance Kent Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.863
The mere presence of a few rational traders in a market does not guarantee that prices are efficient; rational traders may be no more willing or able to act on their beliefs than biased traders. Volume, Volatility, Price, and Profit When All Traders Are above Average 1998 The Journal of Finance Terrance Odean 0.849
The effect of bounded rationality on market outcomes is a central question. Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 0.826
This paper shows that this fact need not reflect a failure either of market analysts or of the hypothesis of investor rationality. Rational Asset-Price Movements Without News 1993 The American Economic Review David Romer 0.826
There is evidence suggesting that capital markets are not perfect and the individuals are not perfectly “rational” in making intertemporal choices. The Measurement Of Pension Benefits As Marital Assets 1996 Journal of Forensic Economics Richard Raymond 0.823
In the development below, we will study a variant of this market model and examine its behavior under Rational Expectations as well as under Rational Beliefs. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.820
The authors ask whether irrational agents will necessarily gain less than the sophisticated investors in market trading. Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 0.812
In financial markets, if we consider expected returns as revenues and risks borne as total costs, the same result is obtained: irrational traders perform better than rational investors. Noise Trading in Small Markets 1996 The Journal of Finance Frédéric Palomino 0.812
Traders in financial markets then appear to behave in a manner consistent with the rational expectations thesi Before concluding however that in spite of the difficulties agents will aspire to holding rational expectations the general validity of the rational expectations thesis must be assessed. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.811

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
I also add to the behavioral/ rationalist debate by demonstrating how a simple model with rational investors and asymmetric information can be applied to generate apparently behavioral phenomenon. Trade Generation, Reputation, and Sell-Side Analysts 2005 The Journal of Finance Andrew R. Jackson 0.870
THE IDEA THAT REAL-WORLD INVESTORS MAY NOT BE fully rational is an important influence on studies of modern asset pricing. The Limits of Investor Behavior 2006 The Journal of Finance Mark Loewenstein , Gregory A. Willard 0.851
Heterogeneity in behavior can be an important factor in asset pricing, and it may not require there to be many rational traders for prices to reflect no judgment errors. Are Judgment Errors Reflected in Market Prices and Allocations? Experimental Evidence Based on the Monty Hall Problem 2004 The Journal of Finance Brian D. Kluger, Steve B. Wyatt 0.847
We are considering the possibility that some investors are irrational, so we must distinguish between the subjective expectations of irrational investors and the objective expectations of rational investors. Inflation Illusion and Stock Prices 2004 The American Economic Review John Y. Campbell , Tuomo Vuolteenaho 0.845
The Stock Market A premise of this paper is the rationality of the stock market, or, more precisely, of securities markets generally. E-Capital: The Link between the Stock Market and the Labor Market in the 1990s 2000 Brookings Papers on Economic Activity Robert E. Hall , Jason G. Cummins, Owen A. Lamont 0.842
Several hypotheses have been advanced by students of financial markets in an effort to unravel this “conundrum.” Expected Future Budget Deficits and the U.S. Yield Curve: HISTORY INDICATES THAT LARGER DEFICITS MAKE IT STEEPER 2006 Business Economics Lloyd B. Thomas, Danhua Wu 0.829
Lastly, we would like to suggest that the logic of this paper can be used to explain other market phenomena. Sorting: The Function of Tea Middlemen in Taiwan during the Japanese Colonial Era 2004 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Hui-wen Koo, Pei-yu Lo 0.825
In this section, I consider the long-term behaviour of the stock market, and discuss whether it can be reconciled with notions of market rationality. THE ASSESSMENT: THE NEW ECONOMY 2002 Oxford Review of Economic Policy JONATHAN TEMPLE 0.822
These empirical results are consistent with standard rational asset pricing theory,23 but they are also consistent with explanations based on imperfect rationality. Overconfidence, Arbitrage, and Equilibrium Asset Pricing 2001 The Journal of Finance Kent D. Daniel , David Hirshleifer , Avanidhar Subrahmanyam 0.822
The economic reasoning for the results on indeterminacy evolves as follows: rational investors know the behavior of the naive agents. On Forecasting Heterogeneity, Irrational Exuberance, and the Multiplicity of Rational Expectations Equilibria 2002 Journal of Economics Mark Weder 0.819

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Recent events have called into question the hypothesis of “rational expectations” and a related concept, that of “efficient markets.” Markets with Search Friction and the DMP Model 2011 The American Economic Review Dale T. Mortensen 0.843
One key element in the theories coming out of this research is that people do not possess the full set of information assumed in the standard asset price model with rational expectations. Bubbles Tomorrow and Bubbles Yesterday, but Never Bubbles Today? 2013 Business Economics JOHN C. WILLIAMS 0.832
As is well known in the finance literature, efficient markets do not require that all investors behave rationally, only that some do. Taxation and Investment Decisions in Petroleum 2018 The Energy Journal Graham A. Davis, Diderik Lund 0.829
Participants in the stock market have rational expectations: they understand managers’ incentives to work and to manipulate, but they do not know the realized value of cm, and thus of M, and cannot observe V’. Managerial Incentives and Stock Price Manipulation 2014 The Journal of Finance LIN PENG , AILSA RÖELL 0.828
Behavior on financial markets may be irrational or efficient, yet the study of such competing assumptions nevertheless deserves a joint Nobel Prize. Contract Theory in the Spotlight 2018 Revue d’économie politique Pierre Fleckinger, David Martimort 0.828
In the rest of this section, we consider the case in which investors have biased beliefs, but characterize expected returns from the perspective of a fully rational observer. A Dynamic Model of Characteristic-Based Return Predictability 2019 The Journal of Finance AYDOĞAN ALTI , SHERIDAN TITMAN 0.827
This is the sense in which we shall say that investors, in this paper, entertain “locally rational expectations”. Nominal uniqueness and money non-neutrality in the limit-price exchange process 2010 Economic Theory Gaël Giraud , Dimitrios P. Tsomocos 0.822
This shows that the incorrect beliefs that trader i has adopted impact asset prices: if they were equal to the truth, the equilibrium outcome would be different. Belief heterogeneity and survival in incomplete markets 2012 Economic Theory Tarek Coury , Emanuela Sciubba 0.818
I analyze a setting in which investors anticipate this behavior and set prices accordingly. Presidential Address: Collateral and Commitment 2019 The Journal of Finance PETER M. DEMARZO 0.817
© 2019 The Econometric Society https://doi.org/10.3982/ECTA only these rational well informed traders will survive, and market prices will reflect their beliefs. MARKET SELECTION WITH DIFFERENTIAL FINANCIAL CONSTRAINTS 2019 Econometrica Ani Guerdjikova, John Quiggin 0.816

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Price Impact and Survival of Irrational Traders 2006 The Journal of Finance Leonid Kogan , Stephen A. Ross , Jiang Wang , Mark M. Westerfield 46 0.632
Positive Feedback Investment Strategies and Destabilizing Rational Speculation 1990 The Journal of Finance J. Bradford de Long, Andrei Shleifer , Lawrence H. Summers, Robert J. Waldmann 27 0.626
Dividend Variability and Variance Bounds Tests for the Rationality of Stock Market Prices 1986 The American Economic Review Terry A. Marsh , Robert C. Merton 26 0.622
Investor Psychology and Asset Pricing 2001 The Journal of Finance David Hirshleifer 24 0.629
Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options 2003 The Journal of Finance Allen M. Poteshman, Vitaly Serbin 23 0.618
Stock Prices and Social Dynamics 1984 Brookings Papers on Economic Activity Robert J. Shiller , Stanley Fischer , Benjamin M. Friedman 22 0.618
Empirical Asset Pricing: Eugene Fama, Lars Peter Hansen, and Robert Shiller 2014 The Scandinavian Journal of Economics John Y. Campbell 22 0.632
Rational Asset-Price Movements Without News 1993 The American Economic Review David Romer 20 0.648
The Concept of Information, Intractable Uncertainty, and the Current State of the “Efficient Markets” Theory: A Post Keynesian View 1994 Journal of Post Keynesian Economics Murray Glickman 20 0.637
Volume, Volatility, Price, and Profit When All Traders Are above Average 1998 The Journal of Finance Terrance Odean 19 0.639

Top articles (most sentences) of the cluster for each time window

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
Dividend Variability and Variance Bounds Tests for the Rationality of Stock Market Prices 1986 The American Economic Review Terry A. Marsh , Robert C. Merton 26 0.622
Stock Prices and Social Dynamics 1984 Brookings Papers on Economic Activity Robert J. Shiller , Stanley Fischer , Benjamin M. Friedman 22 0.618
Efficient Capital Markets and Martingales 1989 Journal of Economic Literature Stephen F. LeRoy 16 0.627
Does the Stock Market Rationally Reflect Fundamental Values? 1986 The Journal of Finance Lawrence H. Summers 14 0.625
Expectations Models of Asset Prices: A Survey of Theory 1982 The Journal of Finance Stephen F. Leroy 11 0.605
The Theory of Rational Bubbles in Stock Prices 1988 The Economic Journal Behzad T. Diba , Herschel I. Grossman 11 0.614
Some Implications of the Efficient Capital Market Hypothesis 1983 Journal of Post Keynesian Economics Torben M. Andersen 10 0.630
Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets 1988 Econometrica Vernon L. Smith , Gerry L. Suchanek , Arlington W. Williams 10 0.638
On the Possibility of Speculation under Rational Expectations 1982 Econometrica Jean Tirole 9 0.663
Commodities and Capital: Prices and Quantities 1983 The American Economic Review Gardner Ackley 9 0.653
Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 9 0.709
Testing Rationality in the Point Spread Betting Market 1988 The Journal of Finance John Gandar , Richard Zuber , Thomas O’Brien, Ben Russo 9 0.619
Are Market Forecasts Rational? 1981 The American Economic Review Frederic S. Mishkin 8 0.636
On Divergence of Opinion and Imperfections in Capital Markets 1983 The American Economic Review Joram Mayshar 8 0.617
A Rational Expectations Model of Term Premia with Some Implications for Empirical Asset Demand Equations 1985 The Journal of Finance Carl E. Walsh 8 0.670

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Positive Feedback Investment Strategies and Destabilizing Rational Speculation 1990 The Journal of Finance J. Bradford de Long, Andrei Shleifer , Lawrence H. Summers, Robert J. Waldmann 27 0.626
Rational Asset-Price Movements Without News 1993 The American Economic Review David Romer 20 0.648
The Concept of Information, Intractable Uncertainty, and the Current State of the “Efficient Markets” Theory: A Post Keynesian View 1994 Journal of Post Keynesian Economics Murray Glickman 20 0.637
Volume, Volatility, Price, and Profit When All Traders Are above Average 1998 The Journal of Finance Terrance Odean 19 0.639
Investor Psychology and Security Market under- and Overreactions 1998 The Journal of Finance Kent Daniel , David Hirshleifer , Avanidhar Subrahmanyam 16 0.645
Noise Trader Risk in Financial Markets 1990 Journal of Political Economy J. Bradford De Long, Andrei Shleifer , Lawrence H. Summers, Robert J. Waldmann 14 0.621
Near-Rational Behaviour and Financial Market Fluctuations 1993 The Economic Journal Yong Wang 14 0.643
Multidimensional Uncertainty and Herd Behavior in Financial Markets 1998 The American Economic Review Christopher Avery, Peter Zemsky 14 0.625
Institutional Investors and the Reproduction of Neoliberalism 1998 Review of International Political Economy Adam Harmes 13 0.621
Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 12 0.649
Financial Fragility with Rational and Irrational Exuberance 1999 Journal of Money, Credit and Banking Roger Lagunoff , Stacey L. Schreft 11 0.650
A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets 1999 The Journal of Finance Harrison Hong , Jeremy C. Stein 11 0.631
The Noise Trader Approach to Finance 1990 The Journal of Economic Perspectives Andrei Shleifer , Lawrence H. Summers 10 0.604
Efficient Capital Markets: II 1991 The Journal of Finance Eugene F. Fama 10 0.629
Stock Returns, Expected Returns, and Real Activity 1990 The Journal of Finance Eugene F. Fama 9 0.622

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
The Price Impact and Survival of Irrational Traders 2006 The Journal of Finance Leonid Kogan , Stephen A. Ross , Jiang Wang , Mark M. Westerfield 46 0.632
Investor Psychology and Asset Pricing 2001 The Journal of Finance David Hirshleifer 24 0.629
Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options 2003 The Journal of Finance Allen M. Poteshman, Vitaly Serbin 23 0.618
Are Judgment Errors Reflected in Market Prices and Allocations? Experimental Evidence Based on the Monty Hall Problem 2004 The Journal of Finance Brian D. Kluger, Steve B. Wyatt 18 0.641
If You’re so Smart, Why Aren’t You Rich? Belief Selection in Complete and Incomplete Markets 2006 Econometrica Lawrence Blume, David Easley 18 0.646
Bubbles and Crashes 2003 Econometrica Dilip Abreu , Markus K. Brunnermeier 17 0.630
Speculative Trading with Rational Beliefs and Endogenous Uncertainty 2003 Economic Theory Ho-Mou Wu , Wen-Chung Guo 16 0.640
Perspectives on Behavioral Finance: Does “Irrationality” Disappear with Wealth? Evidence from Expectations and Actions 2003 NBER Macroeconomics Annual Annette Vissing-Jorgensen 15 0.640
Dealing with the Duhem—Quine thesis in financial economics: can causal holism help? 2006 Cambridge Journal of Economics Siobhain McGovern 15 0.624
Asset Pricing at the Millennium 2000 The Journal of Finance John Y. Campbell 14 0.649
Rational Exuberance 2004 Journal of Economic Literature Stephen F. LeRoy 14 0.652
Financial Markets Can Go Mad: Evidence of Irrational Behaviour during the South Sea Bubble 2005 The Economic History Review Richard S. Dale , Johnnie E. V. Johnson, Leilei Tang 14 0.627
Overconfidence and market efficiency with heterogeneous agents 2007 Economic Theory Diego García , Francesco Sangiorgi, Branko Urošević 14 0.637
Overconfidence, Arbitrage, and Equilibrium Asset Pricing 2001 The Journal of Finance Kent D. Daniel , David Hirshleifer , Avanidhar Subrahmanyam 13 0.639
Learning, Asset-Pricing Tests, and Market Efficiency 2002 The Journal of Finance Jonathan Lewellen, Jay Shanken 13 0.642

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
Empirical Asset Pricing: Eugene Fama, Lars Peter Hansen, and Robert Shiller 2014 The Scandinavian Journal of Economics John Y. Campbell 22 0.632
HERDING AND CONTRARIAN BEHAVIOR IN FINANCIAL MARKETS 2011 Econometrica Andreas Park , Hamid Sabourian 18 0.604
Overconfident Investors, Predictable Returns, and Excessive Trading 2015 The Journal of Economic Perspectives Kent Daniel , David Hirshleifer 17 0.632
Financial economics: objects and methods of science 2013 Cambridge Journal of Economics Andreas Andrikopoulos 13 0.610
AN APPROACH TO ASSET PRICING UNDER INCOMPLETE AND DIVERSE PERCEPTIONS 2013 Econometrica Erik Eyster , Michele Piccione 13 0.601
THE HAYEK HYPOTHESIS AND LONG-RUN COMPETITIVE EQUILIBRIUM: AN EXPERIMENTAL INVESTIGATION 2017 The Economic Journal Jason Shachat , Zhenxuan Zhang 13 0.625
Investment Strategy and Selection Bias 2018 The American Economic Review Philippe Jehiel 12 0.627
Stock Price Booms and Expected Capital Gains 2017 The American Economic Review Klaus Adam , Albert Marcet , Johannes Beutel 11 0.628
RATIONAL AND NEAR-RATIONAL BUBBLES WITHOUT DRIFT 2010 The Economic Journal Kevin J. Lansing 10 0.635
Belief heterogeneity and survival in incomplete markets 2012 Economic Theory Tarek Coury , Emanuela Sciubba 10 0.621
Learning about Mutual Fund Managers 2016 The Journal of Finance DARWIN CHOI , BIGE KAHRAMAN , ABHIROOP MUKHERJEE 9 0.656
An Alternative Approach to the Institutional Economics of the Eurozone Crisis 2016 Journal of Economic Issues Sascha Engel 9 0.604
The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 9 0.662
Interpreting Factor Models 2018 The Journal of Finance SERHIY KOZAK , STEFAN NAGEL , SHRIHARI SANTOSH 9 0.619
The Capital Asset Pricing Model and the Efficient Markets Hypothesis 2018 International Journal of Political Economy Patrick O’Sullivan 9 0.614

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1029344
89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0126703
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0003795
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0380902
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.0513173
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0746371
72: model, models, modeling, rational_expectations, economic_models -0.1137239
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1332040
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1377712
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1557898
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1590528
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.1737586

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0639792
83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0263304
103: voters, voting, voter, rational_voter, public_choice -0.0589177
72: model, models, modeling, rational_expectations, economic_models -0.0645817
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0789699
93: rational_agents, agent’s, representative_agent, agents, agent -0.0985703
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1006211
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1277698
101: players, games, game_theory, player, game -0.1515252
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1929814
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1935643

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0450583
111: information, private_information, rational_expectations, informational, rational_inattention 0.0207212
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0363905
103: voters, voting, voter, rational_voter, public_choice -0.0604332
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0925757
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0950554
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0981155
93: rational_agents, agent’s, representative_agent, agents, agent -0.1073622
72: model, models, modeling, rational_expectations, economic_models -0.1153878
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1523810
101: players, games, game_theory, player, game -0.1744856
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.2135640

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0296360
111: information, private_information, rational_expectations, informational, rational_inattention 0.0094833
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0343796
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.0359260
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0445746
103: voters, voting, voter, rational_voter, public_choice -0.0557541
72: model, models, modeling, rational_expectations, economic_models -0.0706545
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0724474
93: rational_agents, agent’s, representative_agent, agents, agent -0.0868574
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1100941
101: players, games, game_theory, player, game -0.1603445
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1972284

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.9398656
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.9182652
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.9110341
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.5803067
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.4689353
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3685403
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3635105
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1795647
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1520566
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.1120851
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1029344
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0779933
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.0654165
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.0546070
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0491732

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.9633151
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.9502178
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.9398656
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.6177468
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3457672
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.2760940
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.2650821
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.2110020
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1631646
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.1282368
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.1203251
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.1071065
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1035885
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1005363
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0972720

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 87: asset, rational_expectations, investors, rational_investors, traders 0.9762990
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.9633151
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.9182652
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.4926071
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.4257942
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3552493
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3401545
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1310908
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1230523
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1172012
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1171697
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1119697
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1037740
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1018811
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0901566

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 87: asset, rational_expectations, investors, rational_investors, traders 0.9762990
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.9502178
1980-1989 87: asset, rational_expectations, investors, rational_investors, traders 0.9110341
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.4950669
1970-1979 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.4531727
1950-1959 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3954604
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.3838950
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1484390
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1311329
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1291125
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1241484
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.1128287
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1070212
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0930154
1920-1939 11: capitalistic, capitalism, capitalist, capital, marxian 0.0863555

Intertemporal cluster 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs

The cluster gathers 4321 sentences from our corpus. It represents 2.67% of all the sentences selected over the whole period.

The community exists from 1980 to 2009.

The most recurring authors are Kyle Bagwell (36 sentences), Larry Samuelson (32 sentences), Mordecai Kurz (32 sentences), Charles R. Plott (29 sentences), David M. Kreps (29 sentences), Garey Ramey (27 sentences), Carsten Krabbe Nielsen (25 sentences), Douglas Gale (25 sentences), Mark Setterfield (25 sentences), Vincent P. Crawford (23 sentences).

The most recurring journals are Econometrica (359 sentences), The American Economic Review (348 sentences), Economic Theory (328 sentences), The Review of Economic Studies (253 sentences), The RAND Journal of Economics (206 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
equilibria 0.0057878
beliefs 0.0030417
rational_expectations 0.0030087
equilibrium 0.0028714
equilibrium_beliefs 0.0023229
multiple_equilibria 0.0021121
expectations 0.0015773
expectations_equilibrium 0.0015255
nash 0.0014545
equilibrium_path 0.0014281
multiple 0.0013735
nash_equilibrium 0.0011684
sequential 0.0011131
equilibrium_selection 0.0010901
strategies 0.0010372
sequential_equilibrium 0.0009873
bayesian 0.0009809
model 0.0009504
rational_belief 0.0009449
players 0.0009224

Top TF-IDF terms describing the community for each time window

Top terms 1980-1989

Token TF-IDF
rational_expectations 0.0044625
equilibria 0.0040423
equilibrium 0.0040409
expectations_equilibrium 0.0020528
equilibrium_beliefs 0.0020079
nash 0.0019397
disequilibrium 0.0018550
run_equilibrium 0.0018117
expectations 0.0017957
beliefs 0.0015905
sequential_equilibrium 0.0015869
nash_equilibrium 0.0015233
model 0.0014859
sequential 0.0013040
equilibrium_model 0.0012657

Top terms 1990-1999

Token TF-IDF
equilibria 0.0074172
equilibrium 0.0038231
rational_expectations 0.0036372
beliefs 0.0034004
multiple_equilibria 0.0028746
rational_belief 0.0027864
expectations_equilibrium 0.0025644
equilibrium_path 0.0021528
belief_equilibria 0.0019986
multiple 0.0017900
belief_equilibrium 0.0017534
equilibrium_selection 0.0014977
equilibrium_beliefs 0.0014540
expectations 0.0014489
path_beliefs 0.0013899

Top terms 2000-2009

Token TF-IDF
equilibria 0.0065538
equilibrium_beliefs 0.0056693
beliefs 0.0051556
equilibrium 0.0045419
multiple_equilibria 0.0027102
equilibrium_path 0.0023686
equilibrium_selection 0.0022146
bayesian_equilibrium 0.0019059
multiple 0.0017293
perfect_bayesian 0.0016261
players 0.0014238
intuitive_criterion 0.0014174
rational_expectations 0.0014078
nash 0.0013304
sender 0.0012971

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
This section examines two directions in which this link between knowledge of rationality and equilibrium refinements has been explored. Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 0.830
Introducing a small amount of adaptive expectations The above discussion is intended mainly to clarify the implications of complete rationality in a world with multiple equilibria. Wage Relativities and the Natural Range of Unemployment 1990 The Economic Journal V. Bhaskar 0.805
Concluding remarks * The use of the set of equilibrium configurations imposes relatively weak rationality requirements on agents. One Smart Agent 1997 The RAND Journal of Economics John Sutton 0.794
Although an extreme multiplicity of equilibria continues to prevail, we are able to define “rationality” in a somewhat more satisfactory way than is the case for the static model. “Rational” Duopoly Equilibria 1980 The Quarterly Journal of Economics John Laitner 0.793
Springer-Verlag 1994 On rational belief equilibria* Mordecai Kurz Department of Economics, Encina Hall, Stanford University, Stanford, CA 94305, USA Received: September 3,1992; revised version May 10,1993 Summary. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.793
Overall, this work raises a cautionary note that the link between rationality and equilibrium refinements is not as straightforward as one might initially think. Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 0.791
The rationalizable-expectations equilibrium that has just been defined has to be compared with more standard concepts. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.790
F Rationality A key question remaining is whether the equilibrium described above is consistent with rational behavior. Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 0.781
An obvious recent example in general equilibrium and game theory is that implemented under the heading of “rational expectations” of endogenizing beliefs and/or expectations, allowing the latter to be determined as an equilibrium condition of the model.4 A further line of response is the noted replacement of the axiom of rationality by the claim that agents follow fixed, context-independent rules. A Realist Perspective on Contemporary “Economic Theory” 1995 Journal of Economic Issues Tony Lawson 0.778
If, as seems more likely, alternative future policies are possible, then rational agents must have a probability distribution over those policies, and the properties of observed equilibria will depend critically on agents’ beliefs about those policies and their probabilities. Generalizing the Taylor Principle 2007 The American Economic Review Troy Davig , Eric M. Leeper 0.777
In such a case, pinning down the individual rationality constraints may require some type of equilibrium selection argument. Decentralization, Externalities, and Efficiency 1995 The Review of Economic Studies Peter Klibanoff , Jonathan Morduch 0.775
In equilibrium, they may hold many irrational beliefs; but the choice to be irrational reflects a rational estimate of the price. Terrorism: The Relevance of the Rational Choice Model 2006 Public Choice Bryan Caplan 0.775
If multiple equilibria exist then the concept of rational expectations equilibrium becomes inconsistent unless it is specified how individuals form their beliefs about the selection of equilibrium. Ruling Out Multiplicity and Indeterminacy: The Role of Heterogeneity 2000 The Review of Economic Studies Berthold Herrendorf, Ákos Valentinyi , Robert Waldmann 0.775
rational expactations equilibrium may be policed by only a few well informed traders, homogeneity of expectations is a working assumption in most traditional studies. The Economics of Exchange Rates 1995 Journal of Economic Literature Mark P. Taylor 0.772
In equilibrium, each rationally bases his decision on the actions of the agent before him, even 32 Barberis et al.  A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets 1999 The Journal of Finance Harrison Hong , Jeremy C. Stein 0.772
As a result, equilibrium predictions depend only on rationality, in the decision-theoretic sense, and beliefs based on iterated knowledge of rationality. Cognition and Behavior in Two-Person Guessing Games: An Experimental Study 2006 The American Economic Review Miguel A. Costa-Gomes, Vincent P. Crawford 0.772
Springer-Verlag 1996 Rational belief structures and rational belief equilibria* Carsten Krabbe Nielsen Department of Economics, Serra Street at Galvez, Stanford University, Stanford, CA 94305-6072, USA Received: November 2,1994; revised version October 23,1995 Summary. Rational Belief Structures and Rational Belief Equilibria 1996 Economic Theory Carsten Krabbe Nielsen 0.771
The implicit “irrationality” that occurs when equilibrium conditions are dropped is absorbed by the models of expectations formation of individuals. A Study of Zero-Out Auctions: Testbed Experiments of a Process of Allocating Private Rights to the Use of Public Property 1994 Economic Theory Kemal Güler , Charles R. Plott, Quang H. Vuong 0.771
We then show that Rational Belief equilibria may exhibit behavioral patterns which are very different from Rational Expectations equilibria. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.768
We should not forget that in these general equilibrium models, agents are assumed to be hyper-rational. A Critical Review of Strategic Conflict Theory and Socio-political Instability Models 2009 Revue d’économie politique Mehrdad Vahabi 0.768
Rationality and Equilibrium In 1987 Aumann established an intriguing connection between two notions: correlated equilibrium and common knowledge of rationality. Robert Aumann’s Game and Economic Theory 2006 The Scandinavian Journal of Economics Sergiu Hart 0.768

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
Although an extreme multiplicity of equilibria continues to prevail, we are able to define “rationality” in a somewhat more satisfactory way than is the case for the static model. “Rational” Duopoly Equilibria 1980 The Quarterly Journal of Economics John Laitner 0.793
Moreover, one may argue, from this perspective, that consistency and sequential rationality are too restrictive in terms of the correlations that they permit “out-of-equilibrium.” Structural Consistency, Consistency, and Sequential Rationality 1987 Econometrica David M. Kreps, Garey Ramey 0.767
The model of a rational conjecture-expectations equilibrium is in its infancy. Monetarism and Economic Theory 1980 Economica F. H. Hahn 0.765
This section presents a simple refinement of equilibrium that captures these ideas about collective rationality. Long-term Competition in a Dynamic Game: The Cold Fish War 1987 The RAND Journal of Economics Jonathan Cave 0.758
In the first place, it should be noted that equilibrium ideas often make very heavy assumptions about the rationality of the agents who are making the necessary strategic decisions. Security Equilibrium 1988 The Review of Economic Studies K. G. Binmore, M. J. Herrero 0.757
In a rational expectations equilibrium, firms’ perceptions about the law of motion for aggregate capital turn out to be confirmed by the aggregate of the choices made by firms. Interpreting Economic Time Series 1981 Journal of Political Economy Thomas J. Sargent 0.756
The rational price/quantity expectation equilibrium of an economy may not be independent of the history of short-period equilibrium. Unemployment from a Theoretical Viewpoint 1980 Economica F. H. Hahn 0.754
The equilibrium concept uses rational expectations. Competitive Price Adjustment to Changes in the Money Supply 1982 The Quarterly Journal of Economics Benjamin Eden 0.748
Although our definition of rationality is therefore more satisfactory in one sense than it was in the static-model case, Proposition IV and our numerical calculations show that an oversupply of equilibria, and even of equilibrium points, remains a serious issue. “Rational” Duopoly Equilibria 1980 The Quarterly Journal of Economics John Laitner 0.747
Secondly, a special structure of assumptions can be adopted and incorporated into the general equilibrium, so that rational agents become willing to hold the money despite the above arguments. The Dual-Decision Hypothesis in Light of Recent Developments 1989 Journal of Post Keynesian Economics Mike Carhill 0.745
It would be desirable6 to construct a better argument, a rational expectations oligopoly, in which dynamic considerations affect the static equilibrium concept. Duopoly Models with Consistent Conjectures 1981 The American Economic Review Timothy F. Bresnahan 0.744
This example illustrates in a simple way that in rational expectations equilibria with incomplete markets there can be room for the Keynesian notion of volatility of animal spirits. The Need for Policy Coordination under Alternative Types of Macroeconomic Theory 1985 Recherches Économiques de Louvain / Louvain Economic Review G. Illing 0.744

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Introducing a small amount of adaptive expectations The above discussion is intended mainly to clarify the implications of complete rationality in a world with multiple equilibria. Wage Relativities and the Natural Range of Unemployment 1990 The Economic Journal V. Bhaskar 0.805
Concluding remarks * The use of the set of equilibrium configurations imposes relatively weak rationality requirements on agents. One Smart Agent 1997 The RAND Journal of Economics John Sutton 0.794
Springer-Verlag 1994 On rational belief equilibria* Mordecai Kurz Department of Economics, Encina Hall, Stanford University, Stanford, CA 94305, USA Received: September 3,1992; revised version May 10,1993 Summary. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.793
The rationalizable-expectations equilibrium that has just been defined has to be compared with more standard concepts. An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 0.790
F Rationality A key question remaining is whether the equilibrium described above is consistent with rational behavior. Rational Bias in Macroeconomic Forecasts 1999 The Quarterly Journal of Economics David Laster, Paul Bennett, In Sun Geoum 0.781
An obvious recent example in general equilibrium and game theory is that implemented under the heading of “rational expectations” of endogenizing beliefs and/or expectations, allowing the latter to be determined as an equilibrium condition of the model.4 A further line of response is the noted replacement of the axiom of rationality by the claim that agents follow fixed, context-independent rules. A Realist Perspective on Contemporary “Economic Theory” 1995 Journal of Economic Issues Tony Lawson 0.778
In such a case, pinning down the individual rationality constraints may require some type of equilibrium selection argument. Decentralization, Externalities, and Efficiency 1995 The Review of Economic Studies Peter Klibanoff , Jonathan Morduch 0.775
rational expactations equilibrium may be policed by only a few well informed traders, homogeneity of expectations is a working assumption in most traditional studies. The Economics of Exchange Rates 1995 Journal of Economic Literature Mark P. Taylor 0.772
In equilibrium, each rationally bases his decision on the actions of the agent before him, even 32 Barberis et al.  A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets 1999 The Journal of Finance Harrison Hong , Jeremy C. Stein 0.772
Springer-Verlag 1996 Rational belief structures and rational belief equilibria* Carsten Krabbe Nielsen Department of Economics, Serra Street at Galvez, Stanford University, Stanford, CA 94305-6072, USA Received: November 2,1994; revised version October 23,1995 Summary. Rational Belief Structures and Rational Belief Equilibria 1996 Economic Theory Carsten Krabbe Nielsen 0.771
The implicit “irrationality” that occurs when equilibrium conditions are dropped is absorbed by the models of expectations formation of individuals. A Study of Zero-Out Auctions: Testbed Experiments of a Process of Allocating Private Rights to the Use of Public Property 1994 Economic Theory Kemal Güler , Charles R. Plott, Quang H. Vuong 0.771
We then show that Rational Belief equilibria may exhibit behavioral patterns which are very different from Rational Expectations equilibria. On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 0.768

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
This section examines two directions in which this link between knowledge of rationality and equilibrium refinements has been explored. Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 0.830
Overall, this work raises a cautionary note that the link between rationality and equilibrium refinements is not as straightforward as one might initially think. Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 0.791
If, as seems more likely, alternative future policies are possible, then rational agents must have a probability distribution over those policies, and the properties of observed equilibria will depend critically on agents’ beliefs about those policies and their probabilities. Generalizing the Taylor Principle 2007 The American Economic Review Troy Davig , Eric M. Leeper 0.777
In equilibrium, they may hold many irrational beliefs; but the choice to be irrational reflects a rational estimate of the price. Terrorism: The Relevance of the Rational Choice Model 2006 Public Choice Bryan Caplan 0.775
If multiple equilibria exist then the concept of rational expectations equilibrium becomes inconsistent unless it is specified how individuals form their beliefs about the selection of equilibrium. Ruling Out Multiplicity and Indeterminacy: The Role of Heterogeneity 2000 The Review of Economic Studies Berthold Herrendorf, Ákos Valentinyi , Robert Waldmann 0.775
As a result, equilibrium predictions depend only on rationality, in the decision-theoretic sense, and beliefs based on iterated knowledge of rationality. Cognition and Behavior in Two-Person Guessing Games: An Experimental Study 2006 The American Economic Review Miguel A. Costa-Gomes, Vincent P. Crawford 0.772
We should not forget that in these general equilibrium models, agents are assumed to be hyper-rational. A Critical Review of Strategic Conflict Theory and Socio-political Instability Models 2009 Revue d’économie politique Mehrdad Vahabi 0.768
Rationality and Equilibrium In 1987 Aumann established an intriguing connection between two notions: correlated equilibrium and common knowledge of rationality. Robert Aumann’s Game and Economic Theory 2006 The Scandinavian Journal of Economics Sergiu Hart 0.768
We examine whether this equilibrium has strong “rationalizability” properties that makes it the outcome of an introspective “eductive” reasoning, or at a more basic level whether common knowledge of both rationality and the structure of model is sufficient to lead to the equilibrium. Do Prices Transmit Rationally Expected Information? 2003 Journal of the European Economic Association Gabriel Desgranges , Pierre-Yves Geoffard, Roger Guesnerie 0.762
The individual rationality constraint for buyers is binding in equilibrium. A Market with Frictions in the Matching Process: An Experimental Study 2007 International Economic Review Timothy N. Cason , Charles Nooussair 0.760
This framework allows us to consider the equilibria and the “rationalizable” outcomes. Strategic Substitutabilities Versus Strategic Complementarities: Towards a General Theory of Expectational Coordination? 2005 Revue d’économie politique Roger Guesnerie 0.758
As we will see below, it is not always the case that full rationality is an equilibrium. Monetary Policy, Endogenous Inattention and the Volatility Trade-Off 2009 The Economic Journal William A. Branch, John Carlson , George W. Evans , Bruce McGough 0.756

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 15.33% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
If multiple equilibria exist then the concept of rational expectations equilibrium becomes inconsistent unless it is specified how individuals form their beliefs about the selection of equilibrium. Ruling Out Multiplicity and Indeterminacy: The Role of Heterogeneity 2000 The Review of Economic Studies Berthold Herrendorf, Ákos Valentinyi , Robert Waldmann 0.870
And it is here that we find the real value of the basic notion behind sequential equilibrium: in the way that it frames the discussion, in terms of beliefs that accompany and rationalize equilibrium strategies. Structural Consistency, Consistency, and Sequential Rationality 1987 Econometrica David M. Kreps, Garey Ramey 0.838
Concluding remarks * The use of the set of equilibrium configurations imposes relatively weak rationality requirements on agents. One Smart Agent 1997 The RAND Journal of Economics John Sutton 0.835
Introducing a small amount of adaptive expectations The above discussion is intended mainly to clarify the implications of complete rationality in a world with multiple equilibria. Wage Relativities and the Natural Range of Unemployment 1990 The Economic Journal V. Bhaskar 0.829
Important qualitative features of equilibria often depend 29 Note that learning arguments have very little appeal here, since allowing for the possibility of rational learning requires formulating a new and more complex game. Industrial Economics: An Overview 1988 The Economic Journal Richard Schmalensee 0.827
This section presents a simple refinement of equilibrium that captures these ideas about collective rationality. Long-term Competition in a Dynamic Game: The Cold Fish War 1987 The RAND Journal of Economics Jonathan Cave 0.827
The possibility of multiple equilibria raises the question of whether market participants with a “collective rationality” would decide on one particular equilibrium. Problems of Existence and Uniqueness in Nonlinear Rational Expectations Models 1980 Econometrica Stephen McCafferty, Robert Driskill 0.824
The general notion of speaking in terms of out-of-equilibrium beliefs that rationalize out-of-equilibrium behavior continues to seem useful, but we seem further than ever from an appropriate exact formulation of this general notion. Structural Consistency, Consistency, and Sequential Rationality 1987 Econometrica David M. Kreps, Garey Ramey 0.823
It is the purpose of this paper to provide a simple rationale for equilibrium. Correlated Equilibrium as an Expression of Bayesian Rationality 1987 Econometrica Robert J. Aumann 0.821
This section examines two directions in which this link between knowledge of rationality and equilibrium refinements has been explored. Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 0.821
Equilibrium refinements determine when an outcome that is already expected would be implemented by rational decision makers. Tacit Coordination Games, Strategic Uncertainty, and Coordination Failure 1990 The American Economic Review John B. Van Huyck , Raymond C. Battalio, Richard O. Beil 0.819
In other words, the eductive approach intends to propose a criterion that, if satisfied by an equilibrium, makes plausible the claim that rational agents can coordinate their expectations on it, but this approach is not interested in providing criteria for equilibrium selection in the presence of multiple LSR equilibria. Resolving Indeterminacy in Coordination Games: A New Approach Applied to a Pay-as-you-go Pension Scheme 2007 Journal of Economics Luigi Bonatti 0.814
In the first place, it should be noted that equilibrium ideas often make very heavy assumptions about the rationality of the agents who are making the necessary strategic decisions. Security Equilibrium 1988 The Review of Economic Studies K. G. Binmore, M. J. Herrero 0.812
Depending on which of the many rational expectations individuals hold, many different equilibria are possible. New Keynesian Economics in Perspective 1992 Eastern Economic Journal David Colander 0.812
The analysis of this leading case rationalizes intuition and indicates the likely qualitative features of the equilibrium for more general specifications. Bargaining, Strategic Reserves, and International Trade in Exhaustible Resources 1984 American Journal of Agricultural Economics Vincent P. Crawford, Joel Sobel , Ichiro Takahashi 0.811

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
If multiple equilibria exist then the concept of rational expectations equilibrium becomes inconsistent unless it is specified how individuals form their beliefs about the selection of equilibrium. Ruling Out Multiplicity and Indeterminacy: The Role of Heterogeneity 2000 The Review of Economic Studies Berthold Herrendorf, Ákos Valentinyi , Robert Waldmann 0.870
AN ALTERNATIVE EQUILIBRIUM NOTION The results of the previous section are counterintuitive. Implementation of Democratic Social Choice Functions 1982 The Review of Economic Studies John A. Ferejohn , David M. Grether , Richard D. McKelvey 0.850
The main point of this paper is that relaxing their assumptions in a way that makes them more reasonable produces an equilibrium. A Note on Extraction with Nonconvex Costs 1984 Journal of Political Economy Sheldon Kimmel 0.849
Equilibria without restrictions on out-of-equilbrium beliefs are examined in Section IV and equilibria with reasonable beliefs are studied in Section V. Section VI concludes and proposes some issues for further research. The Politics of Persuasion when Voters Are Rational 1995 The Scandinavian Journal of Economics Christian Schultz 0.847
For this reason, we examine a different, more strategic, notion of equilibrium. A Reconsideration of the Problem of Social Cost: Free Riders and Monopolists 2000 Economic Theory V. V. Chari , Larry E. Jones 0.845
We examine two alternative equilibrium concepts. Imperfectly Enforceable Labour Contracts 1982 The Canadian Journal of Economics / Revue canadienne d’Economique Michael Peters 0.842
This concludes our brief survey of equilibrium concepts and the models in which they are embed ded. TACIT COLLUSION 1993 Oxford Review of Economic Policy RAY REES 0.840
In the Appendix, we discuss out-of-equilibrium beliefs that sustain the equilibrium. Rules of Proof, Courts, and Incentives 2008 The RAND Journal of Economics Dominique Demougin, Claude Fluet 0.839
And it is here that we find the real value of the basic notion behind sequential equilibrium: in the way that it frames the discussion, in terms of beliefs that accompany and rationalize equilibrium strategies. Structural Consistency, Consistency, and Sequential Rationality 1987 Econometrica David M. Kreps, Garey Ramey 0.838
Next, we propose equilibrium strategies and beliefs. Coalition‐Proof Trade and the Friedman Rule in the Lagos‐Wright Model 2009 Journal of Political Economy Tai‐wei Hu , John Kennan , Neil Wallace 0.838
While analyses of particular examples have been based on intuitive criteria for out-of-equilibrium beliefs such as the one just given, there have been, at the same time, further attempts to refine generally the notion of a Nash equilibrium. Signaling Games and Stable Equilibria 1987 The Quarterly Journal of Economics In-Koo Cho , David M. Kreps 0.837
We feel that such an outcome should be derived as a characteristic of the equilibrium rather than be required at the outset and imposed implicitly as a constraint. Rational Rationing in Stackelberg Equilibria 1988 The Quarterly Journal of Economics Marcel Boyer , Michel Moreaux 0.836
We consider four alternative equilibrium concepts. Testing Financial Market Equilibrium under Asymmetric Information 1992 Journal of Political Economy Larry H. P. Lang , Robert H. Litzenberger, Vicente Madrigal 0.836
Various epistemic constructs are employed for this purpose, leading to several alternative notions of equilibrium. What Do Uncertainty-Averse Decision-Makers Believe? 2002 Economic Theory Matthew J. Ryan 0.836
Concluding remarks * The use of the set of equilibrium configurations imposes relatively weak rationality requirements on agents. One Smart Agent 1997 The RAND Journal of Economics John Sutton 0.835

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1980-1989

Sentence Title Year Journal Authors Centroid Similarity
AN ALTERNATIVE EQUILIBRIUM NOTION The results of the previous section are counterintuitive. Implementation of Democratic Social Choice Functions 1982 The Review of Economic Studies John A. Ferejohn , David M. Grether , Richard D. McKelvey 0.850
The main point of this paper is that relaxing their assumptions in a way that makes them more reasonable produces an equilibrium. A Note on Extraction with Nonconvex Costs 1984 Journal of Political Economy Sheldon Kimmel 0.849
We examine two alternative equilibrium concepts. Imperfectly Enforceable Labour Contracts 1982 The Canadian Journal of Economics / Revue canadienne d’Economique Michael Peters 0.842
And it is here that we find the real value of the basic notion behind sequential equilibrium: in the way that it frames the discussion, in terms of beliefs that accompany and rationalize equilibrium strategies. Structural Consistency, Consistency, and Sequential Rationality 1987 Econometrica David M. Kreps, Garey Ramey 0.838
While analyses of particular examples have been based on intuitive criteria for out-of-equilibrium beliefs such as the one just given, there have been, at the same time, further attempts to refine generally the notion of a Nash equilibrium. Signaling Games and Stable Equilibria 1987 The Quarterly Journal of Economics In-Koo Cho , David M. Kreps 0.837
We feel that such an outcome should be derived as a characteristic of the equilibrium rather than be required at the outset and imposed implicitly as a constraint. Rational Rationing in Stackelberg Equilibria 1988 The Quarterly Journal of Economics Marcel Boyer , Michel Moreaux 0.836
In this section, we review and contrast several of the more important equilibrium concepts that have been used. The Causes and Consequences of The Dependence of Quality on Price 1987 Journal of Economic Literature Joseph E. Stiglitz 0.833
Rather, we focus on the knowledge assumptions of various classes of economic agents and the actual process of equilibration. Keynes’s Neglected Heritage: The Classical Microfoundations of “The General Theory” 1988 Journal of Post Keynesian Economics Evelyn L. Forget , Shahram Manouchehri 0.832
General equilibrium theory offers, par excellence, the possibility, but only the possibility, of perspective. The Ascent of High Theory: A View from the Foothills 1984 Oxford Economic Papers David Collard 0.827
Important qualitative features of equilibria often depend 29 Note that learning arguments have very little appeal here, since allowing for the possibility of rational learning requires formulating a new and more complex game. Industrial Economics: An Overview 1988 The Economic Journal Richard Schmalensee 0.827
This section presents a simple refinement of equilibrium that captures these ideas about collective rationality. Long-term Competition in a Dynamic Game: The Cold Fish War 1987 The RAND Journal of Economics Jonathan Cave 0.827

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Equilibria without restrictions on out-of-equilbrium beliefs are examined in Section IV and equilibria with reasonable beliefs are studied in Section V. Section VI concludes and proposes some issues for further research. The Politics of Persuasion when Voters Are Rational 1995 The Scandinavian Journal of Economics Christian Schultz 0.847
This concludes our brief survey of equilibrium concepts and the models in which they are embed ded. TACIT COLLUSION 1993 Oxford Review of Economic Policy RAY REES 0.840
We consider four alternative equilibrium concepts. Testing Financial Market Equilibrium under Asymmetric Information 1992 Journal of Political Economy Larry H. P. Lang , Robert H. Litzenberger, Vicente Madrigal 0.836
Concluding remarks * The use of the set of equilibrium configurations imposes relatively weak rationality requirements on agents. One Smart Agent 1997 The RAND Journal of Economics John Sutton 0.835
Our purpose is to bring out that this behavioural assumption helps much in the computation of equilibrium and enhances the likelihood that such an outcome will eventually be attained. Learning Competitive Market Balance 1995 Economic Theory Sjur Didrik Flåm 0.832
The above example has shown that different perfect equilibria may have different degrees of plausibility and that such plausibility is naturally discussed in terms of the beliefs of players that sustain the equilibrium. Equilibrium in Strategic Interaction: The Contributions of John C. Harsanyi, John F. Nash and Reinhard Selten 1995 The Scandinavian Journal of Economics Eric van Damme , Jörgen W. Weibull 0.830
Introducing a small amount of adaptive expectations The above discussion is intended mainly to clarify the implications of complete rationality in a world with multiple equilibria. Wage Relativities and the Natural Range of Unemployment 1990 The Economic Journal V. Bhaskar 0.829
Because beliefs are more or less arbitrary in inactive markets, some refinement of the equilibrium concept is called for. Incomplete Mechanisms and Efficient Allocation in Labour Markets 1991 The Review of Economic Studies Douglas Gale 0.828
Equilibrium conditions * So far we have specified the beliefs and actions of the players along the equilibrium path. Price and Quality Cycles for Experience Goods 1994 The RAND Journal of Economics Douglas Gale , Robert W. Rosenthal 0.827
Recent economic theory suggests that some equilibria are more plausible than others when there are multiple equilibria. The Emergence of the Euro as an International Currency 1998 Economic Policy Richard Portes , Hélène Rey , Paul De Grauwe , Seppo Honkapohja 0.826

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
If multiple equilibria exist then the concept of rational expectations equilibrium becomes inconsistent unless it is specified how individuals form their beliefs about the selection of equilibrium. Ruling Out Multiplicity and Indeterminacy: The Role of Heterogeneity 2000 The Review of Economic Studies Berthold Herrendorf, Ákos Valentinyi , Robert Waldmann 0.870
For this reason, we examine a different, more strategic, notion of equilibrium. A Reconsideration of the Problem of Social Cost: Free Riders and Monopolists 2000 Economic Theory V. V. Chari , Larry E. Jones 0.845
In the Appendix, we discuss out-of-equilibrium beliefs that sustain the equilibrium. Rules of Proof, Courts, and Incentives 2008 The RAND Journal of Economics Dominique Demougin, Claude Fluet 0.839
Next, we propose equilibrium strategies and beliefs. Coalition‐Proof Trade and the Friedman Rule in the Lagos‐Wright Model 2009 Journal of Political Economy Tai‐wei Hu , John Kennan , Neil Wallace 0.838
Various epistemic constructs are employed for this purpose, leading to several alternative notions of equilibrium. What Do Uncertainty-Averse Decision-Makers Believe? 2002 Economic Theory Matthew J. Ryan 0.836
The economists’ concern with equilibrium should not be merely justified by the need for simplifying the analysis, but by a more general concern with the explanation of an important feature of the real world?that is, its substantial stability over time. Some Considerations on Equilibrium and Realism 2008 Journal of Post Keynesian Economics Claudio Sardoni 0.831
For this reason we argue in favor of a plausible restriction on out-of-equilibrium beliefs that eliminates these equilibria. Multiple Referrals and Multidimensional Cheap Talk 2002 Econometrica Marco Battaglini 0.829
It is clear that the validity of any equilibrium theory should not be judged by its ability to match any specific market statistic but rather by the range and depth of market phenomena and “anomalies” that the theory is capable of explaining. Endogenous Uncertainty and Market Volatility 2001 Economic Theory Mordecai Kurz , Maurizio Motolese 0.827
ing and rejecting an equilibrium approach. TENDENCY TO EQUILIBRIUM, THE POSSIBILITY OF CRISIS, AND THE HISTORY OF BUSINESS CYCLE THEORIES 2006 History of Economic Ideas Daniele Besomi 0.824
The theoretical motivation for this work is dissatisfaction with the descriptive power of classical equilibrium notions. Neuroeconomics: A Comment on Bernheim 2009 American Economic Journal: Microeconomics Joel Sobel 0.824
D The three kinds of intuitive equilibria. Signalling and Entry Deterrence: A Multidimensional Analysis 2007 The RAND Journal of Economics Kyle Bagwell 0.824

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Rational Belief Structures and Rational Belief Equilibria 1996 Economic Theory Carsten Krabbe Nielsen 19 0.673
On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 16 0.695
Signalling and Entry Deterrence: A Multidimensional Analysis 2007 The RAND Journal of Economics Kyle Bagwell 16 0.611
On Relational Structures and Non-Equilibrium in Economic Theory 1985 Eastern Economic Journal Douglas Vickers 14 0.614
Should Economists Dispense with the Notion of Equilibrium? 1997 Journal of Post Keynesian Economics Mark Setterfield 14 0.613
Sequential Two-Player Games with Ambiguity 2004 International Economic Review Jürgen Eichberger, David Kelsey 13 0.612
The Conceptual Framework of Modern Economics 1980 Journal of Economic Issues Daniel R. Fusfeld 12 0.649
Money Non-Neutrality in a Rational Belief Equilibrium with Financial Assets 2001 Economic Theory Maurizio Motolese 12 0.648
Sequential Equilibria 1982 Econometrica David M. Kreps, Robert Wilson 11 0.635
Invisible-Hand Explanations and Neoclassical Economics: Toward a Post Marginalist Economics 1992 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Koppl 11 0.595

Top articles (most sentences) of the cluster for each time window

Top articles 1980-1989

Title Year Journal Authors Number sentences Similarity
On Relational Structures and Non-Equilibrium in Economic Theory 1985 Eastern Economic Journal Douglas Vickers 14 0.614
The Conceptual Framework of Modern Economics 1980 Journal of Economic Issues Daniel R. Fusfeld 12 0.649
Sequential Equilibria 1982 Econometrica David M. Kreps, Robert Wilson 11 0.635
Monetarism and Economic Theory 1980 Economica F. H. Hahn 9 0.647
On the Status of the Nash Type of Noncooperative Equilibrium in Economic Theory 1982 The Scandinavian Journal of Economics Leif Johansen 9 0.618
Structural Consistency, Consistency, and Sequential Rationality 1987 Econometrica David M. Kreps, Garey Ramey 9 0.677
From Walras’s General Equilibrium to Hicks’s Temporary Equilibrium 1989 Recherches Économiques de Louvain / Louvain Economic Review Bruna INGRAO 9 0.596
Recent Developments in Macroeconomic Disequilibrium Theory 1980 Econometrica Allan Drazen 8 0.649
Joan Robinson’s Economics in Retrospect 1983 Journal of Economic Literature Harvey Gram , Vivian Walsh 8 0.597
The Relevance of Quasi Rationality in Competitive Markets: Comment 1987 The American Economic Review S. Keith Berry 8 0.641
Signaling Games and Stable Equilibria 1987 The Quarterly Journal of Economics In-Koo Cho , David M. Kreps 8 0.624
Axiomatic General Equilibrium Theory and Referentiality 1989 Journal of Post Keynesian Economics John B. Davis 8 0.605
Unemployment from a Theoretical Viewpoint 1980 Economica F. H. Hahn 7 0.641
Duopoly Models with Consistent Conjectures 1981 The American Economic Review Timothy F. Bresnahan 7 0.631
Time and the Structure of Economic Analysis [with Comment] 1982 Journal of Post Keynesian Economics Randall Bausor , G. L. S. Shackle 7 0.595

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Rational Belief Structures and Rational Belief Equilibria 1996 Economic Theory Carsten Krabbe Nielsen 19 0.673
On Rational Belief Equilibria 1994 Economic Theory Mordecai Kurz 16 0.695
Should Economists Dispense with the Notion of Equilibrium? 1997 Journal of Post Keynesian Economics Mark Setterfield 14 0.613
Invisible-Hand Explanations and Neoclassical Economics: Toward a Post Marginalist Economics 1992 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Roger Koppl 11 0.595
An Exploration of the Eductive Justifications of the Rational-Expectations Hypothesis 1992 The American Economic Review Roger Guesnerie 8 0.658
A Bargaining Model with Incomplete Information 1992 The Review of Economic Studies Sushil Bikhchandani 8 0.617
Sticky Prices 1991 The Economic Journal Roger E. A. Farmer 7 0.629
Indeterminacy of Equilibria in a Hyperinflationary World: Experimental Evidence 1993 Econometrica Ramon Marimon, Shyam Sunder 7 0.632
Rationalizable Expectations and Sunspot Equilibria in an Overlapping-generations Economy 1997 Journal of Economics Frank Heinemann 7 0.644
Asset Markets and the Information Revealed by Prices 1993 Economic Theory H. M. Polemarchakis, P. Siconolfi 6 0.668
On the ‘Stickiness’ of the Economic Equilibrium Paradigm: Causes of Its Durability 1993 The American Journal of Economics and Sociology Charles C. Fischer 6 0.606
Signalling and Renegotiation in Contractual Relationships 1993 Econometrica Paul Beaudry , Michel Poitevin 6 0.619
A Rational Route to Randomness 1997 Econometrica William A. Brock, Cars H. Hommes 6 0.651
On the Informational Role of Quantities: Durable Goods and Consumers’ Word- of-Mouth Communication 1997 International Economic Review Nikolaos Vettas 6 0.620
On the Nature and Utility of the Concept of Equilibrium 1997 Journal of Post Keynesian Economics Warren J. Samuels 6 0.605

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Signalling and Entry Deterrence: A Multidimensional Analysis 2007 The RAND Journal of Economics Kyle Bagwell 16 0.611
Sequential Two-Player Games with Ambiguity 2004 International Economic Review Jürgen Eichberger, David Kelsey 13 0.612
Money Non-Neutrality in a Rational Belief Equilibrium with Financial Assets 2001 Economic Theory Maurizio Motolese 12 0.648
Short-Run Expectational Coordination: Fixed versus Flexible Wages 2001 The Quarterly Journal of Economics Roger Guesnerie 8 0.626
Rationalized Subjective Equilibria in Repeated Games 2003 The Canadian Journal of Economics / Revue canadienne d’Economique Oishi Hidetsugu 8 0.662
The (Confused) State of Equilibrium Analysis in Modern Economics: An Explanation 2005 Journal of Post Keynesian Economics Tony Lawson 8 0.592
History versus Equilibrium? On the Possibility and Realist Basis of a General Critique of Traditional Equilibrium Analysis 2006 Journal of Post Keynesian Economics Dany Lang , Mark Setterfield 8 0.624
Resolving Indeterminacy in Coordination Games: A New Approach Applied to a Pay-as-you-go Pension Scheme 2007 Journal of Economics Luigi Bonatti 8 0.667
Behavioral Equilibrium in Economies with Adverse Selection 2008 The American Economic Review Ignacio Esponda 8 0.615
Rethinking Multiple Equilibria in Macroeconomic Modeling 2000 NBER Macroeconomics Annual Stephen Morris, Hyun Song Shin 7 0.629
Anchoring Economic Predictions in Common Knowledge 2002 Econometrica R. Guesnerie 7 0.631
Multiple Referrals and Multidimensional Cheap Talk 2002 Econometrica Marco Battaglini 7 0.630
Broadcasting Opinions with an Overconfident Sender 2004 International Economic Review Anat R. Admati , Paul Pfleiderer 7 0.646
Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 7 0.611
On the Evolution of Pareto-Optimal Behavior in Repeated Coordination Problems 2000 International Economic Review Roger Lagunoff 6 0.617

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0432179
72: model, models, modeling, rational_expectations, economic_models 0.0266710
28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0131342
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0328188
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0522015
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0672018
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model -0.0736075
87: asset, rational_expectations, investors, rational_investors, traders -0.0746371
89: rational_expectations, information, expectations, expectations_equilibrium, informational -0.0998932
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.1053527
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1596391
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1920606

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
101: players, games, game_theory, player, game 0.0798139
72: model, models, modeling, rational_expectations, economic_models 0.0046019
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0056423
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0702000
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0812581
87: asset, rational_expectations, investors, rational_investors, traders -0.1006211
93: rational_agents, agent’s, representative_agent, agents, agent -0.1033409
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1192656
103: voters, voting, voter, rational_voter, public_choice -0.1316339
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1332884
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1540069

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
101: players, games, game_theory, player, game 0.1161235
111: information, private_information, rational_expectations, informational, rational_inattention 0.0172950
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0070821
72: model, models, modeling, rational_expectations, economic_models -0.0139032
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0777230
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0894462
93: rational_agents, agent’s, representative_agent, agents, agent -0.0899754
87: asset, rational_expectations, investors, rational_investors, traders -0.0981155
103: voters, voting, voter, rational_voter, public_choice -0.1226359
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1238937
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1364600
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1425804

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.9241886
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.9160082
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.2397123
2010-2019 101: players, games, game_theory, player, game 0.2301202
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.2269588
2000-2009 101: players, games, game_theory, player, game 0.1785264
1990-1999 101: players, games, game_theory, player, game 0.1574091
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1535207
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.1305905
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1005396
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0937997
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.0907051
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0766545
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.0741283
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.0675058

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.9823037
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.9241886
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.3956411
2010-2019 101: players, games, game_theory, player, game 0.1641222
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1427986
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1422457
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1337331
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1295875
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1262425
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1232072
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1213971
2000-2009 101: players, games, game_theory, player, game 0.1151820
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1070298
1990-1999 101: players, games, game_theory, player, game 0.0798139
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0713911

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.9823037
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.9160082
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.4628650
2010-2019 101: players, games, game_theory, player, game 0.1619750
1920-1939 20: velocity, circulation, economic_equilibrium, walras, quantity_theory 0.1385654
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1274611
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.1259307
2000-2009 101: players, games, game_theory, player, game 0.1161235
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0991447
1960-1969 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0901196
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0867896
1990-1999 101: players, games, game_theory, player, game 0.0830715
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0758652
1900-1919 11: capitalistic, capitalism, capitalist, capital, marxian 0.0707210
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0706639

Intertemporal cluster 89: rational_expectations, information, expectations, expectations_equilibrium, informational

The cluster gathers 980 sentences from our corpus. It represents 0.61% of all the sentences selected over the whole period.

The community exists from 1980 to 1989.

The most recurring authors are Sanford J. Grossman (20 sentences), Torben M. Andersen (19 sentences), David M. Kreps (16 sentences), Margaret Bray (16 sentences), Robert G. King (16 sentences), Joseph E. Stiglitz (14 sentences), Robert E. Verrecchia (12 sentences), Beth Allen (11 sentences), John Roberts (11 sentences), Paul Milgrom (10 sentences).

The most recurring journals are Econometrica (91 sentences), The American Economic Review (73 sentences), Journal of Post Keynesian Economics (67 sentences), The Review of Economic Studies (66 sentences), The Journal of Finance (57 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0085535
information 0.0048157
expectations 0.0037157
expectations_equilibrium 0.0029234
informational 0.0022901
information_set 0.0014980
imperfect_information 0.0014044
private_information 0.0013797
uninformed 0.0013773
perfect_information 0.0012472
information_sets 0.0011884
models 0.0010940
model 0.0010279
economic_agents 0.0010178
uninformed_agents 0.0009867
noisy_rational 0.0009850
rational_ignorance 0.0008323
expectations_models 0.0008269
optimal 0.0008123
incomplete_information 0.0008057

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Suppose that individual agents’ expectations are rational in the sense of Muth: they know the structure of the economy as summarized in the model and the values of all endogenous variables realized during period t; they waste none of this information when forming their expectations; and they assume that all other agents do likewise. Food Prices, Expectations, and Inflation 1982 American Journal of Agricultural Economics Carl Van Duyne 0.838
If individual economic agents form expectations by correctly utilizing the information they possess, then their expectations are said to be rational.7 Rational processing of information does not require full informational efficiency. Rational Expectations, Informational Efficiency, and Tests Using Survey Data: A Comment 1983 The Review of Economics and Statistics J. Kimball Dietrich, Douglas H. Joines 0.830
In the world of rational expectations the rationality/full-information assumptions of classical economics is broadened. Economic Policy and the Obligations of the Economist 1984 Journal of Economic Issues Philip A. Klein 0.822
This view was expressed in examining the informational assumptions involved in modelling rational expectations as well as some of the more fundamental inco sistencies inherent in its policy implications. Rational Expectations: A Promising Research Program or a Case of Monetarist Fundamentalism? 1984 Journal of Economic Issues John J. Struthers 0.815
Since then, imperfect information, information costs, learning about the “true” model and its parameters, and recognition lags have become increasingly important.4 In this process, rational expectations may become operationally indistinguishable from irrational expectations, but this is no worse than in the case of utility and profit maximization, which have nevertheless remained powerful tools of analysis. Classical Monetary Theory, New and Old 1987 Journal of Money, Credit and Banking Jürg Niehans 0.806
The question of the informational requirements of rational expectations has led some to doubt the empirical applicability of these models, but this seems to be as yet unresolved: there may be specific situations in which these requirements are approximately met, but until sound empirical investigations have been carried out, this remains an open question. Econometric Implications of the Rational Expectations Hypothesis 1980 Econometrica Kenneth F. Wallis 0.806
Similarly this analysis shows that the definition of rational expectations as being “expectations formed conditional on all available information” is ambiguous since it may not be possible to define the relevant information set in a precise way. Some Implications of the Efficient Capital Market Hypothesis 1983 Journal of Post Keynesian Economics Torben M. Andersen 0.804
rationality of expectations is taken more loosely to mean that transactors make the best use of available information, then Hayek’s transactors have rational expectations”. New Classical and Austrian Business Cycle Theory: Is There a Difference? 1986 Weltwirtschaftliches Archiv Joachim Scheide 0.803
Instead of assuming that the rational expectations equilibrium is a competitive one, informed traders with rational expectations are assumed to be imperfect competitors, who take into account explicitly the effect their trading has on prices. Informed Speculation with Imperfect Competition 1989 The Review of Economic Studies Albert S. Kyle 0.800
In many of the early models of rational expectations equilibrium, the model imagines two types of agents-those without information and those with. In Honor of Sandy Grossman, Winner of the John Bates Clark Medal 1988 The Journal of Economic Perspectives David M. Kreps 0.789
A large body of literature on rational expectations models has developed in recent years.2 Much of it has been concerned with fully revealing equilibria, in which informational asymmetries that might originally exist disappear in equilibrium. A Noisy Rational Expectations Equilibrium for Multi-Asset Securities Markets 1985 Econometrica Anat R. Admati 0.788
An earlier version of this paper was prepared for the SSRC Conference on Rational Expectations, and it was entitled “Rational Expectations and the Allocation of Resources Under Asymmetric Information: A Survey”. An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 0.785
These two series together suggest that some knowledge about other traders’ preferences may be a necessary condition for the operation of rational expectations principles in markets. Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets 1988 Econometrica Charles R. Plott, Shyam Sunder 0.784
The purpose of this paper is to record the observation that common knowledge of rationality implies correlated equilibrium. Correlated Equilibrium as an Expression of Bayesian Rationality 1987 Econometrica Robert J. Aumann 0.781
The failure of theorists to explain how economic agents can know what they are presumed to know has been at the heart of Shackle’s criticisms of conventional theory; and it is to the credit of rational expectations theorists that they have taken up the challenge. On Scientific Method 1984 Journal of Post Keynesian Economics B. J. Loasby 0.777
The informational requirements of the rational expectations assumption are considerable but it may still be plausible in some settings. Social Security in a “Moral Economy”: An Empirical Analysis for Java 1988 The Review of Economics and Statistics Martin Ravallion, Lorraine Dearden 0.776
In general the circumstances where rational expectations might seem appropriate are those where substantial information is readily available to a large number of agents in a market, where the agents are clearly trying to make the best use of that information and where the costs of using the information are not prohibitive and the costs of not using it are high. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.776
1 On the subject of the information set used in forming expectations, it might have been rational for the reader to expect us to distinguish between weak, semi-strong and strong rationality, paralleling in an obvious way the definition of efficiency. Market Efficiency Before and After the Crash 1989 Fiscal Studies LAURENCE S. COPELAND 0.771
Our feeling is that, since agents in the real world are obviously heterogeneous in terms of information-processing abilities, the practice of assuming rational expectations is relatively more defensible when agents who can process information in a very sophisticated manner have a disproportionately large effect on equilibrium. Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity 1985 The American Economic Review John Haltiwanger, Michael Waldman 0.770
In rational expectations models agents are often assumed to take actions which are optimal conditionally on information available at the time the action is taken. Controlling a Stochastic Process with Unknown Parameters 1988 Econometrica David Easley , Nicholas M. Kiefer 0.769

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 88% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Though information is imperfect, rational expectations is imposed as an equilibrium condition. Effects of Shareholder Information on Corporate Decisions and Capital Market Equilibrium 1980 Econometrica Chandra Kanodia 0.866
Uninformed agents may recognise that market statistics reveal information, and a rational expectations equilibrium where prices are used by the uninformed agents as an information signal is analysed in section 5. Price and Quantity Signals in Financial Markets 1983 Zeitschrift für Nationalökonomie / Journal of Economics Torben M. Andersen 0.865
If individual economic agents form expectations by correctly utilizing the information they possess, then their expectations are said to be rational.7 Rational processing of information does not require full informational efficiency. Rational Expectations, Informational Efficiency, and Tests Using Survey Data: A Comment 1983 The Review of Economics and Statistics J. Kimball Dietrich, Douglas H. Joines 0.859
These early models of rational expectations equilibrium prices that aggregate information do not encompass the sort of noise that allows us to avoid the Grossman-Stiglitz “informativeness paradox,” but they inspired later work which continues to this day, advancing our understanding of markets in which some agents hold private information and all agents try to learn from prices what others know. In Honor of Sandy Grossman, Winner of the John Bates Clark Medal 1988 The Journal of Economic Perspectives David M. Kreps 0.856
One can easily accept the rational expectations idea while simultaneously denying the relevance of this special case, and from a more general viewpoint, that idea does no more than compel us to think of agents gathering and utilizing information up to the point at which the marginal cost to them of acquiring it equals the marginal benefit that its possession confers.11 In a money-using economy, the marginal benefit from acquiring information must be the reduction in transactions costs that agents gain by being better informed. Taking Money Seriously 1988 The Canadian Journal of Economics / Revue canadienne d’Economique David Laidler 0.856
Instead of assuming that the rational expectations equilibrium is a competitive one, informed traders with rational expectations are assumed to be imperfect competitors, who take into account explicitly the effect their trading has on prices. Informed Speculation with Imperfect Competition 1989 The Review of Economic Studies Albert S. Kyle 0.850
Generically, rational expectations equilibria will reveal the information of the informed agents.’ Prices, Product Qualities and Asymmetric Information: The Competitive Case 1984 The Review of Economic Studies Russell Cooper, Thomas W. Ross 0.848
Since then, imperfect information, information costs, learning about the “true” model and its parameters, and recognition lags have become increasingly important.4 In this process, rational expectations may become operationally indistinguishable from irrational expectations, but this is no worse than in the case of utility and profit maximization, which have nevertheless remained powerful tools of analysis. Classical Monetary Theory, New and Old 1987 Journal of Money, Credit and Banking Jürg Niehans 0.847
The question of whether prices allow such inferences is the question of whether a rational expectations equilibrium exists that reveals to the uninformed agents the information possessed by the informed agents. Distinguishing Beliefs and Preferences in Equilibrium Prices 1980 The Journal of Finance Alan Kraus , Gordon A. Sick 0.844
In the world of rational expectations the rationality/full-information assumptions of classical economics is broadened. Economic Policy and the Obligations of the Economist 1984 Journal of Economic Issues Philip A. Klein 0.842
Using a general framework where information is costly, Darby analyzes how heterogeneous expectations may exist in an equilibrium characterized by individually rational expectations. Price Determination in a Competitive Industry with Costly Information and a Production Lag 1985 The RAND Journal of Economics Reuven Glick , Clas Wihlborg 0.836
The failure of theorists to explain how economic agents can know what they are presumed to know has been at the heart of Shackle’s criticisms of conventional theory; and it is to the credit of rational expectations theorists that they have taken up the challenge. On Scientific Method 1984 Journal of Post Keynesian Economics B. J. Loasby 0.832
In many of the early models of rational expectations equilibrium, the model imagines two types of agents-those without information and those with. In Honor of Sandy Grossman, Winner of the John Bates Clark Medal 1988 The Journal of Economic Perspectives David M. Kreps 0.830
The rational expectations equilibrium concept has, however, recently allowed a rigorous analysis of information dissemination, and we shall employ it to clarify the relation between information and speculation. Speculation, Optimism and Differential Information 1986 Southern Economic Journal Torben M. Andersen 0.829
Imperfect information on the part of rational agents about markets in which they are not operating stem from the fact that some pieces of information have costs that exceed their perceived value. Irrational Expectations, Unclearing Markets and a Business Cycle That Won’t Go Away: The Recent School of New Classical Economists Comes a Cropper on Basic Economic Facts 1988 The American Journal of Economics and Sociology Dipendra Sinha 0.829

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Though information is imperfect, rational expectations is imposed as an equilibrium condition. Effects of Shareholder Information on Corporate Decisions and Capital Market Equilibrium 1980 Econometrica Chandra Kanodia 0.866
Uninformed agents may recognise that market statistics reveal information, and a rational expectations equilibrium where prices are used by the uninformed agents as an information signal is analysed in section 5. Price and Quantity Signals in Financial Markets 1983 Zeitschrift für Nationalökonomie / Journal of Economics Torben M. Andersen 0.865
If individual economic agents form expectations by correctly utilizing the information they possess, then their expectations are said to be rational.7 Rational processing of information does not require full informational efficiency. Rational Expectations, Informational Efficiency, and Tests Using Survey Data: A Comment 1983 The Review of Economics and Statistics J. Kimball Dietrich, Douglas H. Joines 0.859
These early models of rational expectations equilibrium prices that aggregate information do not encompass the sort of noise that allows us to avoid the Grossman-Stiglitz “informativeness paradox,” but they inspired later work which continues to this day, advancing our understanding of markets in which some agents hold private information and all agents try to learn from prices what others know. In Honor of Sandy Grossman, Winner of the John Bates Clark Medal 1988 The Journal of Economic Perspectives David M. Kreps 0.856
One can easily accept the rational expectations idea while simultaneously denying the relevance of this special case, and from a more general viewpoint, that idea does no more than compel us to think of agents gathering and utilizing information up to the point at which the marginal cost to them of acquiring it equals the marginal benefit that its possession confers.11 In a money-using economy, the marginal benefit from acquiring information must be the reduction in transactions costs that agents gain by being better informed. Taking Money Seriously 1988 The Canadian Journal of Economics / Revue canadienne d’Economique David Laidler 0.856
Instead of assuming that the rational expectations equilibrium is a competitive one, informed traders with rational expectations are assumed to be imperfect competitors, who take into account explicitly the effect their trading has on prices. Informed Speculation with Imperfect Competition 1989 The Review of Economic Studies Albert S. Kyle 0.850
Generically, rational expectations equilibria will reveal the information of the informed agents.’ Prices, Product Qualities and Asymmetric Information: The Competitive Case 1984 The Review of Economic Studies Russell Cooper, Thomas W. Ross 0.848
Since then, imperfect information, information costs, learning about the “true” model and its parameters, and recognition lags have become increasingly important.4 In this process, rational expectations may become operationally indistinguishable from irrational expectations, but this is no worse than in the case of utility and profit maximization, which have nevertheless remained powerful tools of analysis. Classical Monetary Theory, New and Old 1987 Journal of Money, Credit and Banking Jürg Niehans 0.847
The question of whether prices allow such inferences is the question of whether a rational expectations equilibrium exists that reveals to the uninformed agents the information possessed by the informed agents. Distinguishing Beliefs and Preferences in Equilibrium Prices 1980 The Journal of Finance Alan Kraus , Gordon A. Sick 0.844
In the world of rational expectations the rationality/full-information assumptions of classical economics is broadened. Economic Policy and the Obligations of the Economist 1984 Journal of Economic Issues Philip A. Klein 0.842
Using a general framework where information is costly, Darby analyzes how heterogeneous expectations may exist in an equilibrium characterized by individually rational expectations. Price Determination in a Competitive Industry with Costly Information and a Production Lag 1985 The RAND Journal of Economics Reuven Glick , Clas Wihlborg 0.836
The failure of theorists to explain how economic agents can know what they are presumed to know has been at the heart of Shackle’s criticisms of conventional theory; and it is to the credit of rational expectations theorists that they have taken up the challenge. On Scientific Method 1984 Journal of Post Keynesian Economics B. J. Loasby 0.832
In many of the early models of rational expectations equilibrium, the model imagines two types of agents-those without information and those with. In Honor of Sandy Grossman, Winner of the John Bates Clark Medal 1988 The Journal of Economic Perspectives David M. Kreps 0.830
The rational expectations equilibrium concept has, however, recently allowed a rigorous analysis of information dissemination, and we shall employ it to clarify the relation between information and speculation. Speculation, Optimism and Differential Information 1986 Southern Economic Journal Torben M. Andersen 0.829
Imperfect information on the part of rational agents about markets in which they are not operating stem from the fact that some pieces of information have costs that exceed their perceived value. Irrational Expectations, Unclearing Markets and a Business Cycle That Won’t Go Away: The Recent School of New Classical Economists Comes a Cropper on Basic Economic Facts 1988 The American Journal of Economics and Sociology Dipendra Sinha 0.829

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
An Introduction to the Theory of Rational Expectations Under Asymmetric Information 1981 The Review of Economic Studies Sanford J. Grossman 15 0.655
Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 14 0.631
In Honor of Sandy Grossman, Winner of the John Bates Clark Medal 1988 The Journal of Economic Perspectives David M. Kreps 14 0.666
Information Production, Market Signalling, and the Theory of Financial Intermediation 1980 The Journal of Finance Tim S. Campbell , William A. Kracaw 9 0.661
Monetary Policy and the Information Content of Prices 1982 Journal of Political Economy Robert G. King 9 0.634
Rational Expectations: A Promising Research Program or a Case of Monetarist Fundamentalism? 1984 Journal of Economic Issues John J. Struthers 9 0.688
A Theory of Leadership and Deference in Constitutional Construction 1989 Public Choice James M. Buchanan, Viktor Vanberg 8 0.634
A Child’s Guide to Rational Expectations 1982 Journal of Economic Literature Rodney Maddock, Michael Carter 7 0.665
Expectations Equilibria with Dispersed Information: Existence with Approximate Rationality in a Model with a Continuum of Agents and Finitely Many States of the World 1983 The Review of Economic Studies Beth Allen 7 0.641
A Noisy Rational Expectations Equilibrium for Multi-Asset Securities Markets 1985 Econometrica Anat R. Admati 7 0.686

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0775828
87: asset, rational_expectations, investors, rational_investors, traders 0.0126703
91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model 0.0061824
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0215949
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0343214
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0593573
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0864895
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.0866480
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0998932
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1050834
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply -0.1113238
72: model, models, modeling, rational_expectations, economic_models -0.1207162

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.9619488
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.9487477
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.1739091
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1422516
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1399540
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1211137
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.1071065
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0855340
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0788641
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0775828
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.0739936
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0670291
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0651814
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0614717
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0592635

Intertemporal cluster 91: rational_expectations, expectations, expectations_models, expectations_equilibrium, expectations_model

The cluster gathers 1353 sentences from our corpus. It represents 0.84% of all the sentences selected over the whole period.

The community exists from 1980 to 1989.

The most recurring authors are Thomas J. Sargent (36 sentences), Matthew T. Holt (25 sentences), Margaret Bray (24 sentences), Stephen J. Turnovsky (19 sentences), Allan W. Gregory (18 sentences), Jeffrey A. Frankel (18 sentences), Jagdeep S. Bhandari (17 sentences), Christopher A. Sims (15 sentences), Julio J. Rotemberg (15 sentences), Bennett T. McCallum (14 sentences).

The most recurring journals are Journal of Political Economy (137 sentences), Journal of Money, Credit and Banking (130 sentences), Econometrica (109 sentences), The American Economic Review (104 sentences), American Journal of Agricultural Economics (70 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_expectations 0.0297849
expectations 0.0113308
expectations_models 0.0090421
expectations_equilibrium 0.0050273
expectations_model 0.0049357
models 0.0046615
linear_rational 0.0043784
exchange_rate 0.0031042
model 0.0027543
expectations_hypothesis 0.0027005
expectations_equilibria 0.0026772
dynamic_linear 0.0021998
estimating_dynamic 0.0021998
linear 0.0021329
instrumental_variables 0.0018243
equilibria 0.0015200
estimation 0.0015052
rational_expectation 0.0014911
econometric 0.0014466
nonlinear 0.0014028

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Rational expectations macroeconomic models provide another case in point. Identification and Estimation of Money Demand 1981 The American Economic Review Thomas F. Cooley, Stephen F. LeRoy 0.838
The application of the rational expectations hypothesis in theory and practice Because of the great difficulty in estimating rational expectation models the development of the concept in the New Classical Macroeconomics has been largely theoretical. THE CONTROVERSY OVER RATIONAL EXPECTATIONS 1981 National Institute Economic Review David G. Mayes 0.813
A rational expectations model is analyzed in Section 4. An Open-Access Fishery with Rational Expectations 1984 Econometrica Peter Berck , Jeffrey M. Perloff 0.813
‘Rational expectations models in macroeconomics.’ Bottlenecks and the Phillips Curve: A Disaggregated Keynesian Model of Inflation, Output and Unemployment 1985 The Economic Journal George Evans 0.807
This paper has illustrated a well-known fact, that incorrectly imposing the assumption of rational expectations on an otherwise correct model can lead to unreasonable estimates of important parameters. Rational Versus Adaptive Expectations in Present Value Models 1989 The Review of Economics and Statistics Gregory C. Chow 0.807
Historical investigations on the subject of rational expectations are of interest since it is held that this theory has revived the teachings of the classics, inasmuch as it provides the cornerstone of the recently developed approach known as “new classical macroeconomics.” The Rational Expectations Hypothesis in Retrospect 1983 The American Economic Review Filippo Cesarano 0.800
Rational Expectations and Macroeconomics Analysis Macroeconomics has been transformed in the last dozen years by the rational -expectations hypothesis and its associated econometric practices. Conceptual Evolution in Economics: The Case of Rational Expectations 1985 Eastern Economic Journal Randall Bausor 0.799
FOLLOWING the innovations in economic rtheory using rational expectations, economists have devoted increasing attention to the development of econometric models that are compatible with the rational hypothesis. An Indirect Test for the Specification of Expectation Regimes 1986 The Review of Economics and Statistics Peter Orazem , John Miranowski 0.798
Existence of rational expectations equilibrium Expectations play a crucial role in all the models which I have presented, as in many others. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.795
My purpose is to allude to specific formal models that exist in the literature on rational expectations models, and that can be used to support Sims’ actual econometric practices and many of his remarks. Autoregressions, Expectations, and Advice 1984 The American Economic Review Thomas J. Sargent 0.795
While this argument is not without merit, many of the boundedly rational models provide an incomplete framework to address the asymptotic issue of whether or not there is convergence to a stationary rational expectations equilibrium. An Example of Convergence to Rational Expectations with Heterogeneous Beliefs 1987 International Economic Review Mark Feldman 0.791
A variant of this model assumes price expectations are rational. The Impact of News and Alternative Theories of Exchange Rate Determination 1985 Journal of Money, Credit and Banking Dennis L. Hoffman , Don E. Schlagenhauf 0.791
Note that these expectations are “rational” in the usual sense that they incorporate the model’s structure in forecasting future market equilibria. Local Labor Markets 1986 Journal of Political Economy Robert H. Topel 0.786
ROGER T. KAUFMAN GEOFFREY WOGLOM* Estimating Models with Rational Expectations IN THIS PAPER we wish to examine the assumptions needed to estimate models in which expectations of future variables are formed rationally. Estimating Models with Rational Expectations 1983 Journal of Money, Credit and Banking Roger T. Kaufman, Geoffrey Woglom 0.786
A second objective of this paper is to generalize this procedure by allowing for what we will call “economically rational’ expectations. Adjustment Lags, Economically Rational Expectations and Price Behavior 1981 The Review of Economics and Statistics Louis J. Maccini 0.785
  • “Rational Expectations and the Dynamic Structure of Macroeconomic Models.
On the Efficacy of Fiscal Policy 1986 Annales d’Économie et de Statistique Jürgen Eichberger 0.784
Let me therefore first consider an economy in rational expectations Walrasian long-run equilibrium. Monetarism and Economic Theory 1980 Economica F. H. Hahn 0.784
In Section I, we briefly review the problems of estimating models in the presence of rational expectations and explain how our analysis seeks to overcome these problems. The Effects of Expectations on Union Wages 1984 The American Economic Review Roger T. Kaufman, Geoffrey Woglom 0.784
Rational Expectations and Econometric Practice, vol.  Human Capital, Adaptive Ability, and the Distributional Implications of Agricultural Policy 1985 American Journal of Agricultural Economics Wallace E. Huffman 0.783
The model has several desirable properties which are missing in many rational expectations models. Rational Expectations, Information Acquisition, and Competitive Bidding 1981 Econometrica Paul R. Milgrom 0.783

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 94% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
A rational expectations model is analyzed in Section 4. An Open-Access Fishery with Rational Expectations 1984 Econometrica Peter Berck , Jeffrey M. Perloff 0.926
For an analysis of macroeconomic models used in the rational expectations literature, see my forthcoming paper. Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.906
“Exact Rational Expectations Models: Specification and Estimation.” Forecasting the Forecasts of Others 1983 Journal of Political Economy Robert M. Townsend 0.905
We first develop the model on the assumption of rational expectations. Foresight and Public Utility Regulation 1988 Journal of Political Economy Michael Gort , Richard A. Wall 0.900
We introduce partial adjustments in the rational expectations model in the conventional way of empirical models. A Test of Price Sluggishness in the Simple Rational Expectations Model: U.K. 1950-1980 1983 The Economic Journal G. Alogoskoufis , C. A. Pissarides 0.899
Existence of rational expectations equilibrium Expectations play a crucial role in all the models which I have presented, as in many others. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.899
A simple rational expectations model is developed in Section I to demonstrate this. Rational Expectations and the Measurement of a Stock’s Elasticity of Demand 1984 The Journal of Finance Franklin Allen , Andrew Postlewaite 0.896
The aim of this study is to analyze the effects of rational expectations in an empirical macromodel. Dissertations in Economics and Business Administration, 1988-1989 1989 The Scandinavian Journal of Economics NULL 0.895
Rational expectations macroeconomic models provide another case in point. Identification and Estimation of Money Demand 1981 The American Economic Review Thomas F. Cooley, Stephen F. LeRoy 0.893
In this model the hypothesis of rational expectations is retained. Price Inertia and Nominal Aggregate Demand in Major European Countries 1989 Recherches Économiques de Louvain / Louvain Economic Review Christian BORDES , Michael DRISCOLL , Marc-Olivier STRAUSS-KAHN 0.893
My purpose is to allude to specific formal models that exist in the literature on rational expectations models, and that can be used to support Sims’ actual econometric practices and many of his remarks. Autoregressions, Expectations, and Advice 1984 The American Economic Review Thomas J. Sargent 0.892
“Formulating and Estimating Dynamic Linear Rational Expectations Models.” Methods and Problems in Business Cycle Theory 1980 Journal of Money, Credit and Banking Robert E. Lucas, Jr. 0.891
“Formulating and Estimating Dynamic Linear Rational Expectations Models.” Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.891
“Formulating and Estimating Dynamic Linear Rational Expectations Models.” What Microeconomics Teaches Us about the Dynamic Macro Effects of Fiscal Policy: Comment 1988 Journal of Money, Credit and Banking Preston J. Miller 0.891
“Formulating and Estimating Dynamic Linear Rational Expectations Models.’”J. Further Evidence on the Asymmetric Behavior of Economic Time Series over the Business Cycle 1986 Journal of Political Economy Barry Falk 0.890

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
A rational expectations model is analyzed in Section 4. An Open-Access Fishery with Rational Expectations 1984 Econometrica Peter Berck , Jeffrey M. Perloff 0.926
For an analysis of macroeconomic models used in the rational expectations literature, see my forthcoming paper. Towards an Understanding of Market Processes: Individual Expectations, Learning, and Convergence to Rational Expectations Equilibrium 1982 The American Economic Review Roman Frydman 0.906
“Exact Rational Expectations Models: Specification and Estimation.” Forecasting the Forecasts of Others 1983 Journal of Political Economy Robert M. Townsend 0.905
‘Rational expectations models in macroeconomics.’ Bottlenecks and the Phillips Curve: A Disaggregated Keynesian Model of Inflation, Output and Unemployment 1985 The Economic Journal George Evans 0.904
We first develop the model on the assumption of rational expectations. Foresight and Public Utility Regulation 1988 Journal of Political Economy Michael Gort , Richard A. Wall 0.900
We introduce partial adjustments in the rational expectations model in the conventional way of empirical models. A Test of Price Sluggishness in the Simple Rational Expectations Model: U.K. 1950-1980 1983 The Economic Journal G. Alogoskoufis , C. A. Pissarides 0.899
Existence of rational expectations equilibrium Expectations play a crucial role in all the models which I have presented, as in many others. Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 0.899
A simple rational expectations model is developed in Section I to demonstrate this. Rational Expectations and the Measurement of a Stock’s Elasticity of Demand 1984 The Journal of Finance Franklin Allen , Andrew Postlewaite 0.896
The aim of this study is to analyze the effects of rational expectations in an empirical macromodel. Dissertations in Economics and Business Administration, 1988-1989 1989 The Scandinavian Journal of Economics NULL 0.895
Rational expectations macroeconomic models provide another case in point. Identification and Estimation of Money Demand 1981 The American Economic Review Thomas F. Cooley, Stephen F. LeRoy 0.893
In this model the hypothesis of rational expectations is retained. Price Inertia and Nominal Aggregate Demand in Major European Countries 1989 Recherches Économiques de Louvain / Louvain Economic Review Christian BORDES , Michael DRISCOLL , Marc-Olivier STRAUSS-KAHN 0.893
My purpose is to allude to specific formal models that exist in the literature on rational expectations models, and that can be used to support Sims’ actual econometric practices and many of his remarks. Autoregressions, Expectations, and Advice 1984 The American Economic Review Thomas J. Sargent 0.892
“Formulating and Estimating Dynamic Linear Rational Expectations Models.” Methods and Problems in Business Cycle Theory 1980 Journal of Money, Credit and Banking Robert E. Lucas, Jr. 0.891
“Formulating and Estimating Dynamic Linear Rational Expectations Models.” Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 0.891
“Formulating and Estimating Dynamic Linear Rational Expectations Models.” What Microeconomics Teaches Us about the Dynamic Macro Effects of Fiscal Policy: Comment 1988 Journal of Money, Credit and Banking Preston J. Miller 0.891

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Rational Expectations, Information and Asset Markets: An Introduction 1985 Oxford Economic Papers Margaret Bray 19 0.679
Autoregressions, Expectations, and Advice 1984 The American Economic Review Thomas J. Sargent 14 0.684
Risk Behavior and Rational Expectations in the U.S. Broiler Market 1989 American Journal of Agricultural Economics Satheesh V. Aradhyula, Matthew T. Holt 14 0.630
Rational Expectations Equilibria, Learning, and Model Specification 1986 Econometrica M. M. Bray , N. E. Savin 13 0.652
Bounded Price Variation and Rational Expectations in Endogenous Switching Model of the U.S. Corn Market 1989 The Review of Economics and Statistics Matthew T. Holt , Stanley R. Johnson 11 0.655
Policy Analysis with Econometric Models 1982 Brookings Papers on Economic Activity Christopher A. Sims, Stephen M. Goldfeld, Jeffrey D. Sachs 10 0.672
On Some Conceptual Issues in Rational Expectations Modeling 1980 Journal of Money, Credit and Banking Edwin Burmeister 9 0.652
Forecasting the Forecasts of Others 1983 Journal of Political Economy Robert M. Townsend 9 0.671
Modeling Expectations of Bounded Prices: An Application to the Market for Corn 1985 The Review of Economics and Statistics J. S. Shonkwiler, G. S. Maddala 9 0.672
Rational Expectations and Macroeconomic Stabilization Policy: An Overview 1980 Journal of Money, Credit and Banking Bennett T. McCallum 8 0.667

Closest clusters of the cluster per decade

Closest clusters within the 1980-1989 decade

Cluster Name Similarity
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.3265838
76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0442012
72: model, models, modeling, rational_expectations, economic_models 0.0278894
89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0061824
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0110178
82: rational_expectations, expectations, unemployment, natural_rate, wage -0.0369309
87: asset, rational_expectations, investors, rational_investors, traders -0.0513173
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0736075
28: price_expectations, expectations, rational_expectations, price_level, price_policy -0.0803457
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1970774
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.2658282
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.5250385

Closest clusters with all decade, for 1980-1989

Time Window Cluster Name Similarity
1990-1999 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.7268553
2000-2009 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.6713554
2010-2019 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.6061686
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.5973626
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.3265838
2010-2019 72: model, models, modeling, rational_expectations, economic_models 0.1851295
1970-1979 72: model, models, modeling, rational_expectations, economic_models 0.1544277
2000-2009 72: model, models, modeling, rational_expectations, economic_models 0.1403285
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.1352620
1990-1999 72: model, models, modeling, rational_expectations, economic_models 0.1304352
1970-1979 78: rational_expectations, inflation, expectations, term_structure, monetary_policy 0.1203886
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.1203067
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1200383
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.1055936
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1032208

Intertemporal cluster 93: rational_agents, agent’s, representative_agent, agents, agent

The cluster gathers 6777 sentences from our corpus. It represents 4.19% of all the sentences selected over the whole period.

The community exists from 1990 to 2019.

The most recurring authors are Alvaro Sandroni (51 sentences), William A. Branch (45 sentences), Andrew Postlewaite (43 sentences), Mordecai Kurz (41 sentences), Botond Kőszegi (40 sentences), Markus K. Brunnermeier (39 sentences), Carsten Krabbe Nielsen (38 sentences), Larry Samuelson (36 sentences), Michael Mandler (36 sentences), Francesco Bianchi (35 sentences).

The most recurring journals are Economic Theory (707 sentences), The American Economic Review (562 sentences), The Review of Economic Studies (396 sentences), Econometrica (379 sentences), The Economic Journal (319 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
rational_agents 0.0031989
agent’s 0.0027927
representative_agent 0.0027375
agents 0.0026100
agent 0.0019254
economic_agents 0.0017191
rational_expectations 0.0015446
beliefs 0.0015125
boundedly 0.0014208
boundedly_rational 0.0014105
model 0.0012121
expectations 0.0011838
agent_based 0.0011048
agent’s 0.0010378
agent_model 0.0010093
principal_agent 0.0009683
models 0.0009131
optimal 0.0008753
payoff 0.0008706
irrational_agents 0.0008566

Top TF-IDF terms describing the community for each time window

Top terms 1990-1999

Token TF-IDF
agents 0.0075203
representative_agent 0.0032952
rational_agents 0.0031693
economic_agents 0.0029577
agent 0.0026098
rational_expectations 0.0024312
agent’s 0.0018668
principal_agent 0.0015625
model 0.0015447
beliefs 0.0013635
expectations 0.0013363
private_agents 0.0010767
agent_model 0.0010180
models 0.0010134
boundedly 0.0010104

Top terms 2000-2009

Token TF-IDF
agents 0.0074710
agent 0.0031260
representative_agent 0.0030830
rational_agents 0.0028429
agent’s 0.0026602
agent_based 0.0021033
beliefs 0.0021003
economic_agents 0.0019919
rational_expectations 0.0016738
agent_model 0.0015386
model 0.0015337
rational_agent 0.0014088
boundedly 0.0012704
boundedly_rational 0.0012704
heterogeneous_agents 0.0010875

Top terms 2010-2019

Token TF-IDF
agents 0.0073112
agent 0.0033874
agent’s 0.0032147
representative_agent 0.0029847
agent’s 0.0029716
rational_agents 0.0024560
irrational_agents 0.0016992
model 0.0016527
boundedly 0.0016171
boundedly_rational 0.0016171
beliefs 0.0014720
agent_based 0.0014301
agent_model 0.0012890
payoff 0.0012643
rational_expectations 0.0011956

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Introduction For over one hundred years, economists have operated under the assumption that agents are rational. Heterogeneous Gender Effects under Loss Aversion in the Economics Classroom: A Field Experiment 2015 Southern Economic Journal Maria Apostolova-Mihaylova, William Cooper , Gail Hoyt , Emily C. Marshall 0.837
Since the literature which will be discussed in this essay is concerned with the question how economic agents come to behave ‘rationally’, it is useful to begin by considering in more detail the meaning of the rationality assumption in economics. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.836
Rational Choices of Economic Agents 4. Economic Education in Korea: Current Status and Changes 2010 The Journal of Economic Education Jinsoo Hahn , Kyungho Jang 0.830
In the following section, we investigate the effects of different policies when agents have rational beliefs. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.823
Agents form rational expectations such that consistency is provided between the models proposed and the formation of expectations. Dissertations in Economics and Finance, 1990-1991 1991 The Scandinavian Journal of Economics NULL 0.815
Yet, the theory of rational expectations in economics and game theory is based on the premise that agents * This research was supported by NSF Grant IRI-8814954 to Stanford University and by the Summer 1990 Economics Program at the Santa Fe Institute. On the Structure and Diversity of Rational Beliefs 1994 Economic Theory Mordecai Kurz 0.814
Although modern economics has evolved under the conventional assumption that economic agents are perfectly rational, recent studies have revealed that agents are 1 The seminal articles in this context are those of Bhagwati et al.  Aspirations and the transfer paradox in an overlapping generations model 2017 Journal of Economics Kojun Hamada , Tsuyoshi Shinozaki , Mitsuyoshi Yanagihara 0.813
C. Discussion It is instructive to compare our result to that of a model with fully rational agents. Social Learning with Coarse Inference 2013 American Economic Journal: Microeconomics Antonio Guarino, Philippe Jehiel 0.812
Such an occurrence opens the door for the instructor to have a discussion about the importance of rationality of agents for the predictions of not only this particular model, but also many other economic models that we teach. Your Place in Space: Classroom Experiment on Spatial Location Theory 2009 The Journal of Economic Education Margo Bergman , G. Dirk Mateer , Michael Reksulak, Jonathan C. Rork, Rick K. Wilson , David Zirkle 0.811
The expectations of the agents must be rational. Shopping Externalities and Self-Fulfilling Unemployment Fluctuations 2016 Journal of Political Economy Greg Kaplan , Guido Menzio 0.811
The bounded rationality literature argues that very few agents have the capability, regardless of cost or mean squared error, to form rational expectations. The Theory of Rationally Heterogeneous Expectations: Evidence from Survey Data on Inflation Expectations 2004 The Economic Journal William A. Branch 0.809
Rationality endows agents with prior probabilities. Rational Decisions in Large Worlds 2007 Annales d’Économie et de Statistique Ken Binmore 0.809
The model in the present paper does not contradict that view, even though agents are assumed to be fully rational. Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution 2014 The Scandinavian Journal of Economics Guillermo A. Calvo 0.808
Introduction The assumption that agents are rational is central to much theory in the social sciences. New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 0.805
It has been argued that it is obvious that economic agents are never perfectly rational, and that the study of models with rational agents is a pure thought experiment without any claims to empirical relevance. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.805
If one assumes that agents have rational expectations, a stricter condition is being imposed, namely that beliefs are correct2. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.805
Agents have rational expectations. A Schumpeterian Model of Growth in the World Economy: Some Notes on a New Paradigm in International Economics 1991 Weltwirtschaftliches Archiv Horst Siebert 0.804
Agents have rational expectations. Unemployment and the ‘Labour-Management Conspiracy’ 2000 The Economic Journal Larry Karp , Thierry Paul 0.801
The key assumption in economics is that the agents being faced are rational. Rationality, Computability, and Nash Equilibrium 1992 Econometrica David Canning 0.799
For agents to conform to the rational expectations thesis certain conditions must hold. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.799
Economic agents are rational. Exchange Rate Fluctuations and the Balance of Payments: Channels of Interaction in Developing and Developed Countries 2009 Journal of Economic Integration Magda Kandil 0.799

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Since the literature which will be discussed in this essay is concerned with the question how economic agents come to behave ‘rationally’, it is useful to begin by considering in more detail the meaning of the rationality assumption in economics. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.836
Agents form rational expectations such that consistency is provided between the models proposed and the formation of expectations. Dissertations in Economics and Finance, 1990-1991 1991 The Scandinavian Journal of Economics NULL 0.815
Yet, the theory of rational expectations in economics and game theory is based on the premise that agents * This research was supported by NSF Grant IRI-8814954 to Stanford University and by the Summer 1990 Economics Program at the Santa Fe Institute. On the Structure and Diversity of Rational Beliefs 1994 Economic Theory Mordecai Kurz 0.814
Introduction The assumption that agents are rational is central to much theory in the social sciences. New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 0.805
It has been argued that it is obvious that economic agents are never perfectly rational, and that the study of models with rational agents is a pure thought experiment without any claims to empirical relevance. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.805
Agents have rational expectations. A Schumpeterian Model of Growth in the World Economy: Some Notes on a New Paradigm in International Economics 1991 Weltwirtschaftliches Archiv Horst Siebert 0.804
The key assumption in economics is that the agents being faced are rational. Rationality, Computability, and Nash Equilibrium 1992 Econometrica David Canning 0.799
For agents to conform to the rational expectations thesis certain conditions must hold. EXPECTATIONS IN THE SHIPPING SECTOR 1993 International Journal of Transport Economics / Rivista internazionale di economia dei trasporti G. WRIGHT 0.799
It is plausible that in many economic environments some proportion of agents will exhibit near rational behaviour. Responders Versus Non-Responders: A New Perspective on Heterogeneity 1991 The Economic Journal John Haltiwanger, Michael Waldman 0.798
of the agent’s individual rationality constraint. Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information 1999 The Review of Economic Studies Zvika Neeman 0.797
In our approach, agents are endowed with correct models of the economy, but the costs of using these models lead to limitations in agents’ abilities or incentives to deduce immediately the associated rational-expectations equilibria. Expectation Calculation and Macroeconomic Dynamics 1992 The American Economic Review George W. Evans, Garey Ramey 0.795
1 Introduction The potential complexity of equilibrium strategies in dynamic economic models raises suspicion about the assumption of rationality of economic agents. How Complex Are Networks Playing Repeated Games? 1999 Economic Theory In-Koo Cho, Hao Li 0.789

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
In the following section, we investigate the effects of different policies when agents have rational beliefs. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.823
Such an occurrence opens the door for the instructor to have a discussion about the importance of rationality of agents for the predictions of not only this particular model, but also many other economic models that we teach. Your Place in Space: Classroom Experiment on Spatial Location Theory 2009 The Journal of Economic Education Margo Bergman , G. Dirk Mateer , Michael Reksulak, Jonathan C. Rork, Rick K. Wilson , David Zirkle 0.811
The bounded rationality literature argues that very few agents have the capability, regardless of cost or mean squared error, to form rational expectations. The Theory of Rationally Heterogeneous Expectations: Evidence from Survey Data on Inflation Expectations 2004 The Economic Journal William A. Branch 0.809
Rationality endows agents with prior probabilities. Rational Decisions in Large Worlds 2007 Annales d’Économie et de Statistique Ken Binmore 0.809
If one assumes that agents have rational expectations, a stricter condition is being imposed, namely that beliefs are correct2. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.805
Agents have rational expectations. Unemployment and the ‘Labour-Management Conspiracy’ 2000 The Economic Journal Larry Karp , Thierry Paul 0.801
Economic agents are rational. Exchange Rate Fluctuations and the Balance of Payments: Channels of Interaction in Developing and Developed Countries 2009 Journal of Economic Integration Magda Kandil 0.799
Turning to specific claims built into modern economic models these authors single out the ‘the twin assumptions of “rational expectations” and a representative agent’ as particularly unrealistic. The current economic crisis: its nature and the course of academic economics 2009 Cambridge Journal of Economics Tony Lawson 0.789
However, much of this work rests on either behavioral assumptions or, in the case of economists, is driven by experimental research,2 where the implicit assumption is bounded rationality.3 The simple finite-horizon model that we use in this paper has fully rational agents. Simple Reputation Systems 2007 The Scandinavian Journal of Economics John Kennes , Aaron Schiff 0.788
It is one thing to present the rational economic agent as an ideal type which might capture certain tendencies in human behaviour, and to propose that economics uses it as a working model in those types of application for which it proves to have predictive and explanatory power. Can Economics Be Founded on ‘Indisputable Facts of Experience’? Lionel Robbins and the Pioneers of Neoclassical Economics 2009 Economica Robert Sugden 0.786
Rationally irrational agents choose their utility-maximizing combination of wealth and irrationality based on an unbiased judgment about the tradeoffs. Rational Irrationality: A Framework for the Neoclassical-Behavioral Debate 2000 Eastern Economic Journal Bryan Caplan 0.785
We expect the economic agents to be rational in their expectations, in the sense of consistency of choice, conformity with self-interest and maximizing behavior, and following reason in general. MEMORIALIZING MILTON FRIEDMAN: A REVIEW OF HIS MAJOR WORKS, 1912-2006 2008 The American Economist Lall Ramrattan , Michael Szenberg 0.784
We believe that such phenomena are strongly related to agents’ rationality and our framework can be easily adopted, offering a totally new theorizing of the problem. Strategic Market Games Quantal Response Equilibria 2006 Economic Theory Dimitrios Voliotis 0.784

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Introduction For over one hundred years, economists have operated under the assumption that agents are rational. Heterogeneous Gender Effects under Loss Aversion in the Economics Classroom: A Field Experiment 2015 Southern Economic Journal Maria Apostolova-Mihaylova, William Cooper , Gail Hoyt , Emily C. Marshall 0.837
Rational Choices of Economic Agents 4. Economic Education in Korea: Current Status and Changes 2010 The Journal of Economic Education Jinsoo Hahn , Kyungho Jang 0.830
Although modern economics has evolved under the conventional assumption that economic agents are perfectly rational, recent studies have revealed that agents are 1 The seminal articles in this context are those of Bhagwati et al.  Aspirations and the transfer paradox in an overlapping generations model 2017 Journal of Economics Kojun Hamada , Tsuyoshi Shinozaki , Mitsuyoshi Yanagihara 0.813
C. Discussion It is instructive to compare our result to that of a model with fully rational agents. Social Learning with Coarse Inference 2013 American Economic Journal: Microeconomics Antonio Guarino, Philippe Jehiel 0.812
The expectations of the agents must be rational. Shopping Externalities and Self-Fulfilling Unemployment Fluctuations 2016 Journal of Political Economy Greg Kaplan , Guido Menzio 0.811
The model in the present paper does not contradict that view, even though agents are assumed to be fully rational. Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution 2014 The Scandinavian Journal of Economics Guillermo A. Calvo 0.808
Agents are seen as rationally heterogeneous in the sense that each predictor choice is optimal for them; strictly speaking, agents’ expectations are seen as boundedly rational and consistent with optimizing behavior. Inflation Targeting and Macroeconomic Stability with Heterogeneous Inflation Expectations 2014 Journal of Post Keynesian Economics GILBERTO TADEU LIMA , MARK SETTERFIELD , JAYLSON JAIR DA SILVEIRA 0.798
On the other hand, an agent might form rational expectations. Loss Aversion and Consumption Choice: Theory and Experimental Evidence 2015 American Economic Journal: Microeconomics Heiko Karle , Georg Kirchsteiger, Martin Peitz 0.796
Remarks and Interpretation Our heterogeneous-prior specification puts strains on the rationality of the agents. QUANTIFYING CONFIDENCE 2018 Econometrica George-Marios Angeletos, Fabrice Collard , Harris Dellas 0.790
In what follows, we discuss the assumptions made regarding the agent’s bounded rationality. COMPLEX QUESTIONNAIRES 2014 Econometrica Jacob Glazer , Ariel Rubinstein 0.790
BROOKS B, ROBINSON* “Rational economic agents” making optimal choices, such as shifting to less expensive products, is a funda mental paradigm for theoretical and applied econo mics. How Biased are Current Measures of Asian Output Growth and Price Change? 2010 Business Economics BROOKS B. ROBINSON 0.782
The presence of boundedly rational agents may make rational competitors in the same market to mimic their competitors. A Dynamic Behavioral Model of the Credit Boom 2015 Journal of Economic Issues David Peón , Manel Antelo, Anxo Calvo 0.780
from those implied by rational expectations A similar approach where agents have mis- may arise. The Formation of Expectations, Inflation, and the Phillips Curve 2018 Journal of Economic Literature Olivier Coibion , Yuriy Gorodnichenko, Rupal Kamdar 0.780
In such circumstances, a “rational” agent is likely to stick to a non-optimal strategy. Imperfect Information and Opportunism 2017 Journal of Economic Issues Ashok Chakravarti 0.780

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 52.67% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
of the agent’s individual rationality constraint. Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information 1999 The Review of Economic Studies Zvika Neeman 0.856
We believe that such phenomena are strongly related to agents’ rationality and our framework can be easily adopted, offering a totally new theorizing of the problem. Strategic Market Games Quantal Response Equilibria 2006 Economic Theory Dimitrios Voliotis 0.854
Although modern economics has evolved under the conventional assumption that economic agents are perfectly rational, recent studies have revealed that agents are 1 The seminal articles in this context are those of Bhagwati et al.  Aspirations and the transfer paradox in an overlapping generations model 2017 Journal of Economics Kojun Hamada , Tsuyoshi Shinozaki , Mitsuyoshi Yanagihara 0.846
Agents have either rational or adaptive expectations. Heterogeneous Expectations, Optimal Monetary Policy, and the Merit of Policy Inertia 2014 Journal of Money, Credit and Banking EMANUEL GASTEIGER 0.845
Agents have rational expectations and learn from prices, i.e.  Speculative Securities 1999 Economic Theory José M. Marín, Rohit Rahi 0.843
Agents have rational expectations. A Schumpeterian Model of Growth in the World Economy: Some Notes on a New Paradigm in International Economics 1991 Weltwirtschaftliches Archiv Horst Siebert 0.842
Agents have rational expectations. Unemployment and the ‘Labour-Management Conspiracy’ 2000 The Economic Journal Larry Karp , Thierry Paul 0.842
We model economic agents as making individually rational choices, given the environment in which they are acting. A Theory of the Syndicate: Form Follows Function 2001 The Journal of Finance Pegaret Pichler, William Wilhelm 0.839
In the following section, we investigate the effects of different policies when agents have rational beliefs. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.839
Introduction For over one hundred years, economists have operated under the assumption that agents are rational. Heterogeneous Gender Effects under Loss Aversion in the Economics Classroom: A Field Experiment 2015 Southern Economic Journal Maria Apostolova-Mihaylova, William Cooper , Gail Hoyt , Emily C. Marshall 0.837
Agents have rational expectations - a strong, although standard assumption. A Simple Macroeconomic Model with Endogenous Credit Rationing 1995 Annales d’Économie et de Statistique John Fender 0.834
Some agents may form expectations rationally, others adaptively, and others naively. Agent-based modeling, public choice, and the legacy of Gordon Tullock 2012 Public Choice Richard Wallick 0.830
The model in the present paper does not contradict that view, even though agents are assumed to be fully rational. Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution 2014 The Scandinavian Journal of Economics Guillermo A. Calvo 0.828
Rational Choices of Economic Agents 4. Economic Education in Korea: Current Status and Changes 2010 The Journal of Economic Education Jinsoo Hahn , Kyungho Jang 0.828
Agents form rational expectations such that consistency is provided between the models proposed and the formation of expectations. Dissertations in Economics and Finance, 1990-1991 1991 The Scandinavian Journal of Economics NULL 0.827

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
of the agent’s individual rationality constraint. Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information 1999 The Review of Economic Studies Zvika Neeman 0.856
We believe that such phenomena are strongly related to agents’ rationality and our framework can be easily adopted, offering a totally new theorizing of the problem. Strategic Market Games Quantal Response Equilibria 2006 Economic Theory Dimitrios Voliotis 0.854
Although modern economics has evolved under the conventional assumption that economic agents are perfectly rational, recent studies have revealed that agents are 1 The seminal articles in this context are those of Bhagwati et al.  Aspirations and the transfer paradox in an overlapping generations model 2017 Journal of Economics Kojun Hamada , Tsuyoshi Shinozaki , Mitsuyoshi Yanagihara 0.846
Agents have either rational or adaptive expectations. Heterogeneous Expectations, Optimal Monetary Policy, and the Merit of Policy Inertia 2014 Journal of Money, Credit and Banking EMANUEL GASTEIGER 0.845
Agents have rational expectations and learn from prices, i.e.  Speculative Securities 1999 Economic Theory José M. Marín, Rohit Rahi 0.843
Agents have rational expectations. A Schumpeterian Model of Growth in the World Economy: Some Notes on a New Paradigm in International Economics 1991 Weltwirtschaftliches Archiv Horst Siebert 0.842
Agents have rational expectations. Unemployment and the ‘Labour-Management Conspiracy’ 2000 The Economic Journal Larry Karp , Thierry Paul 0.842
We model economic agents as making individually rational choices, given the environment in which they are acting. A Theory of the Syndicate: Form Follows Function 2001 The Journal of Finance Pegaret Pichler, William Wilhelm 0.839
In the following section, we investigate the effects of different policies when agents have rational beliefs. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.839
The model of the agent that has been presented here has a different architecture, which may be more difficult to translate into the theoretical language of economics. Maps of Bounded Rationality: Psychology for Behavioral Economics 2003 The American Economic Review Daniel Kahneman 0.839
We emphasize that we do not assume that the environment is symmetric between the agents - different agents may have different utility distributions. PARETO EFFICIENCY AND WEIGHTED MAJORITY RULES 2014 International Economic Review Yaron Azrieli, Semin Kim 0.838
Introduction For over one hundred years, economists have operated under the assumption that agents are rational. Heterogeneous Gender Effects under Loss Aversion in the Economics Classroom: A Field Experiment 2015 Southern Economic Journal Maria Apostolova-Mihaylova, William Cooper , Gail Hoyt , Emily C. Marshall 0.837
Agents have rational expectations - a strong, although standard assumption. A Simple Macroeconomic Model with Endogenous Credit Rationing 1995 Annales d’Économie et de Statistique John Fender 0.834
Some agents may form expectations rationally, others adaptively, and others naively. Agent-based modeling, public choice, and the legacy of Gordon Tullock 2012 Public Choice Richard Wallick 0.830
The model in the present paper does not contradict that view, even though agents are assumed to be fully rational. Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution 2014 The Scandinavian Journal of Economics Guillermo A. Calvo 0.828
Rational Choices of Economic Agents 4. Economic Education in Korea: Current Status and Changes 2010 The Journal of Economic Education Jinsoo Hahn , Kyungho Jang 0.828
With the help of an economics course and sufficient discussion, the agent’s preferences might conform to those in the abstraction the economist has associated with d/?. ECONOMICS: BETWEEN PREDICTION AND CRITICISM 2018 International Economic Review Itzhak Gilboa , Andrew Postlewaite, Larry Samuelson , David Schmeidler 0.828

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
of the agent’s individual rationality constraint. Property Rights and Efficiency of Voluntary Bargaining under Asymmetric Information 1999 The Review of Economic Studies Zvika Neeman 0.856
Agents have rational expectations and learn from prices, i.e.  Speculative Securities 1999 Economic Theory José M. Marín, Rohit Rahi 0.843
Agents have rational expectations. A Schumpeterian Model of Growth in the World Economy: Some Notes on a New Paradigm in International Economics 1991 Weltwirtschaftliches Archiv Horst Siebert 0.842
Agents have rational expectations - a strong, although standard assumption. A Simple Macroeconomic Model with Endogenous Credit Rationing 1995 Annales d’Économie et de Statistique John Fender 0.834
Agents form rational expectations such that consistency is provided between the models proposed and the formation of expectations. Dissertations in Economics and Finance, 1990-1991 1991 The Scandinavian Journal of Economics NULL 0.827
Yet, the theory of rational expectations in economics and game theory is based on the premise that agents * This research was supported by NSF Grant IRI-8814954 to Stanford University and by the Summer 1990 Economics Program at the Santa Fe Institute. On the Structure and Diversity of Rational Beliefs 1994 Economic Theory Mordecai Kurz 0.825
These kinds of conditions may seem far-fetched for any real-world economy, but they are representative of all “justifications” of the representative agent approach. Empirical Approaches to the Problem of Aggregation Over Individuals 1993 Journal of Economic Literature Thomas M. Stoker 0.818
Agents observe their own endowments and market prices and need to form beliefs about future prices. Endogenous Uncertainty in a General Equilibrium Model with Price Contingent Contracts 1996 Economic Theory Mordecai Kurz, Ho-Mou Wu 0.817
Two of these—the representative agent construction and the ‘rational’ expectations hypothesis—are particularly relevant to the present discussion. The theory of evolution and the evolution of theory: Veblen’s methodology in contemporary perspective 1996 Cambridge Journal of Economics George Argyrous, Rajiv Sethi 0.816
Economic agents typically act in some, but not in all situations rationally. On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 0.815

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
We believe that such phenomena are strongly related to agents’ rationality and our framework can be easily adopted, offering a totally new theorizing of the problem. Strategic Market Games Quantal Response Equilibria 2006 Economic Theory Dimitrios Voliotis 0.854
Agents have rational expectations. Unemployment and the ‘Labour-Management Conspiracy’ 2000 The Economic Journal Larry Karp , Thierry Paul 0.842
We model economic agents as making individually rational choices, given the environment in which they are acting. A Theory of the Syndicate: Form Follows Function 2001 The Journal of Finance Pegaret Pichler, William Wilhelm 0.839
In the following section, we investigate the effects of different policies when agents have rational beliefs. Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 0.839
The model of the agent that has been presented here has a different architecture, which may be more difficult to translate into the theoretical language of economics. Maps of Bounded Rationality: Psychology for Behavioral Economics 2003 The American Economic Review Daniel Kahneman 0.839
nomic and one financial, agents’ actions depend on their expectations ofthe average actions of others. Editors’ Summary 2005 Brookings Papers on Economic Activity NULL 0.823
Researchers in this field usually preserve the assumption that an agent is rational in the economic * This work would not have been possible without the collaboration of Eli Zvuluny who built the site which served as the platform for the experiments. Instinctive and Cognitive Reasoning: A Study of Response Times 2007 The Economic Journal Ariel Rubinstein 0.822
behaviour of economic agents. Is the Ricardian Equivalence Proposition an ‘Aerie Fairy’ Theory for Europe? 2007 Economica Jesús Crespo Cuaresama, Gerhard Reitschuler 0.821
Agents have a certain amount of forward-looking capabilities under Definitions 2 and 3 but far less than under rational expectations. Recurrent Hyperinflations and Learning 2003 The American Economic Review Albert Marcet , Juan P. Nicolini 0.820
We assume that although agents act, whenever they can, in order to maximize the expected utility derived from the collective decision, they do not observe their own utility. Rational Debate and One-Dimensional Conflict 2000 The Quarterly Journal of Economics David Spector 0.817

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Although modern economics has evolved under the conventional assumption that economic agents are perfectly rational, recent studies have revealed that agents are 1 The seminal articles in this context are those of Bhagwati et al.  Aspirations and the transfer paradox in an overlapping generations model 2017 Journal of Economics Kojun Hamada , Tsuyoshi Shinozaki , Mitsuyoshi Yanagihara 0.846
Agents have either rational or adaptive expectations. Heterogeneous Expectations, Optimal Monetary Policy, and the Merit of Policy Inertia 2014 Journal of Money, Credit and Banking EMANUEL GASTEIGER 0.845
We emphasize that we do not assume that the environment is symmetric between the agents - different agents may have different utility distributions. PARETO EFFICIENCY AND WEIGHTED MAJORITY RULES 2014 International Economic Review Yaron Azrieli, Semin Kim 0.838
Introduction For over one hundred years, economists have operated under the assumption that agents are rational. Heterogeneous Gender Effects under Loss Aversion in the Economics Classroom: A Field Experiment 2015 Southern Economic Journal Maria Apostolova-Mihaylova, William Cooper , Gail Hoyt , Emily C. Marshall 0.837
Some agents may form expectations rationally, others adaptively, and others naively. Agent-based modeling, public choice, and the legacy of Gordon Tullock 2012 Public Choice Richard Wallick 0.830
The model in the present paper does not contradict that view, even though agents are assumed to be fully rational. Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution 2014 The Scandinavian Journal of Economics Guillermo A. Calvo 0.828
Rational Choices of Economic Agents 4. Economic Education in Korea: Current Status and Changes 2010 The Journal of Economic Education Jinsoo Hahn , Kyungho Jang 0.828
With the help of an economics course and sufficient discussion, the agent’s preferences might conform to those in the abstraction the economist has associated with d/?. ECONOMICS: BETWEEN PREDICTION AND CRITICISM 2018 International Economic Review Itzhak Gilboa , Andrew Postlewaite, Larry Samuelson , David Schmeidler 0.828
Different agents may have different preferences over different equilibria. Deliberating Collective Decisions 2018 The Review of Economic Studies JIMMY CHAN , ALESSANDRO LIZZERI, WING SUEN , LEEAT YARIV 0.825
from those implied by rational expectations A similar approach where agents have mis- may arise. The Formation of Expectations, Inflation, and the Phillips Curve 2018 Journal of Economic Literature Olivier Coibion , Yuriy Gorodnichenko, Rupal Kamdar 0.822

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 29 0.661
IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 28 0.648
The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 24 0.650
Optimal Expectations 2005 The American Economic Review Markus K. Brunnermeier, Jonathan A. Parker 24 0.644
On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 21 0.688
MARKET SELECTION WITH DIFFERENTIAL FINANCIAL CONSTRAINTS 2019 Econometrica Ani Guerdjikova, John Quiggin 20 0.622
Satisficing Contracts 2010 The Review of Economic Studies PATRICK BOLTON , ANTOINE FAURE-GRIMAUD 17 0.620
Understanding Booms and Busts in Housing Markets 2016 Journal of Political Economy Craig Burnside , Martin Eichenbaum, Sergio Rebelo 16 0.614
Do Markets Favor Agents Able to Make Accurate Predictions? 2000 Econometrica Alvaro Sandroni 15 0.604
Efficient Markets and Bayes’ Rule 2005 Economic Theory Alvaro Sandroni 15 0.626

Top articles (most sentences) of the cluster for each time window

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 24 0.650
On the Relevance of Learning and Evolution to Economic Theory 1996 The Economic Journal Tilman Börgers 21 0.688
Learning Rational Expectations in an Asset Market 1995 Journal of Economics Ricardo Grinspun 13 0.665
Learning from Neighbours 1998 The Review of Economic Studies Venkatesh Bala, Sanjeev Goyal 13 0.635
Whom or What Does the Representative Individual Represent? 1992 The Journal of Economic Perspectives Alan P. Kirman 11 0.617
Uncertainty, Expectations, and the Future: If We Don’t Know the Answers, What Are the Questions? 1993 Journal of Post Keynesian Economics Thomas I. Palley 10 0.622
Rational Beliefs and Endogenous Uncertainty 1996 Economic Theory Mordecai Kurz 10 0.636
First Impressions Matter: A Model of Confirmatory Bias 1999 The Quarterly Journal of Economics Matthew Rabin , Joel L. Schrag 10 0.610
Social Norms, Savings Behavior, and Growth 1992 Journal of Political Economy Harold L. Cole , George J. Mailath , Andrew Postlewaite 9 0.612
On the Structure and Diversity of Rational Beliefs 1994 Economic Theory Mordecai Kurz 9 0.693
Uncertainty and the Institutional Structure of Capitalist Economies: Remarks upon Receiving the Veblen-Commons Award 1996 Journal of Economic Issues Hyman P. Minsky 9 0.667
Learning Rational Expectations: Classical Conditions Ensure Uniqueness and Global Stability 1990 Economica James E. Foster , Michael Frierman 8 0.645
Responders Versus Non-Responders: A New Perspective on Heterogeneity 1991 The Economic Journal John Haltiwanger, Michael Waldman 8 0.648
Rational Belief Structures and Rational Belief Equilibria 1996 Economic Theory Carsten Krabbe Nielsen 8 0.700
Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 8 0.678

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Optimal Expectations 2005 The American Economic Review Markus K. Brunnermeier, Jonathan A. Parker 24 0.644
Do Markets Favor Agents Able to Make Accurate Predictions? 2000 Econometrica Alvaro Sandroni 15 0.604
Efficient Markets and Bayes’ Rule 2005 Economic Theory Alvaro Sandroni 15 0.626
Rational Irrationality: A Framework for the Neoclassical-Behavioral Debate 2000 Eastern Economic Journal Bryan Caplan 13 0.688
Floating Exchange Rates versus a Monetary Union under Rational Beliefs: The Role of Endogenous Uncertainty 2003 Economic Theory Carsten Krabbe Nielsen 12 0.672
Rational Overoptimism (And Other Biases) 2004 The American Economic Review Eric Van den Steen 12 0.601
MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 12 0.641
Learning with Expert Advice 2007 Journal of the European Economic Association Krisztina Molnár 12 0.639
Heterogeneous Beliefs, Speculation, and the Equity Premium 2008 The Journal of Finance Alexander David 12 0.621
The Uncertain Foundations of Transaction Costs Economics 2000 Journal of Economic Issues Gary Slater , David A. Spencer 10 0.650
On Forecasting Heterogeneity, Irrational Exuberance, and the Multiplicity of Rational Expectations Equilibria 2002 Journal of Economics Mark Weder 10 0.674
The Theory of Rationally Heterogeneous Expectations: Evidence from Survey Data on Inflation Expectations 2004 The Economic Journal William A. Branch 10 0.653
Maps of Bounded Rationality: Psychology for Behavioral Economics 2003 The American Economic Review Daniel Kahneman 9 0.685
Ego Utility, Overconfidence, and Task Choice 2006 Journal of the European Economic Association Botond Köszegi 9 0.621
The New Keynesian Microfoundation of Macroeconomics 2009 Jahrbuch für Wirtschaftswissenschaften / Review of Economics Peter Spahn 9 0.638

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 29 0.661
IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 28 0.648
MARKET SELECTION WITH DIFFERENTIAL FINANCIAL CONSTRAINTS 2019 Econometrica Ani Guerdjikova, John Quiggin 20 0.622
Satisficing Contracts 2010 The Review of Economic Studies PATRICK BOLTON , ANTOINE FAURE-GRIMAUD 17 0.620
Understanding Booms and Busts in Housing Markets 2016 Journal of Political Economy Craig Burnside , Martin Eichenbaum, Sergio Rebelo 16 0.614
MODELING THE EVOLUTION OF EXPECTATIONS AND UNCERTAINTY IN GENERAL EQUILIBRIUM 2016 International Economic Review Francesco Bianchi, Leonardo Melosi 14 0.626
A MODEL OF FOCUSING IN ECONOMIC CHOICE 2013 The Quarterly Journal of Economics Botond Kőszegi, Adam Szeidl 13 0.599
Dormant Shocks and Fiscal Virtue 2014 NBER Macroeconomics Annual Francesco Bianchi, Leonardo Melosi 13 0.614
Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model 2015 The American Economic Review Filip Matějka , Alisdair McKay 13 0.640
Conundrums of the representative agent 2017 Cambridge Journal of Economics D. Wade Hands 13 0.652
The scientific foundation of dynamic stochastic general equilibrium (DSGE) models 2010 Public Choice Paul De Grauwe 12 0.627
Social Learning with Coarse Inference 2013 American Economic Journal: Microeconomics Antonio Guarino, Philippe Jehiel 12 0.649
Rational overconfidence and social security: subjective beliefs, objective welfare 2018 Economic Theory Carsten Krabbe Nielsen 12 0.656
Selective Trials: A Principal-Agent Approach to Randomized Controlled Experiments 2012 The American Economic Review Sylvain Chassang , Gerard Padró i Miquel, Erik Snowberg 10 0.612
Recursive equilibrium with Price Perfect Foresight and a minimal state space 2016 Economic Theory Rodrigo Jardim Raad 10 0.610

Closest clusters of the cluster per decade

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0122852
101: players, games, game_theory, player, game -0.0301052
72: model, models, modeling, rational_expectations, economic_models -0.0581926
103: voters, voting, voter, rational_voter, public_choice -0.0636449
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0678105
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0687419
87: asset, rational_expectations, investors, rational_investors, traders -0.0985703
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1033409
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1317745
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1332614
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1430551

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
111: information, private_information, rational_expectations, informational, rational_inattention -0.0313287
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0606982
101: players, games, game_theory, player, game -0.0627932
72: model, models, modeling, rational_expectations, economic_models -0.0631837
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0899754
103: voters, voting, voter, rational_voter, public_choice -0.0936558
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1039494
87: asset, rational_expectations, investors, rational_investors, traders -0.1073622
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1095276
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1571036
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1663392
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1864682

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0053255
111: information, private_information, rational_expectations, informational, rational_inattention -0.0280452
101: players, games, game_theory, player, game -0.0734363
87: asset, rational_expectations, investors, rational_investors, traders -0.0868574
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0885739
103: voters, voting, voter, rational_voter, public_choice -0.1112019
72: model, models, modeling, rational_expectations, economic_models -0.1203027
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1319567
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1341213
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1462031
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1979296
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.2468144

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.9840185
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.9742110
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.1739091
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1250084
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.1179305
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.0965144
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.0902329
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.0793976
1900-1919 13: laborers, employer, employers, wages, pain 0.0753386
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0746109
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0704649
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0652941
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.0631309
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0591035
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0576003

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 93: rational_agents, agent’s, representative_agent, agents, agent 0.9918206
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.9840185
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1334619
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.1306472
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1105681
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.1068754
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0892746
1900-1919 13: laborers, employer, employers, wages, pain 0.0784961
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0739936
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0662171
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0619061
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.0600996
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0568612
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.0546016
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0545601

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 93: rational_agents, agent’s, representative_agent, agents, agent 0.9918206
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.9742110
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.1371328
1960-1969 8: farm, agriculture, agricultural, land, farmers 0.1344391
1920-1939 8: farm, agriculture, agricultural, land, farmers 0.1077363
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.1068056
1900-1919 13: laborers, employer, employers, wages, pain 0.0940268
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0893321
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0818216
1940-1949 36: capitalism, marx, socialist, capitalistic, soviet 0.0761400
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0660165
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.0580172
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0544422
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0537978
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.0472453

Intertemporal cluster 95: choice_theory, rational_choice, preferences, choice_model, expected_utility

The cluster gathers 7550 sentences from our corpus. It represents 4.66% of all the sentences selected over the whole period.

The community exists from 1990 to 2019.

The most recurring authors are Robert Sugden (134 sentences), Chris Starmer (63 sentences), Botond Kőszegi (61 sentences), Matthew Rabin (55 sentences), Eric Sheppard (47 sentences), Trevor J. Barnes (46 sentences), Pietro Ortoleva (44 sentences), Walter Bossert (42 sentences), B. Douglas Bernheim (39 sentences), Charles R. Plott (38 sentences).

The most recurring journals are The American Economic Review (707 sentences), Economic Theory (517 sentences), The Economic Journal (445 sentences), Public Choice (399 sentences), Econometrica (346 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
choice_theory 0.0032180
rational_choice 0.0031462
preferences 0.0020105
choice_model 0.0017724
expected_utility 0.0013742
social_choice 0.0012154
choice_behavior 0.0010280
model 0.0009571
public_choice 0.0008904
decision_maker 0.0008887
reference_dependent 0.0008823
revealed_preference 0.0008813
choice_models 0.0008391
choice_set 0.0008163
outcomes 0.0008094
choices 0.0008082
dependent_preferences 0.0007441
models 0.0007408
option 0.0007278
contingent_valuation 0.0006612

Top TF-IDF terms describing the community for each time window

Top terms 1990-1999

Token TF-IDF
rational_choice 0.0051555
choice_theory 0.0047188
public_choice 0.0019504
social_choice 0.0018313
economic_sociology 0.0015357
choice_model 0.0014738
expected_utility 0.0011439
dynamic_choice 0.0010772
contingent_valuation 0.0010746
optimal_plans 0.0010744
choice_paradigm 0.0010734
preferences 0.0010111
choice_analysis 0.0009873
choice_approach 0.0009596
choice_theorists 0.0008574

Top terms 2000-2009

Token TF-IDF
rational_choice 0.0042625
choice_theory 0.0036455
preferences 0.0022456
choice_model 0.0018332
discovered_preference 0.0015632
choice_behavior 0.0012898
choice_models 0.0011768
model 0.0011676
preference_relation 0.0011032
expected_utility 0.0010995
social_choice 0.0010840
public_choice 0.0010458
interdependent_preferences 0.0009290
decision_maker 0.0009048
choices 0.0008791

Top terms 2010-2019

Token TF-IDF
preferences 0.0028052
reference_dependent 0.0023186
revealed_preference 0.0019708
dependent_preferences 0.0019694
choice_model 0.0019410
choice_set 0.0016688
model 0.0016580
choice_theory 0.0015910
stochastic_choice 0.0015318
expected_utility 0.0015066
rational_choice 0.0014267
choice_behavior 0.0013050
social_choice 0.0012374
consideration_set 0.0011443
consideration_sets 0.0011373

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Statement of Problem The possibility that decision makers shape their economic behavior on the basis of rational expectations has profound implications for many empirical problems and policy issues. An Empirical Window on Rational Expectations Formation 1992 The Review of Economics and Statistics Richard L. Pollock, Jack P. Suyderhoud 0.846
Rationality is seen as intelligently maximizing such a payoff function, using all the available instruments, subject to feasibility.1 This canonical formulation of “rational choice” in standard theory is critically scrutinized in this note, identifying distinct inadequacies in different contexts. The Formulation of Rational Choice 1994 The American Economic Review Amartya Sen 0.817
There was a time, not long ago, when the foundations of rational-choice theory appeared firm, and when the job of the economic theorist seemed to be one of drawing out the often complex implications of a fairly simple and uncontroversial system of axioms. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.808
631-661 Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice JORG RIESKAMP, JEROME R. BUSEMEYER, AND BARBARA A. MELLERS* Most economists define rationality in terms of consistency principles. Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice 2006 Journal of Economic Literature Jörg Rieskamp , Jerome R. Busemeyer, Barbara A. Mellers 0.807
These results put out a challenge to the economic theorist, to provide some underpinnings to such a behavior, while applying the tools of rational choice theory. Suicide-Bombing as Inter-Generational Investment 2005 Public Choice Jean-Paul Azam 0.804
The bulk of the paper is, however, dedicated to a rational-choice interpretation. Corporate Design for Regulability: A Principal-Agent-Supervisor Model 2006 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Christoph Engel 0.803
In this model, choice anomalies are not seen as violations of “rationality,” but they rather emerge as equilibrium behavior in a specific market environment. Revealed (P) Reference Theory 2015 The American Economic Review Efe A. Ok , Pietro Ortoleva, Gil Riella 0.792
Here the endeavor to apply the rational choice model, i.e.  Retrospective Reflections on the Discussions at the Conference: Concluding Comment 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Eilert Herms 0.791
It seems that more and more economists realized the problem of having too many degrees of freedom to rationalize behavior: Given any empirical observation, it is always possible to assume “appropriate” preferences to show that the observation is in line with the rational actor paradigm or, to put it differently, that real world phenomena are nothing but equilibrium outcomes. Institutions and Preferences: An Evolutionary Perspective 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Steffen Huck 0.791
These rationality- based paradigms have produced a rich and useful body of theory, yet their ability to describe actual decision-making processes has not always matched the mathematical elegance of their derived decision rules; and as a result, these models have come under increasing attack in recent years by cognitive psychologists and selected economists. “Perceptions as Reality” on Large-Scale Dairy Farms 1993 Review of Agricultural Economics Paul N. Wilson , Roger D. Dahlgran , Neilson C. Conklin 0.790
Mainstream economic theory and attributes of progress Examples from rational choice theorv The issue in this section is the extent to which rational choice theory and its subset, game theory, provide explanations for real-world phenomena previously unexplained, are tending to greater empirical domain and prediction, and exhibit increased practical policy-solving ability. Intellectual Progress and Academic Economics: Rational Choice and Game Theory 1999 Journal of Post Keynesian Economics Clive Beed, Cara Beed 0.789
Our purpose is to reexamine the domain of application of this approach, which has included, but certainly does not require, the rational choice hypothesis. Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 0.789
We find a modern, academic, expression of the belief in economic rationality in theoretical assumptions about human behavior and choice-making of neoclassical economics. An Institutional Approach to Sustainability: Historical Interplay of Worldviews, Institutions and Technology 2007 Journal of Economic Issues Igor Matutinović 0.789
The assumption of a constant rate of discount is not merely sufficient to generate time-consistent choices; it may be implied by a certain type of rational reasoning. The Endogenous Determination of Time Preference 1997 The Quarterly Journal of Economics Gary S. Becker , Casey B. Mulligan 0.787
This literature has advanced a number of rationality, or consistency, restrictions for such choice behavior. ‘Regular’ choice and the weak axiom of stochastic revealed preference 2007 Economic Theory Indraneel Dasgupta , Prasanta K. Pattanaik 0.786
Given how private agents form their expectations, a rational policymaker, in choosing policy to maximize UO, the expected value of present and future realizations of his preference function, has to signal that his mode of behavior is in fact rational, in order to avoid being mistakenly thought to have become compulsively opportunistic. Inflation and Reputation with Generic Policy Preferences 1990 Journal of Money, Credit and Banking Herschel I. Grossman 0.784
In this paper, a rational choice explanation for this fact is offered. Location Choice as a Signal for Product Quality: The Economics of “Made in Germany” 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Justus Haucap , Christian Wey , Jens F. Barmbold 0.781
An aspect of the rationality of market behaviour assumed in mainstream economic theory is that revealed preferences, choices based on self-interest, will be internally consistent. Pragmatism and economics: William James’ contribution 2008 Cambridge Journal of Economics Jack Barbalet 0.781
An Investigation of Rational Decision Theory,” American Economic Review, 86, 954-970. Learning in High Stakes Ultimatum Games: An Experiment in the Slovak Republic 1998 Econometrica Robert Slonim, Alvin E. Roth 0.779
The economists’ familiar prejudices against the rationality of deliberative choices made in order to constrain choices become relevant here, but only as applied within the domain so defined. Choosing What to Choose 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft James M. Buchanan 0.779

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Statement of Problem The possibility that decision makers shape their economic behavior on the basis of rational expectations has profound implications for many empirical problems and policy issues. An Empirical Window on Rational Expectations Formation 1992 The Review of Economics and Statistics Richard L. Pollock, Jack P. Suyderhoud 0.846
Rationality is seen as intelligently maximizing such a payoff function, using all the available instruments, subject to feasibility.1 This canonical formulation of “rational choice” in standard theory is critically scrutinized in this note, identifying distinct inadequacies in different contexts. The Formulation of Rational Choice 1994 The American Economic Review Amartya Sen 0.817
There was a time, not long ago, when the foundations of rational-choice theory appeared firm, and when the job of the economic theorist seemed to be one of drawing out the often complex implications of a fairly simple and uncontroversial system of axioms. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.808
Here the endeavor to apply the rational choice model, i.e.  Retrospective Reflections on the Discussions at the Conference: Concluding Comment 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Eilert Herms 0.791
It seems that more and more economists realized the problem of having too many degrees of freedom to rationalize behavior: Given any empirical observation, it is always possible to assume “appropriate” preferences to show that the observation is in line with the rational actor paradigm or, to put it differently, that real world phenomena are nothing but equilibrium outcomes. Institutions and Preferences: An Evolutionary Perspective 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Steffen Huck 0.791
These rationality- based paradigms have produced a rich and useful body of theory, yet their ability to describe actual decision-making processes has not always matched the mathematical elegance of their derived decision rules; and as a result, these models have come under increasing attack in recent years by cognitive psychologists and selected economists. “Perceptions as Reality” on Large-Scale Dairy Farms 1993 Review of Agricultural Economics Paul N. Wilson , Roger D. Dahlgran , Neilson C. Conklin 0.790
Mainstream economic theory and attributes of progress Examples from rational choice theorv The issue in this section is the extent to which rational choice theory and its subset, game theory, provide explanations for real-world phenomena previously unexplained, are tending to greater empirical domain and prediction, and exhibit increased practical policy-solving ability. Intellectual Progress and Academic Economics: Rational Choice and Game Theory 1999 Journal of Post Keynesian Economics Clive Beed, Cara Beed 0.789
Our purpose is to reexamine the domain of application of this approach, which has included, but certainly does not require, the rational choice hypothesis. Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 0.789
The assumption of a constant rate of discount is not merely sufficient to generate time-consistent choices; it may be implied by a certain type of rational reasoning. The Endogenous Determination of Time Preference 1997 The Quarterly Journal of Economics Gary S. Becker , Casey B. Mulligan 0.787
Given how private agents form their expectations, a rational policymaker, in choosing policy to maximize UO, the expected value of present and future realizations of his preference function, has to signal that his mode of behavior is in fact rational, in order to avoid being mistakenly thought to have become compulsively opportunistic. Inflation and Reputation with Generic Policy Preferences 1990 Journal of Money, Credit and Banking Herschel I. Grossman 0.784
In this paper, a rational choice explanation for this fact is offered. Location Choice as a Signal for Product Quality: The Economics of “Made in Germany” 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Justus Haucap , Christian Wey , Jens F. Barmbold 0.781
An Investigation of Rational Decision Theory,” American Economic Review, 86, 954-970. Learning in High Stakes Ultimatum Games: An Experiment in the Slovak Republic 1998 Econometrica Robert Slonim, Alvin E. Roth 0.779
The economists’ familiar prejudices against the rationality of deliberative choices made in order to constrain choices become relevant here, but only as applied within the domain so defined. Choosing What to Choose 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft James M. Buchanan 0.779

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
631-661 Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice JORG RIESKAMP, JEROME R. BUSEMEYER, AND BARBARA A. MELLERS* Most economists define rationality in terms of consistency principles. Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice 2006 Journal of Economic Literature Jörg Rieskamp , Jerome R. Busemeyer, Barbara A. Mellers 0.807
These results put out a challenge to the economic theorist, to provide some underpinnings to such a behavior, while applying the tools of rational choice theory. Suicide-Bombing as Inter-Generational Investment 2005 Public Choice Jean-Paul Azam 0.804
The bulk of the paper is, however, dedicated to a rational-choice interpretation. Corporate Design for Regulability: A Principal-Agent-Supervisor Model 2006 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Christoph Engel 0.803
We find a modern, academic, expression of the belief in economic rationality in theoretical assumptions about human behavior and choice-making of neoclassical economics. An Institutional Approach to Sustainability: Historical Interplay of Worldviews, Institutions and Technology 2007 Journal of Economic Issues Igor Matutinović 0.789
This literature has advanced a number of rationality, or consistency, restrictions for such choice behavior. ‘Regular’ choice and the weak axiom of stochastic revealed preference 2007 Economic Theory Indraneel Dasgupta , Prasanta K. Pattanaik 0.786
An aspect of the rationality of market behaviour assumed in mainstream economic theory is that revealed preferences, choices based on self-interest, will be internally consistent. Pragmatism and economics: William James’ contribution 2008 Cambridge Journal of Economics Jack Barbalet 0.781
Rational choice is a useful heuristic even where its applicability is quite limited: if we assume it to be true at all times and analyze events under this assumption, then we can deduce, by comparison and inference, which predispositions and institutions will have led to outcomes. Organizing Socially Constructed Internal and External Resources 2006 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Arndt Sorge 0.776
Our economy is populated by agents with rational expectations but nonstandard preferences. Inequity Aversion, Financial Markets, and Output Fluctuations 2004 Journal of the European Economic Association Georg Gebhardt 0.773
Conclusions The model developed in this paper is, in one sense, a straightforward extension of the theory of rational choice. A Cournot-Nash Model of Family Decision Making 2001 The Economic Journal Zhiqi Chen , Frances Woolley 0.773
Rather, without committing to a specific decision procedure, we merely want to show that a familiar and very simple notion of rationality, based on a single preference relation, imposes restrictions on observed choices that are reasonably tight, yet consistent with a wide range of empirical observations. Non-Deteriorating Choice 2009 Economica Walter Bossert, Yves Sprumont 0.770
It may, however, be damaging—and hence crazy, in a broader sense of rationality—to insist on reducing a phenomenon to its choice-theoretic aspects, and is surely obnoxious and stultifying to insist that everyone else see the phenomenon in only this way, too.2 While some economists emphasise rational choice models as the core of economics, others define economics as the interpretation of ‘The Laws of The Market’. Confronting the science/value split: notes on feminist economics, institutionalism, pragmatism and process thought 2003 Cambridge Journal of Economics Julie A. Nelson 0.769
With multiple rational preference types, not all ordinally alike, an interior rational expectation dynamic steady-state robustly emerges: It may be impossible to draw any clear inference from history even while it continues to accumulate privately-informed decisions. Pathological Outcomes of Observational Learning 2000 Econometrica Lones Smith , Peter Sørensen 0.768

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
In this model, choice anomalies are not seen as violations of “rationality,” but they rather emerge as equilibrium behavior in a specific market environment. Revealed (P) Reference Theory 2015 The American Economic Review Efe A. Ok , Pietro Ortoleva, Gil Riella 0.792
Behavioral Assumptions.—The correct elicitation of preferences, which is key to our analysis, relies strongly on the assumption that agents are rational. Selective Trials: A Principal-Agent Approach to Randomized Controlled Experiments 2012 The American Economic Review Sylvain Chassang , Gerard Padró i Miquel, Erik Snowberg 0.776
The existence of a robust share of near rational actors suggests using a mix of preference theories for modeling behavior rather than a single theory, which would yield systematically biased results. RISK AND RATIONALITY: UNCOVERING HETEROGENEITY IN PROBABILITY DISTORTION 2010 Econometrica Adrian Bruhin , Helga Fehr-Duda, Thomas Epper 0.770
In summary, the choice model given by Theorem 1 combines the elements of rationality and the phenomena of status quo bias and reference dependence. A Canonical Model of Choice with Initial Endowments 2014 The Review of Economic Studies YUSUFCAN MASATLIOGLU, EFE A. OK 0.770
Instead of specifying and defining a theory of rational choice, Kahneman and Tversky assume that rational choice must exhibit consistency and coherence as defined by a concept of “procedural invariance.” They assume that it is a necessary condition. Misconceptions and Game Form Recognition: Challenges to Theories of Revealed Preference and Framing 2014 Journal of Political Economy Timothy N. Cason, Charles R. Plott 0.768
3 Rational preferences and relevant priors: characterizations In this section, we first briefly introduce our basic assumptions on preferences, characterizing what we earlier dubbed the “MBA” model. Rational preferences under ambiguity 2011 Economic Theory Simone Cerreia-Vioglio, Paolo Ghirardato , Fabio Maccheroni , Massimo Marinacci , Marciano Siniscalchi 0.767
This version of the rational choice assump tion is at the core of modern economics. On Economics: A Review of “Why Nations Fail” by D. Acemoglu and J. Robinson and “Pillars of Prosperity” by T. Besley and T. Persson 2013 Journal of Economic Literature W. Bentley MacLeod 0.765
This work highlights the fact that any description of rational choice necessar ily entails both describing preferences over outcomes and beliefs regarding the likeli hood that an action will lead to a particular outcome. On Economics: A Review of “Why Nations Fail” by D. Acemoglu and J. Robinson and “Pillars of Prosperity” by T. Besley and T. Persson 2013 Journal of Economic Literature W. Bentley MacLeod 0.764
Without calling any of the above into question, the present article shifts the focus onto the second part of the simple rational choice model, which, I submit, is also flawed. Something left to lose? Network preservation as a motive for protectionist responses to foreign takeovers 2015 Review of International Political Economy Helen Callaghan 0.759
Accounting for reference-dependent preferences A large body of evidence has emerged suggesting that people deviate from several rationality assumptions underlying neoclassical economic theory. New findings from the time trade-off for income approach to elicit willingness to pay for a quality adjusted life year 2018 The European Journal of Health Economics Arthur E. Attema , Marieke Krol , Job van Exel , Werner B. F. Brouwer 0.755
Third, we seek for violations of rational choice theory that go beyond the issue * Correspondence to: Nicolas de Roos, Faculty of Economics and Business, Merewether Building H04, University of Sydney, NSW of which functional best fits the data. DECISION MAKING UNDER RISK IN “DEAL OR NO DEAL” 2010 Journal of Applied Econometrics NICOLAS DE ROOS , YIANIS SARAFIDIS 0.754
“Rational Individual Behavior in Markets and Social Choice Process: the Discovered Preference Hypothesis.” COMMON COMPONENTS OF RISK AND UNCERTAINTY ATTITUDES ACROSS CONTEXTS AND DOMAINS: EVIDENCE FROM 30 COUNTRIES 2015 Journal of the European Economic Association Ferdinand M. Vieider, Mathieu Lefebvre , Ranoua Bouchouicha , Thorsten Chmura , Rustamdjan Hakimov , Michal Krawczyk , Peter Martinsson 0.749

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 33.33% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
This literature has advanced a number of rationality, or consistency, restrictions for such choice behavior. ‘Regular’ choice and the weak axiom of stochastic revealed preference 2007 Economic Theory Indraneel Dasgupta , Prasanta K. Pattanaik 0.870
Our purpose is to reexamine the domain of application of this approach, which has included, but certainly does not require, the rational choice hypothesis. Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 0.853
The bulk of the paper is, however, dedicated to a rational-choice interpretation. Corporate Design for Regulability: A Principal-Agent-Supervisor Model 2006 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Christoph Engel 0.849
In summary, the choice model given by Theorem 1 combines the elements of rationality and the phenomena of status quo bias and reference dependence. A Canonical Model of Choice with Initial Endowments 2014 The Review of Economic Studies YUSUFCAN MASATLIOGLU, EFE A. OK 0.848
Conclusions The model developed in this paper is, in one sense, a straightforward extension of the theory of rational choice. A Cournot-Nash Model of Family Decision Making 2001 The Economic Journal Zhiqi Chen , Frances Woolley 0.841
3 Rational preferences and relevant priors: characterizations In this section, we first briefly introduce our basic assumptions on preferences, characterizing what we earlier dubbed the “MBA” model. Rational preferences under ambiguity 2011 Economic Theory Simone Cerreia-Vioglio, Paolo Ghirardato , Fabio Maccheroni , Massimo Marinacci , Marciano Siniscalchi 0.839
In addition, much of economic theory is built on the premise of preference maximizing behavior, and it is not clear if, and how, one may accommodate the reference dependent behavior of the form above within the rational choice paradigm without deserting this premise entirely. Revealed (P) Reference Theory 2015 The American Economic Review Efe A. Ok , Pietro Ortoleva, Gil Riella 0.839
These results put out a challenge to the economic theorist, to provide some underpinnings to such a behavior, while applying the tools of rational choice theory. Suicide-Bombing as Inter-Generational Investment 2005 Public Choice Jean-Paul Azam 0.838
Concluding Remarks Inferring preferences from observed choices is fraught with difficulties because both preferences and bounded rationality can drive choices. RISK AVERSION RELATES TO COGNITIVE ABILITY: PREFERENCES OR NOISE? 2016 Journal of the European Economic Association Ola Andersson , Håkan J. Holm , Jean-Robert Tyran, Erik Wengström 0.838
An attempt is made to generate new insights here by applying findings of rational choice theory. Pay and Political Participation in Classical Athens: An Empirical Application of Rational Choice Theory 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Stephan Podes 0.835
Rather, without committing to a specific decision procedure, we merely want to show that a familiar and very simple notion of rationality, based on a single preference relation, imposes restrictions on observed choices that are reasonably tight, yet consistent with a wide range of empirical observations. Non-Deteriorating Choice 2009 Economica Walter Bossert, Yves Sprumont 0.835
631-661 Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice JORG RIESKAMP, JEROME R. BUSEMEYER, AND BARBARA A. MELLERS* Most economists define rationality in terms of consistency principles. Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice 2006 Journal of Economic Literature Jörg Rieskamp , Jerome R. Busemeyer, Barbara A. Mellers 0.834
The theory of rational choice, extended to account for random preference shocks, discreteness in choices, and heterogeneity in preferences among decision-makers, and formulated in terms of attributes of choices, is widely applied in the social sciences. Linear Probability Models of the Demand for Attributes with an Empirical Application to Estimating the Preferences of Legislators 1997 The RAND Journal of Economics James J. Heckman , James M. Snyder Jr. 0.830
Accounting for reference-dependent preferences A large body of evidence has emerged suggesting that people deviate from several rationality assumptions underlying neoclassical economic theory. New findings from the time trade-off for income approach to elicit willingness to pay for a quality adjusted life year 2018 The European Journal of Health Economics Arthur E. Attema , Marieke Krol , Job van Exel , Werner B. F. Brouwer 0.830
It seems that more and more economists realized the problem of having too many degrees of freedom to rationalize behavior: Given any empirical observation, it is always possible to assume “appropriate” preferences to show that the observation is in line with the rational actor paradigm or, to put it differently, that real world phenomena are nothing but equilibrium outcomes. Institutions and Preferences: An Evolutionary Perspective 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Steffen Huck 0.827
We impose rationality on the preferences in two ways. Abstracts of Papers Presented at the 1995 AFA Meeting 1995 The Journal of Finance NULL 0.827

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
This literature has advanced a number of rationality, or consistency, restrictions for such choice behavior. ‘Regular’ choice and the weak axiom of stochastic revealed preference 2007 Economic Theory Indraneel Dasgupta , Prasanta K. Pattanaik 0.870
Our purpose is to reexamine the domain of application of this approach, which has included, but certainly does not require, the rational choice hypothesis. Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 0.853
The bulk of the paper is, however, dedicated to a rational-choice interpretation. Corporate Design for Regulability: A Principal-Agent-Supervisor Model 2006 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Christoph Engel 0.849
In summary, the choice model given by Theorem 1 combines the elements of rationality and the phenomena of status quo bias and reference dependence. A Canonical Model of Choice with Initial Endowments 2014 The Review of Economic Studies YUSUFCAN MASATLIOGLU, EFE A. OK 0.848
Conclusions The model developed in this paper is, in one sense, a straightforward extension of the theory of rational choice. A Cournot-Nash Model of Family Decision Making 2001 The Economic Journal Zhiqi Chen , Frances Woolley 0.841
3 Rational preferences and relevant priors: characterizations In this section, we first briefly introduce our basic assumptions on preferences, characterizing what we earlier dubbed the “MBA” model. Rational preferences under ambiguity 2011 Economic Theory Simone Cerreia-Vioglio, Paolo Ghirardato , Fabio Maccheroni , Massimo Marinacci , Marciano Siniscalchi 0.839
In addition, much of economic theory is built on the premise of preference maximizing behavior, and it is not clear if, and how, one may accommodate the reference dependent behavior of the form above within the rational choice paradigm without deserting this premise entirely. Revealed (P) Reference Theory 2015 The American Economic Review Efe A. Ok , Pietro Ortoleva, Gil Riella 0.839
These results put out a challenge to the economic theorist, to provide some underpinnings to such a behavior, while applying the tools of rational choice theory. Suicide-Bombing as Inter-Generational Investment 2005 Public Choice Jean-Paul Azam 0.838
Such considera tions are not unparalleled in the economic literature: contrary to the prevailing assumption that individual preferences are given, as merely exogenous to economic decisions, individual choices are not infre quently conceived of as something more than mere attempts by ra tional economic agents to maximise their expected utilities. THE ECONOMICS OF THE EARLY CHRISTIAN RHETORIC: THE CASE OF THE SECOND PETRINE EPISTLE OF THE NEW TESTAMENT 2011 History of Economic Ideas George Gotsis , Stavros Drakopoulos 0.838
Concluding Remarks Inferring preferences from observed choices is fraught with difficulties because both preferences and bounded rationality can drive choices. RISK AVERSION RELATES TO COGNITIVE ABILITY: PREFERENCES OR NOISE? 2016 Journal of the European Economic Association Ola Andersson , Håkan J. Holm , Jean-Robert Tyran, Erik Wengström 0.838
An attempt is made to generate new insights here by applying findings of rational choice theory. Pay and Political Participation in Classical Athens: An Empirical Application of Rational Choice Theory 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Stephan Podes 0.835
FINAL COMMENTS The economist’s standard way of explaining choice behavior is by seeking an ordering, whose maximization is consistent with the behavior. Rationalizing Choice Functions by Multiple Rationales 2002 Econometrica Gil Kalai , Ariel Rubinstein, Ran Spiegler 0.835
Rather, without committing to a specific decision procedure, we merely want to show that a familiar and very simple notion of rationality, based on a single preference relation, imposes restrictions on observed choices that are reasonably tight, yet consistent with a wide range of empirical observations. Non-Deteriorating Choice 2009 Economica Walter Bossert, Yves Sprumont 0.835
I shall focus on two lines of argument of particular interest here as they are beginning to open up new and exciting theoretical accounts of individual choice behavior. Developments in Non-Expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk 2000 Journal of Economic Literature Chris Starmer 0.834
631-661 Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice JORG RIESKAMP, JEROME R. BUSEMEYER, AND BARBARA A. MELLERS* Most economists define rationality in terms of consistency principles. Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice 2006 Journal of Economic Literature Jörg Rieskamp , Jerome R. Busemeyer, Barbara A. Mellers 0.834

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Our purpose is to reexamine the domain of application of this approach, which has included, but certainly does not require, the rational choice hypothesis. Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 0.853
An attempt is made to generate new insights here by applying findings of rational choice theory. Pay and Political Participation in Classical Athens: An Empirical Application of Rational Choice Theory 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Stephan Podes 0.835
5, an example of the specific choice behavior illustrating the main results of this paper is presented. The Subjective Expected Utility Hypothesis and Revealed Preference 1991 Economic Theory T. Kim 0.831
The theory of rational choice, extended to account for random preference shocks, discreteness in choices, and heterogeneity in preferences among decision-makers, and formulated in terms of attributes of choices, is widely applied in the social sciences. Linear Probability Models of the Demand for Attributes with an Empirical Application to Estimating the Preferences of Legislators 1997 The RAND Journal of Economics James J. Heckman , James M. Snyder Jr. 0.830
None of the three alternative views of the true underlying choice set, or of the appropriate model, are necessarily advocated in this paper. Sampling and Aggregation Issues in Random Utility Model Estimation 1994 American Journal of Agricultural Economics Peter M. Feather 0.828
It seems that more and more economists realized the problem of having too many degrees of freedom to rationalize behavior: Given any empirical observation, it is always possible to assume “appropriate” preferences to show that the observation is in line with the rational actor paradigm or, to put it differently, that real world phenomena are nothing but equilibrium outcomes. Institutions and Preferences: An Evolutionary Perspective 1997 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Steffen Huck 0.827
We impose rationality on the preferences in two ways. Abstracts of Papers Presented at the 1995 AFA Meeting 1995 The Journal of Finance NULL 0.827
Logic of Choice and Economic Theory. On Testing the Utility Hypothesis 1997 The Economic Journal James C. Cox 0.824
‘Rational choice and revealed preference,’ Review of Economic Studies, vol.  Paretian Welfare Judgements and Bergsonian Social Choice 1999 The Economic Journal Kotaro Suzumura 0.823
It was argued that any rationale for nonadditive expected utility maximizing choices must go somewhat deeper than preferences over Savage acts. Understanding the Nonadditive Probability Decision Model 1997 Economic Theory Sujoy Mukerji 0.823
In the current paper, however, we are applying the framework to social decisions. How to Decide When Experts Disagree: Uncertainty-Based Choice Rules in Environmental Policy 1997 Land Economics Richard T. Woodward, Richard C. Bishop 0.823

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
This literature has advanced a number of rationality, or consistency, restrictions for such choice behavior. ‘Regular’ choice and the weak axiom of stochastic revealed preference 2007 Economic Theory Indraneel Dasgupta , Prasanta K. Pattanaik 0.870
The bulk of the paper is, however, dedicated to a rational-choice interpretation. Corporate Design for Regulability: A Principal-Agent-Supervisor Model 2006 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Christoph Engel 0.849
Conclusions The model developed in this paper is, in one sense, a straightforward extension of the theory of rational choice. A Cournot-Nash Model of Family Decision Making 2001 The Economic Journal Zhiqi Chen , Frances Woolley 0.841
These results put out a challenge to the economic theorist, to provide some underpinnings to such a behavior, while applying the tools of rational choice theory. Suicide-Bombing as Inter-Generational Investment 2005 Public Choice Jean-Paul Azam 0.838
FINAL COMMENTS The economist’s standard way of explaining choice behavior is by seeking an ordering, whose maximization is consistent with the behavior. Rationalizing Choice Functions by Multiple Rationales 2002 Econometrica Gil Kalai , Ariel Rubinstein, Ran Spiegler 0.835
Rather, without committing to a specific decision procedure, we merely want to show that a familiar and very simple notion of rationality, based on a single preference relation, imposes restrictions on observed choices that are reasonably tight, yet consistent with a wide range of empirical observations. Non-Deteriorating Choice 2009 Economica Walter Bossert, Yves Sprumont 0.835
I shall focus on two lines of argument of particular interest here as they are beginning to open up new and exciting theoretical accounts of individual choice behavior. Developments in Non-Expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk 2000 Journal of Economic Literature Chris Starmer 0.834
631-661 Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice JORG RIESKAMP, JEROME R. BUSEMEYER, AND BARBARA A. MELLERS* Most economists define rationality in terms of consistency principles. Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice 2006 Journal of Economic Literature Jörg Rieskamp , Jerome R. Busemeyer, Barbara A. Mellers 0.834
We now face the more general question of how to select a descriptive theory of preferential choice. Extending the Bounds of Rationality: Evidence and Theories of Preferential Choice 2006 Journal of Economic Literature Jörg Rieskamp , Jerome R. Busemeyer, Barbara A. Mellers 0.830
The essential idea behind the discovered preference hypothesis is that rational-choice theory is descriptive of the behaviour of economic agents who, through experience and deliberation, have learned to act in accordance with their underlying preferences; deviations from that theory are interpreted as short-lived errors. The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back 2007 The Economic Journal Luigino Bruni, Robert Sugden 0.826

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
In summary, the choice model given by Theorem 1 combines the elements of rationality and the phenomena of status quo bias and reference dependence. A Canonical Model of Choice with Initial Endowments 2014 The Review of Economic Studies YUSUFCAN MASATLIOGLU, EFE A. OK 0.848
3 Rational preferences and relevant priors: characterizations In this section, we first briefly introduce our basic assumptions on preferences, characterizing what we earlier dubbed the “MBA” model. Rational preferences under ambiguity 2011 Economic Theory Simone Cerreia-Vioglio, Paolo Ghirardato , Fabio Maccheroni , Massimo Marinacci , Marciano Siniscalchi 0.839
In addition, much of economic theory is built on the premise of preference maximizing behavior, and it is not clear if, and how, one may accommodate the reference dependent behavior of the form above within the rational choice paradigm without deserting this premise entirely. Revealed (P) Reference Theory 2015 The American Economic Review Efe A. Ok , Pietro Ortoleva, Gil Riella 0.839
Such considera tions are not unparalleled in the economic literature: contrary to the prevailing assumption that individual preferences are given, as merely exogenous to economic decisions, individual choices are not infre quently conceived of as something more than mere attempts by ra tional economic agents to maximise their expected utilities. THE ECONOMICS OF THE EARLY CHRISTIAN RHETORIC: THE CASE OF THE SECOND PETRINE EPISTLE OF THE NEW TESTAMENT 2011 History of Economic Ideas George Gotsis , Stavros Drakopoulos 0.838
Concluding Remarks Inferring preferences from observed choices is fraught with difficulties because both preferences and bounded rationality can drive choices. RISK AVERSION RELATES TO COGNITIVE ABILITY: PREFERENCES OR NOISE? 2016 Journal of the European Economic Association Ola Andersson , Håkan J. Holm , Jean-Robert Tyran, Erik Wengström 0.838
Accounting for reference-dependent preferences A large body of evidence has emerged suggesting that people deviate from several rationality assumptions underlying neoclassical economic theory. New findings from the time trade-off for income approach to elicit willingness to pay for a quality adjusted life year 2018 The European Journal of Health Economics Arthur E. Attema , Marieke Krol , Job van Exel , Werner B. F. Brouwer 0.830
INTRODUCTION Many theories of human behavior, in economics and neighboring disciplines, assume that a set of preferences drives individual decision making. GLOBAL EVIDENCE ON ECONOMIC PREFERENCES 2018 The Quarterly Journal of Economics Armin Falk , Anke Becker , Thomas Dohmen, Benjamin Enke, David Huffman, Uwe Sunde 0.826
The assumptions given so far do not rule out the possibility that the decision maker has non-expected-utility preferences that exhibit this property. Risk, ambiguity, and state-preference theory 2011 Economic Theory Robert Nau 0.826
The presumption of rational economic behaviour requires a specific structure to preference orderings that is characterised by insatiability, transitivity, diminishing marginal utility, etc. The relation of morality to political economy in Hume 2014 Cambridge Journal of Economics Serap Ayşe Kayatekin 0.824
Logic of Choice and Economic Theory. Parametric Recoverability of Preferences 2018 Journal of Political Economy Yoram Halevy , Dotan Persitz, Lanny Zrill 0.824

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 46 0.645
The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back 2007 The Economic Journal Luigino Bruni, Robert Sugden 34 0.645
Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 33 0.651
A Canonical Model of Choice with Initial Endowments 2014 The Review of Economic Studies YUSUFCAN MASATLIOGLU, EFE A. OK 32 0.625
Economic Sociology in Retrospect and Prospect: In Search of Its Identity within Economics and Sociology 1999 The American Journal of Economics and Sociology Milan Zafirovski 26 0.635
INDECISIVENESS, UNDESIRABILITY AND OVERLOAD REVEALED THROUGH RATIONAL CHOICE DEFERRAL 2018 The Economic Journal Georgios Gerasimou 22 0.624
Procedural Analysis of Choice Rules with Applications to Bounded Rationality 2011 The American Economic Review Yuval Salant 20 0.636
A MODEL OF FOCUSING IN ECONOMIC CHOICE 2013 The Quarterly Journal of Economics Botond Kőszegi, Adam Szeidl 20 0.609
Dynamic Choice and the Common Ratio Effect: An Experimental Investigation 1998 The Economic Journal Robin P. Cubitt, Chris Starmer , Robert Sugden 18 0.597
Evolving hierarchical preferences and behavioral economic policies 2019 Public Choice Jan Schnellenbach 18 0.611

Top articles (most sentences) of the cluster for each time window

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Is There a Place for the Rational Actor? A Geographical Critique of the Rational Choice Paradigm 1992 Economic Geography Trevor J. Barnes, Eric Sheppard 46 0.645
Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 33 0.651
Economic Sociology in Retrospect and Prospect: In Search of Its Identity within Economics and Sociology 1999 The American Journal of Economics and Sociology Milan Zafirovski 26 0.635
Dynamic Choice and the Common Ratio Effect: An Experimental Investigation 1998 The Economic Journal Robin P. Cubitt, Chris Starmer , Robert Sugden 18 0.597
Collective Action and Rational Choice: Place, Community, and the Limits to Individual Self-Interest 1992 Economic Geography Byron Miller 17 0.629
Taking Ethics Seriously: Economics and Contemporary Moral Philosophy 1993 Journal of Economic Literature Daniel M. Hausman , Michael S. McPherson 14 0.635
Preferences, Beliefs, and Values in Negotiations Concerning Aid to Nicaragua 1992 Public Choice Robert M. Hamm , Michelle A. Miller, Richard S. Ling 12 0.646
New Challenges to the Rationality Assumption 1994 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Daniel Kahneman 12 0.640
Objections to Economic Restructuring and the Strategies of Coercion: An Analytical Evaluation of Policies and Practices in Australia and the United States 1992 Economic Geography Gordon L. Clark, John Mckay , Geoff Missen , Michael Webber 11 0.645
Induced Preferences, Dynamic Consistency and Dutch Books 1997 Economica David Kelsey, Frank Milne 11 0.615
Heuristic Judgment Theory 1998 Journal of Economic Issues John T. Harvey 11 0.641
Internal Consistency of Choice 1993 Econometrica Amartya Sen 10 0.621
The source of optimality in action 1997 Cambridge Journal of Economics J. W. Fedderke 10 0.665
Reviving Veblenian economic psychology 1998 Cambridge Journal of Economics Paul Twomey 10 0.641
On the Free Will of Rational Agents in Neoclassical Economics 1990 Journal of Post Keynesian Economics Brian De Uriarte 9 0.631

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back 2007 The Economic Journal Luigino Bruni, Robert Sugden 34 0.645
On the Economics of Moral Preferences 2008 The American Journal of Economics and Sociology Viktor J. Vanberg 17 0.656
Developments in Non-Expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk 2000 Journal of Economic Literature Chris Starmer 16 0.611
Economics and Sociology 2002 Revue économique Michael Piore 16 0.640
Discrete Choice Models with Multiple Unobserved Choice Characteristics 2007 International Economic Review Susan Athey , Guido W. Imbens 14 0.612
Non-Deteriorating Choice 2009 Economica Walter Bossert, Yves Sprumont 14 0.620
A Theory of Reference-Dependent Behavior 2009 Economic Theory Jose Apesteguia , Miguel A. Ballester 14 0.631
Incommensurability and Monetary Valuation 2006 Land Economics Jonathan Aldred 13 0.633
Rethinking economics: the potential contribution of the classics 2007 Cambridge Journal of Economics José Castro Caldas, Ana Narciso Costa , Tom R. Burns 13 0.636
Rationality without Transitivity 2003 Journal of Economics Susanne Fuchs-Seliger, Oliver Mayer 12 0.664
The Opportunity Criterion: Consumer Sovereignty without the Assumption of Coherent Preferences 2004 The American Economic Review Robert Sugden 12 0.624
Keynes on the “Nature of Economic Thinking”: The Principle of Non-Neutrality of Choice and the Principle of Non-Neutrality of Money 2001 The American Journal of Economics and Sociology Giuseppe Fontana 10 0.621
Core Rationalizability in Two-Agent Exchange Economies 2002 Economic Theory Walter Bossert, Yves Sprumont 10 0.653
Testing Explanations of Preference Reversal 2004 The Economic Journal Robin P. Cubitt, Alistair Munro , Chris Starmer 10 0.627
Sequentially Rationalizable Choice 2007 The American Economic Review Paola Manzini , Marco Mariotti 10 0.643

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
A Canonical Model of Choice with Initial Endowments 2014 The Review of Economic Studies YUSUFCAN MASATLIOGLU, EFE A. OK 32 0.625
INDECISIVENESS, UNDESIRABILITY AND OVERLOAD REVEALED THROUGH RATIONAL CHOICE DEFERRAL 2018 The Economic Journal Georgios Gerasimou 22 0.624
Procedural Analysis of Choice Rules with Applications to Bounded Rationality 2011 The American Economic Review Yuval Salant 20 0.636
A MODEL OF FOCUSING IN ECONOMIC CHOICE 2013 The Quarterly Journal of Economics Botond Kőszegi, Adam Szeidl 20 0.609
Evolving hierarchical preferences and behavioral economic policies 2019 Public Choice Jan Schnellenbach 18 0.611
SELF-FULFILLING MISTAKES: CHARACTERISATION AND WELFARE 2018 The Economic Journal Patricio S. Dalton, Sayantan Ghosal 16 0.632
On the rationalizability of observed consumers’ choices when preferences depend on budget sets and (potentially) on anything else 2011 Journal of Economics Ennio Bilancini 15 0.641
Inferring Rationales from Choice: Identification for Rational Shortlist Methods 2015 American Economic Journal: Microeconomics Rohan Dutta, Sean Horan 15 0.632
Stochastic Choice and Preferences for Randomization 2017 Journal of Political Economy Marina Agranov , Pietro Ortoleva 15 0.623
Misconceptions and Game Form Recognition: Challenges to Theories of Revealed Preference and Framing 2014 Journal of Political Economy Timothy N. Cason, Charles R. Plott 14 0.641
Revealed (P) Reference Theory 2015 The American Economic Review Efe A. Ok , Pietro Ortoleva, Gil Riella 14 0.663
Informational Requirements of Nudging 2018 Journal of Political Economy Jean-Michel Benkert, Nick Netzer 13 0.624
Revealed Preference with Limited Consideration 2018 American Economic Journal: Microeconomics Thomas Demuynck, Christian Seel 13 0.614
Utility from anticipation and personal equilibrium 2010 Economic Theory Botond Kőszegi 12 0.621
Salience and Consumer Choice 2013 Journal of Political Economy Pedro Bordalo , Nicola Gennaioli, Andrei Shleifer 12 0.600

Closest clusters of the cluster per decade

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
103: voters, voting, voter, rational_voter, public_choice 0.0469601
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0031945
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0183853
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0329315
72: model, models, modeling, rational_expectations, economic_models -0.0735618
93: rational_agents, agent’s, representative_agent, agents, agent -0.1332614
101: players, games, game_theory, player, game -0.1347234
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1375591
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1540069
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.1804947
87: asset, rational_expectations, investors, rational_investors, traders -0.1935643

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
103: voters, voting, voter, rational_voter, public_choice 0.0540956
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0396301
72: model, models, modeling, rational_expectations, economic_models 0.0170915
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0117370
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0459969
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0641611
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0717850
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1425804
111: information, private_information, rational_expectations, informational, rational_inattention -0.1512540
93: rational_agents, agent’s, representative_agent, agents, agent -0.1663392
101: players, games, game_theory, player, game -0.1754276
87: asset, rational_expectations, investors, rational_investors, traders -0.2135640

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
103: voters, voting, voter, rational_voter, public_choice 0.0699244
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0111050
72: model, models, modeling, rational_expectations, economic_models 0.0046218
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0204288
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0804903
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0893489
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1016555
111: information, private_information, rational_expectations, informational, rational_inattention -0.1303451
101: players, games, game_theory, player, game -0.1371480
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.1438465
87: asset, rational_expectations, investors, rational_investors, traders -0.1972284
93: rational_agents, agent’s, representative_agent, agents, agent -0.1979296

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.9091275
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.8264856
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.7617840
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.7317456
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.5397677
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2199069
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1871136
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.1814614
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1695740
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1640062
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.1531930
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1134588
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1001414
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0979445
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0953262

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.9536250
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.9091275
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.6497519
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.6266926
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.4488305
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.2473941
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1779420
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1615260
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1489313
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1425149
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.0940202
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0921169
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.0888782
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.0869415
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.0827778

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.9536250
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.8264856
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.5940568
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.5739635
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.4070171
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.2797395
1950-1959 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.2269090
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.1865816
1960-1969 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.1833878
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1028352
1940-1949 31: liquidity_preference, conservation, investment, stagnation, liquidity 0.1011450
1900-1919 12: wheat, quantity_theory, commodity, gold, diminishing_returns 0.1007334
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.0871032
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.0846082
1940-1949 10: valuations, economic_values, reconsideration, judgments, valuation 0.0731949

Intertemporal cluster 101: players, games, game_theory, player, game

The cluster gathers 5229 sentences from our corpus. It represents 3.23% of all the sentences selected over the whole period.

The community exists from 1990 to 2019.

The most recurring authors are Vincent P. Crawford (125 sentences), Larry Samuelson (103 sentences), Miguel A. Costa-Gomes (76 sentences), Robert Sugden (63 sentences), Ernst Fehr (58 sentences), Nagore Iriberri (54 sentences), Philip J. Reny (49 sentences), Muhamet Yildiz (48 sentences), Drew Fudenberg (45 sentences), Charles A. Holt (39 sentences).

The most recurring journals are Economic Theory (562 sentences), Econometrica (536 sentences), The American Economic Review (468 sentences), The Review of Economic Studies (366 sentences), The Economic Journal (306 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
players 0.0127050
games 0.0054651
game_theory 0.0045799
player 0.0043309
game 0.0043242
nash 0.0042290
strategies 0.0036764
nash_equilibrium 0.0033148
payoffs 0.0027632
payoff 0.0026007
rational_players 0.0023319
player’s 0.0020431
rationalizable 0.0019151
strategy 0.0018624
strategic 0.0018106
equilibria 0.0017900
common_knowledge 0.0017452
beliefs 0.0015537
game_theoretic 0.0014971
subgame 0.0014669

Top TF-IDF terms describing the community for each time window

Top terms 1990-1999

Token TF-IDF
players 0.0117917
game 0.0066515
games 0.0065878
game_theory 0.0064546
player 0.0056381
nash 0.0049182
nash_equilibrium 0.0042186
strategies 0.0033849
rational_players 0.0031468
common_knowledge 0.0030566
payoffs 0.0029982
game_theoretic 0.0026933
strategy 0.0022338
subgame 0.0021641
payoff 0.0019396

Top terms 2000-2009

Token TF-IDF
players 0.0136548
games 0.0070465
game 0.0061958
player 0.0050865
game_theory 0.0048940
nash 0.0045579
nash_equilibrium 0.0038848
rational_players 0.0036916
strategies 0.0036271
player’s 0.0032632
payoffs 0.0031800
payoff 0.0025301
behavior_vol 0.0024127
subgame 0.0023542
common_knowledge 0.0021945

Top terms 2010-2019

Token TF-IDF
players 0.0100870
games 0.0085520
player 0.0052805
game 0.0052667
game_theory 0.0037718
nash 0.0036143
strategies 0.0035514
nash_equilibrium 0.0029992
payoff 0.0027327
player’s 0.0026067
rationalizable 0.0024997
payoffs 0.0023711
equilibria 0.0023454
rationalizability 0.0022546
strategic 0.0021130

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Our treatment unifies both “rational” and “boundedly rational” approaches, thus emphasizing that modeling the behavior of misspecified players does not constitute a large departure from the standard framework. BERK-NASH EQUILIBRIUM: A FRAMEWORK FOR MODELING AGENTS WITH MISSPECIFIED MODELS 2016 Econometrica Ignacio Esponda, Demian Pouzo 0.833
We then study the effect of assuming strategic rationality. DYNAMIC PREFERENCE FOR FLEXIBILITY 2014 Econometrica R. Vijay Krishna, Philipp Sadowski 0.827
In Section 4, I investigate the relation between Nash equilibrium and common knowledge of rationality. Wishful Thinking in Strategic Environments 2007 The Review of Economic Studies Muhamet Yildiz 0.805
Decision theory and game theory may have failed to answer the normative question of what constitutes rational behaviour, but they have clarified some of the issues involved, and in the process obtained some understanding on the issue of what might constitute rational behaviour. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.804
To a large extent we find that the behaviour of the subjects tends to be rational in the sense that they aim to maximise their own payoff. Fairness Crowded Out by Law: An Experimental Study on Withdrawal Rights 2007 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Georg Borges , Bernd Irlenbusch 0.795
Idealised models of games between fully rational players have often proved useful in explaining behaviour in real economic settings. A Theory of Focal Points 1995 The Economic Journal Robert Sugden 0.786
In this section we shall briefly consider the case that players are “rational” in the sense of Definition 1, and that this fact, together with players’ preferences over pure strategy outcomes, is common knowledge among the players. Pure Strategy Dominance 1993 Econometrica Tilman Börgers 0.782
Economics, Rationality, and Institutions So to understand the importance of noncooperative game theory, we need to appreciate why rational-choice analysis should be so important in economics. Nash Equilibrium and the History of Economic Theory 1999 Journal of Economic Literature Roger B. Myerson 0.781
INTRODUCTION Received game theory assumes that players are fully rational. Limited Foresight May Force Cooperation 2001 The Review of Economic Studies Philippe Jehiel 0.781
I consider Harstad and Selten’s examples and proposed boundedly rational models in the light of modern behavioral economics and behavioral game theory, commenting on the challenges that remain and the most promising ways forward. Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games 2013 Journal of Economic Literature Vincent P. Crawford 0.781
We canvas some parameters of intellectual progress to assess how the rational choice and game theory elements of mainstream economics in the recent past measure up to these interpretations. Intellectual Progress and Academic Economics: Rational Choice and Game Theory 1999 Journal of Post Keynesian Economics Clive Beed, Cara Beed 0.778
Some deep problems are raised when we try to adapt this theory so that it applies to the choices of rational individuals who are playing games against other rational individuals. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.777
Strategic interactions were considered with a limited number of actors, often with the “common knowledge of rationality” assumption that not only individuals are rational but also everyone believes that all others will act rationally. Presidential Address: The Revival of Veblenian Institutional Economics 2007 Journal of Economic Issues Geoffrey M. Hodgson 0.777
What is important here is that the rational players in this approach are also assumed to anticipate the share and the behavior of the adaptive players correctly. Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 0.776
My rather modest objective here is to address what I consider to be the main issue: the compatibility of the observed data with game theory, and in parti cular with the notion of rationality. Rationality and Emotions in Ultimatum Bargaining 2001 Annales d’Économie et de Statistique Shmuel Zamir 0.776
One recent approach to bounded rationality in games is to relax the assumption that players have perfectly accurate beliefs about how the other players in the game are making their choices. The Swing Voter’s Curse in the Laboratory 2010 The Review of Economic Studies MARCO BATTAGLINI , REBECCA B. MORTON, THOMAS R. PALFREY 0.776
Game theorists have recently turned to bounded rationality with enthusiasm, either to address experimental anomalies, or to provide a dynamic for selection among multiple equilibria, or perhaps simply because game theory, having pushed rationality to the furthest extreme, was ripest for a revision. Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 0.775
In the previous sections attention has been confined to what might be called “prescriptive” game theory: the theory deduces what outcomes are consistent with it being common knowledge that players are rational in the CThe editors of the Scandinavian Journal of Econom Bayesian sense. Equilibrium in Strategic Interaction: The Contributions of John C. Harsanyi, John F. Nash and Reinhard Selten 1995 The Scandinavian Journal of Economics Eric van Damme , Jörgen W. Weibull 0.774
Game theory makes strong demands on rationality, as does the concept of rational expectations. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.773
economylems economic players face and the possibility that the fully rational outcome is an unattainable theoretical construct appropriate only in unrealistically simplistic environments.References Aiyagari, S. Rao, and Mark Gertler. The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium 2017 Journal of Political Economy Jack Favilukis , Sydney C. Ludvigson , Stijn Van Nieuwerburgh 0.773

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Decision theory and game theory may have failed to answer the normative question of what constitutes rational behaviour, but they have clarified some of the issues involved, and in the process obtained some understanding on the issue of what might constitute rational behaviour. Rationality, Learning and Social Norms 1996 The Economic Journal Abhinay Muthoo 0.804
Idealised models of games between fully rational players have often proved useful in explaining behaviour in real economic settings. A Theory of Focal Points 1995 The Economic Journal Robert Sugden 0.786
In this section we shall briefly consider the case that players are “rational” in the sense of Definition 1, and that this fact, together with players’ preferences over pure strategy outcomes, is common knowledge among the players. Pure Strategy Dominance 1993 Econometrica Tilman Börgers 0.782
Economics, Rationality, and Institutions So to understand the importance of noncooperative game theory, we need to appreciate why rational-choice analysis should be so important in economics. Nash Equilibrium and the History of Economic Theory 1999 Journal of Economic Literature Roger B. Myerson 0.781
We canvas some parameters of intellectual progress to assess how the rational choice and game theory elements of mainstream economics in the recent past measure up to these interpretations. Intellectual Progress and Academic Economics: Rational Choice and Game Theory 1999 Journal of Post Keynesian Economics Clive Beed, Cara Beed 0.778
Some deep problems are raised when we try to adapt this theory so that it applies to the choices of rational individuals who are playing games against other rational individuals. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.777
Game theorists have recently turned to bounded rationality with enthusiasm, either to address experimental anomalies, or to provide a dynamic for selection among multiple equilibria, or perhaps simply because game theory, having pushed rationality to the furthest extreme, was ripest for a revision. Why Bounded Rationality? 1996 Journal of Economic Literature John Conlisk 0.775
In the previous sections attention has been confined to what might be called “prescriptive” game theory: the theory deduces what outcomes are consistent with it being common knowledge that players are rational in the CThe editors of the Scandinavian Journal of Econom Bayesian sense. Equilibrium in Strategic Interaction: The Contributions of John C. Harsanyi, John F. Nash and Reinhard Selten 1995 The Scandinavian Journal of Economics Eric van Damme , Jörgen W. Weibull 0.774
This argument ties up with recent critical reflections on the nature of rationality, coming from game theory and elsewhere. Optimisation and evolution: Winter’s critique of Friedman revisited 1994 Cambridge Journal of Economics Geoffrey M. Hodgson 0.772
In the contexts of rationalizability and equilibrium, there will be different assumptions about what the players know. Alternating-Offer Bargaining with Two-Sided Incomplete Information 1998 The Review of Economic Studies Joel Watson 0.767
It follows therefore that the robustness of rationality depends on the underlying game that is being played. Notes on Evolution, Rationality and Norms 1996 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Kaushik Basu 0.762
In a cautious equilibrium, players do not necessarily know the rationality of opponents, but they view rationality as infinitely more likely than irrationality. Nash Equilibrium without Mutual Knowledge of Rationality 1999 Economic Theory Kin Chung Lo 0.762

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
In Section 4, I investigate the relation between Nash equilibrium and common knowledge of rationality. Wishful Thinking in Strategic Environments 2007 The Review of Economic Studies Muhamet Yildiz 0.805
To a large extent we find that the behaviour of the subjects tends to be rational in the sense that they aim to maximise their own payoff. Fairness Crowded Out by Law: An Experimental Study on Withdrawal Rights 2007 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Georg Borges , Bernd Irlenbusch 0.795
INTRODUCTION Received game theory assumes that players are fully rational. Limited Foresight May Force Cooperation 2001 The Review of Economic Studies Philippe Jehiel 0.781
Strategic interactions were considered with a limited number of actors, often with the “common knowledge of rationality” assumption that not only individuals are rational but also everyone believes that all others will act rationally. Presidential Address: The Revival of Veblenian Institutional Economics 2007 Journal of Economic Issues Geoffrey M. Hodgson 0.777
What is important here is that the rational players in this approach are also assumed to anticipate the share and the behavior of the adaptive players correctly. Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 0.776
My rather modest objective here is to address what I consider to be the main issue: the compatibility of the observed data with game theory, and in parti cular with the notion of rationality. Rationality and Emotions in Ultimatum Bargaining 2001 Annales d’Économie et de Statistique Shmuel Zamir 0.776
Game theory makes strong demands on rationality, as does the concept of rational expectations. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.773
o Strategic play and bounded rationality. Competitive Equilibrium in a Radial Network 2003 The RAND Journal of Economics In-Koo Cho 0.771
However, the question is not simply whether Nash equilibrium is consistent with the common knowledge of rationality, but rather what we can necessarily say about behavior given only the common knowled of rationality. Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 0.770
In this sense, we obtain a stronger motivation for Nash equilibrium than that provided by rationality-based models. Evolution and Game Theory 2002 The Journal of Economic Perspectives Larry Samuelson 0.764
Fully rational players will correctly anticipate ? Corporate Strategy and Information Disclosure 2007 The RAND Journal of Economics Daniel Ferreira, Marcelo Rezende 0.763
‘Strategic rationality orderings and the best rationalization principle’, Games and Economic Behavior, vol.  Deductive Reasoning in Extensive Games 2003 The Economic Journal Geir B. Asheim , Martin Dufwenberg 0.762

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Our treatment unifies both “rational” and “boundedly rational” approaches, thus emphasizing that modeling the behavior of misspecified players does not constitute a large departure from the standard framework. BERK-NASH EQUILIBRIUM: A FRAMEWORK FOR MODELING AGENTS WITH MISSPECIFIED MODELS 2016 Econometrica Ignacio Esponda, Demian Pouzo 0.833
We then study the effect of assuming strategic rationality. DYNAMIC PREFERENCE FOR FLEXIBILITY 2014 Econometrica R. Vijay Krishna, Philipp Sadowski 0.827
I consider Harstad and Selten’s examples and proposed boundedly rational models in the light of modern behavioral economics and behavioral game theory, commenting on the challenges that remain and the most promising ways forward. Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games 2013 Journal of Economic Literature Vincent P. Crawford 0.781
One recent approach to bounded rationality in games is to relax the assumption that players have perfectly accurate beliefs about how the other players in the game are making their choices. The Swing Voter’s Curse in the Laboratory 2010 The Review of Economic Studies MARCO BATTAGLINI , REBECCA B. MORTON, THOMAS R. PALFREY 0.776
economylems economic players face and the possibility that the fully rational outcome is an unattainable theoretical construct appropriate only in unrealistically simplistic environments.References Aiyagari, S. Rao, and Mark Gertler. The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium 2017 Journal of Political Economy Jack Favilukis , Sydney C. Ludvigson , Stijn Van Nieuwerburgh 0.773
This epistemic interpretation of rationalizability may also provide a plausible justification for equilibrium play in large games. Rationalizability in large games 2014 Economic Theory Haomiao Yu 0.768
In this paper, players with different rationality levels interact, and hence, it is related to several studies involving heterogeneous players. Long-run technology choice with endogenous local capacity 2015 Economic Theory Fei Shi 0.767
Boundedly Rational versus Optimization-Based Models 515 relaxing customary neoclassical assumptions experience with closely analogous games, about preferences or judgment in specific, both theory and experimental results suggest evidence-based ways—the approach of most that players will usually learn to predict each modern behavioral economics—may be other’s strategy choices well enough that their more productive in many applications than beliefs about others’ strategy choices con would a comprehensive switch to boundedly verge to some Nash equilibrium in the game rational models whose connection to evi-currently being played.5 With such experi dence is less direct. Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games 2013 Journal of Economic Literature Vincent P. Crawford 0.767
We illustrate, within our framework, that the interaction among heterogenous players indeed has a crucial effect on both the strategic choices of the rational players and that of the boundedly rational ones. Long-run technology choice with endogenous local capacity 2015 Economic Theory Fei Shi 0.766
Introducing bounded rationality into the model changes its game-theoretical structure. OLIGOPOLISTIC COMPETITION AND SEARCH WITHOUT PRIORS 2014 The Economic Journal Alexei Parakhonyak 0.764
In our model, players are not boundedly rational in the sense of failing to compute best responses. Endogenous Depth of Reasoning 2016 The Review of Economic Studies LARBI ALAOUI , ANTONIO PENTA 0.756
INTRODUCTION One of the main assumptions underlying strategic behavior is the assumption of rationality and higher-order rationality. IDENTIFYING HIGHER-ORDER RATIONALITY 2015 Econometrica Terri Kneeland 0.756

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 58% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Some deep problems are raised when we try to adapt this theory so that it applies to the choices of rational individuals who are playing games against other rational individuals. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.881
Introduction None would question the outstanding role that game theory in general, and Nash equilibrium in particular, have gained in the last twenty years or so not only in economics but in the whole realm of the social sciences: to be rational in any contemporary model involving even a minimal degree of social interaction consists in following Nash equilibrium behavior. MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 0.856
INTRODUCTION Received game theory assumes that players are fully rational. Limited Foresight May Force Cooperation 2001 The Review of Economic Studies Philippe Jehiel 0.855
Nevertheless, a vector of subjectively rational strategies f can be in equilibrium if the play it induces coincides with the plays induced by the beliefs of each player i, as described by his belief vector, f ’. Subjective Equilibrium in Repeated Games 1993 Econometrica Ehud Kalai , Ehud Lehrer 0.853
This theory predicts Nash equilibria as the outcome if players behave rationally in a setting of decision problems which are interdependent in the above sense. Calculus of Consent: A Game-theoretic Perspective 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Urs Schweizer 0.853
We then study the effect of assuming strategic rationality. DYNAMIC PREFERENCE FOR FLEXIBILITY 2014 Econometrica R. Vijay Krishna, Philipp Sadowski 0.852
This theory is thought to apply not only to individual decision-making in ‘games against nature’, but also - by way of postulates about individuals’ rationality being common knowledge - to games in which rational individuals interact strategically. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.849
Journal of Economic Perspectives-Volume 6, Number 4-Fall 1992-Pages 103-118 Rationality in Extensive-Form Games Philip J. Reny ince its inception, the Theory of Games has striven to describe a “rational” course of action for each of the participants involved in a situation I of strategic interaction, ranging from the merely amusing realm of parlor games to the truly frightening arena of war. Rationality in Extensive-Form Games 1992 The Journal of Economic Perspectives Philip J. Reny 0.846
Idealised models of games between fully rational players have often proved useful in explaining behaviour in real economic settings. A Theory of Focal Points 1995 The Economic Journal Robert Sugden 0.846
In other words, for almost all games each strategy profile which can be supported by beliefs satisfying the rationality requirement of sequential equilibrium can actually be supported by beliefs satisfying the stronger rationality requirement of perfect equilibrium. The Algebraic Geometry of Perfect and Sequential Equilibrium 1994 Econometrica Lawrence E. Blume, William R. Zame 0.846
‘Strategic rationality orderings and the best rationalization principle’, Games and Economic Behavior, vol.  Deductive Reasoning in Extensive Games 2003 The Economic Journal Geir B. Asheim , Martin Dufwenberg 0.844
My rather modest objective here is to address what I consider to be the main issue: the compatibility of the observed data with game theory, and in parti cular with the notion of rationality. Rationality and Emotions in Ultimatum Bargaining 2001 Annales d’Économie et de Statistique Shmuel Zamir 0.843
In the case in which the same set of players plays the same game repeatedly, other studies have identified the conditions under which any feasible and strictly individually rational outcome can be supported in I am grateful to David Levine for invaluable guidance and ideas. Social norms, cooperation and inequality 2007 Economic Theory Pedro Dal Bó 0.843
The re moval of these common-knowledge requirements and the imposition of only rationality and knowledge of payoffs, however, result only in the prediction of the play of undominated strategies.9 Furthermore, common knowledge of rationality and payoffs alone result in the prediction of the play of strategies that survive iterated deletion.10 Of course, Nash equilibria survive such procedures and hence any selection problem remains. THE ASSESSMENT: GAMES AND COORDINATION 2002 Oxford Review of Economic Policy DAVID P. MYATT, HYUN SONG SHIN, CHRIS WALLACE 0.842
SELF RATIONAL GAME THEORY The game theory developed in the previous section, while agreeing with some of our intuitive notions, has a weakness. Rationality, Computability, and Nash Equilibrium 1992 Econometrica David Canning 0.841

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Some deep problems are raised when we try to adapt this theory so that it applies to the choices of rational individuals who are playing games against other rational individuals. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.881
In this section we shall briefly consider the case that players are “rational” in the sense of Definition 1, and that this fact, together with players’ preferences over pure strategy outcomes, is common knowledge among the players. Pure Strategy Dominance 1993 Econometrica Tilman Börgers 0.856
Introduction None would question the outstanding role that game theory in general, and Nash equilibrium in particular, have gained in the last twenty years or so not only in economics but in the whole realm of the social sciences: to be rational in any contemporary model involving even a minimal degree of social interaction consists in following Nash equilibrium behavior. MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 0.856
INTRODUCTION Received game theory assumes that players are fully rational. Limited Foresight May Force Cooperation 2001 The Review of Economic Studies Philippe Jehiel 0.855
Nevertheless, a vector of subjectively rational strategies f can be in equilibrium if the play it induces coincides with the plays induced by the beliefs of each player i, as described by his belief vector, f ’. Subjective Equilibrium in Repeated Games 1993 Econometrica Ehud Kalai , Ehud Lehrer 0.853
This theory predicts Nash equilibria as the outcome if players behave rationally in a setting of decision problems which are interdependent in the above sense. Calculus of Consent: A Game-theoretic Perspective 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Urs Schweizer 0.853
I presented a version of this paper at the First World Congress of the Game Theory Society and to my colleagues at the Center for Advanced Study in the Behavioral Sciences. Interdependent Preferences and Reciprocity 2005 Journal of Economic Literature Joel Sobel 0.853
Games may possess many Nash equilibriums, but some may be more desirable than others. Collective action: fifty years later 2015 Public Choice Todd Sandler 0.853
We then study the effect of assuming strategic rationality. DYNAMIC PREFERENCE FOR FLEXIBILITY 2014 Econometrica R. Vijay Krishna, Philipp Sadowski 0.852
This theory is thought to apply not only to individual decision-making in ‘games against nature’, but also - by way of postulates about individuals’ rationality being common knowledge - to games in which rational individuals interact strategically. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.849
Journal of Economic Perspectives-Volume 6, Number 4-Fall 1992-Pages 103-118 Rationality in Extensive-Form Games Philip J. Reny ince its inception, the Theory of Games has striven to describe a “rational” course of action for each of the participants involved in a situation I of strategic interaction, ranging from the merely amusing realm of parlor games to the truly frightening arena of war. Rationality in Extensive-Form Games 1992 The Journal of Economic Perspectives Philip J. Reny 0.846
Idealised models of games between fully rational players have often proved useful in explaining behaviour in real economic settings. A Theory of Focal Points 1995 The Economic Journal Robert Sugden 0.846
In other words, for almost all games each strategy profile which can be supported by beliefs satisfying the rationality requirement of sequential equilibrium can actually be supported by beliefs satisfying the stronger rationality requirement of perfect equilibrium. The Algebraic Geometry of Perfect and Sequential Equilibrium 1994 Econometrica Lawrence E. Blume, William R. Zame 0.846
‘Strategic rationality orderings and the best rationalization principle’, Games and Economic Behavior, vol.  Deductive Reasoning in Extensive Games 2003 The Economic Journal Geir B. Asheim , Martin Dufwenberg 0.844
My rather modest objective here is to address what I consider to be the main issue: the compatibility of the observed data with game theory, and in parti cular with the notion of rationality. Rationality and Emotions in Ultimatum Bargaining 2001 Annales d’Économie et de Statistique Shmuel Zamir 0.843
In the case in which the same set of players plays the same game repeatedly, other studies have identified the conditions under which any feasible and strictly individually rational outcome can be supported in I am grateful to David Levine for invaluable guidance and ideas. Social norms, cooperation and inequality 2007 Economic Theory Pedro Dal Bó 0.843

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
Some deep problems are raised when we try to adapt this theory so that it applies to the choices of rational individuals who are playing games against other rational individuals. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.881
In this section we shall briefly consider the case that players are “rational” in the sense of Definition 1, and that this fact, together with players’ preferences over pure strategy outcomes, is common knowledge among the players. Pure Strategy Dominance 1993 Econometrica Tilman Börgers 0.856
Nevertheless, a vector of subjectively rational strategies f can be in equilibrium if the play it induces coincides with the plays induced by the beliefs of each player i, as described by his belief vector, f ’. Subjective Equilibrium in Repeated Games 1993 Econometrica Ehud Kalai , Ehud Lehrer 0.853
This theory predicts Nash equilibria as the outcome if players behave rationally in a setting of decision problems which are interdependent in the above sense. Calculus of Consent: A Game-theoretic Perspective 1990 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Urs Schweizer 0.853
This theory is thought to apply not only to individual decision-making in ‘games against nature’, but also - by way of postulates about individuals’ rationality being common knowledge - to games in which rational individuals interact strategically. Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 0.849
Journal of Economic Perspectives-Volume 6, Number 4-Fall 1992-Pages 103-118 Rationality in Extensive-Form Games Philip J. Reny ince its inception, the Theory of Games has striven to describe a “rational” course of action for each of the participants involved in a situation I of strategic interaction, ranging from the merely amusing realm of parlor games to the truly frightening arena of war. Rationality in Extensive-Form Games 1992 The Journal of Economic Perspectives Philip J. Reny 0.846
Idealised models of games between fully rational players have often proved useful in explaining behaviour in real economic settings. A Theory of Focal Points 1995 The Economic Journal Robert Sugden 0.846
In other words, for almost all games each strategy profile which can be supported by beliefs satisfying the rationality requirement of sequential equilibrium can actually be supported by beliefs satisfying the stronger rationality requirement of perfect equilibrium. The Algebraic Geometry of Perfect and Sequential Equilibrium 1994 Econometrica Lawrence E. Blume, William R. Zame 0.846
SELF RATIONAL GAME THEORY The game theory developed in the previous section, while agreeing with some of our intuitive notions, has a weakness. Rationality, Computability, and Nash Equilibrium 1992 Econometrica David Canning 0.841
The work has taken on a dynamic, behavioralist flavor, with a stronger focus on the exploration of individual rationality than was present in the static, structuralist, Theory of Games.29 That research would unfold in this manner was beyond prediction in 1944, but the roots of these developments lie in the historical interlude described above. From Parlor Games to Social Science: Von Neumann, Morgenstern, and the Creation of Game Theory 1928-1944 1995 Journal of Economic Literature Robert J. Leonard 0.838

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
Introduction None would question the outstanding role that game theory in general, and Nash equilibrium in particular, have gained in the last twenty years or so not only in economics but in the whole realm of the social sciences: to be rational in any contemporary model involving even a minimal degree of social interaction consists in following Nash equilibrium behavior. MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 0.856
INTRODUCTION Received game theory assumes that players are fully rational. Limited Foresight May Force Cooperation 2001 The Review of Economic Studies Philippe Jehiel 0.855
I presented a version of this paper at the First World Congress of the Game Theory Society and to my colleagues at the Center for Advanced Study in the Behavioral Sciences. Interdependent Preferences and Reciprocity 2005 Journal of Economic Literature Joel Sobel 0.853
‘Strategic rationality orderings and the best rationalization principle’, Games and Economic Behavior, vol.  Deductive Reasoning in Extensive Games 2003 The Economic Journal Geir B. Asheim , Martin Dufwenberg 0.844
My rather modest objective here is to address what I consider to be the main issue: the compatibility of the observed data with game theory, and in parti cular with the notion of rationality. Rationality and Emotions in Ultimatum Bargaining 2001 Annales d’Économie et de Statistique Shmuel Zamir 0.843
In the case in which the same set of players plays the same game repeatedly, other studies have identified the conditions under which any feasible and strictly individually rational outcome can be supported in I am grateful to David Levine for invaluable guidance and ideas. Social norms, cooperation and inequality 2007 Economic Theory Pedro Dal Bó 0.843
The intuitive discussion in the paper typically arrives at conclusions that are the same qualitatively as the results in a game-theoretic approach. Sufficient Consensus: Comment 2003 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Kai A. Konrad 0.842
The re moval of these common-knowledge requirements and the imposition of only rationality and knowledge of payoffs, however, result only in the prediction of the play of undominated strategies.9 Furthermore, common knowledge of rationality and payoffs alone result in the prediction of the play of strategies that survive iterated deletion.10 Of course, Nash equilibria survive such procedures and hence any selection problem remains. THE ASSESSMENT: GAMES AND COORDINATION 2002 Oxford Review of Economic Policy DAVID P. MYATT, HYUN SONG SHIN, CHRIS WALLACE 0.842
INTRODUCTION In most games of economic interest a player’s optimal choice of play depends on the belief that she may hold about her opponents’ actions. Stated Beliefs and Play in Normal-Form Games 2008 The Review of Economic Studies Miguel A. Costa-Gomes, Georg Weizsäcker 0.837
o Strategic play and bounded rationality. Competitive Equilibrium in a Radial Network 2003 The RAND Journal of Economics In-Koo Cho 0.836

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Games may possess many Nash equilibriums, but some may be more desirable than others. Collective action: fifty years later 2015 Public Choice Todd Sandler 0.853
We then study the effect of assuming strategic rationality. DYNAMIC PREFERENCE FOR FLEXIBILITY 2014 Econometrica R. Vijay Krishna, Philipp Sadowski 0.852
I comment on their examples of observed phenomena that appear to resist Nash equilibrium explanations, and the models of strategic behavior they propose as possible partial remedies. Boundedly Rational versus Optimization-Based Models of Strategic Thinking and Learning in Games 2013 Journal of Economic Literature Vincent P. Crawford 0.841
In Advances in Understanding Strategic Behaviour: Game Theory, Experiments and Bounded Rationality, edited by Steffen Huck, 181-208. Call Market Experiments: Efficiency and Price Discovery through Multiple Calls and Emergent Newton Adjustments 2017 American Economic Journal: Microeconomics Charles R. Plott , Kirill Pogorelskiy 0.837
Different equilibria will result depending on the informed player’s belief.4 For the simple analysis, throughout this paper, we assume that q - j ,5 As we assume no communication between players before making a choice, this would be a reasonable assumption. FIRST VERSUS SECOND MOVER ADVANTAGE WITH INFORMATION ASYMMETRY ABOUT THE PROFITABILITY OF NEW MARKETS 2012 The Journal of Industrial Economics Eric Rasmusen, Young-Ro Yoon 0.836
One recent approach to bounded rationality in games is to relax the assumption that players have perfectly accurate beliefs about how the other players in the game are making their choices. The Swing Voter’s Curse in the Laboratory 2010 The Review of Economic Studies MARCO BATTAGLINI , REBECCA B. MORTON, THOMAS R. PALFREY 0.830
As described here, every player in this game has limited rationality, as each systematically underestimates the types of its competitors, though the extent of this underestimation varies. Who Thinks about the Competition? Managerial Ability and Strategic Entry in US Local Telephone Markets 2011 The American Economic Review Avi Goldfarb, Mo Xiao 0.829
doxes of Rationality in Game Theory.” American Eco- Dreze, Jean. Markets and Manipulation 2018 Journal of Economic Literature Kaushik Basu 0.826
Erickson explores this explosion of interest in the Nash equilibrium and suggests that “the pro liferation of’game theories’ has gone hand in hand with the further disintegration of any straightforward conception of ‘rationality’ and the problematization of game theory’s rationality postulates more generally. Game Theory and Cold War Rationality: A Review Essay 2017 Journal of Economic Literature E. Roy Weintraub 0.825
We next investigated whether stated expectations of A and B players are rational, that is, consistent with observable outcomes. MEASURING THE WILLINGNESS TO PAY TO AVOID GUILT: ESTIMATION USING EQUILIBRIUM AND STATED BELIEF MODELS 2011 Journal of Applied Econometrics CHARLES BELLEMARE, ALEXANDER SEBALD , MARTIN STROBEL 0.823

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Structural Models of Nonequilibrium Strategic Thinking: Theory, Evidence, and Applications 2013 Journal of Economic Literature Vincent P. Crawford , Miguel A. Costa-Gomes, Nagore Iriberri 41 0.628
Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 32 0.661
Classical, Modern, and New Game Theory / Klassische, Moderne und Neue Spieltheorie 2002 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Manfred J. Holler 29 0.621
Rational Behaviour in Extensive-Form Games 1995 The Canadian Journal of Economics / Revue canadienne d’Economique Philip J. Reny 28 0.632
Endogenous Depth of Reasoning 2016 The Review of Economic Studies LARBI ALAOUI , ANTONIO PENTA 27 0.625
Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 22 0.660
Rationalizability in large games 2014 Economic Theory Haomiao Yu 21 0.653
IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 20 0.651
Equilibrium in Strategic Interaction: The Contributions of John C. Harsanyi, John F. Nash and Reinhard Selten 1995 The Scandinavian Journal of Economics Eric van Damme , Jörgen W. Weibull 19 0.664
Rationality, Nash Equilibrium and Backwards Induction in Perfect- Information Games 1997 The Review of Economic Studies Elchanan Ben-Porath 19 0.630

Top articles (most sentences) of the cluster for each time window

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
Rational Choice: A Survey of Contributions from Economics and Philosophy 1991 The Economic Journal Robert Sugden 32 0.661
Rational Behaviour in Extensive-Form Games 1995 The Canadian Journal of Economics / Revue canadienne d’Economique Philip J. Reny 28 0.632
Equilibrium in Strategic Interaction: The Contributions of John C. Harsanyi, John F. Nash and Reinhard Selten 1995 The Scandinavian Journal of Economics Eric van Damme , Jörgen W. Weibull 19 0.664
Rationality, Nash Equilibrium and Backwards Induction in Perfect- Information Games 1997 The Review of Economic Studies Elchanan Ben-Porath 19 0.630
Pure Strategy Dominance 1993 Econometrica Tilman Börgers 16 0.662
Progress in Behavioral Game Theory 1997 The Journal of Economic Perspectives Colin F. Camerer 16 0.610
Prediction, Optimization, and Learning in Repeated Games 1997 Econometrica John H. Nachbar 13 0.629
Games with Procedurally Rational Players 1998 The American Economic Review Martin J. Osborne, Ariel Rubinstein 13 0.660
game theory and economics : an historical survey 1990 Revue d’économie politique Christian SCHMIDT 12 0.615
Rationality, Computability, and Nash Equilibrium 1992 Econometrica David Canning 12 0.654
Rationality in Extensive-Form Games 1992 The Journal of Economic Perspectives Philip J. Reny 11 0.638
Epistemic Conditions for Nash Equilibrium 1995 Econometrica Robert Aumann , Adam Brandenburger 11 0.637
Nash Equilibrium and the History of Economic Theory 1999 Journal of Economic Literature Roger B. Myerson 11 0.652
Is Bayesian Rationality Compatible with Strategic Rationality? 1995 The Economic Journal Marco Mariotti 10 0.657
The Price is Right, But are the Bids? An Investigation of Rational Decision Theory 1996 The American Economic Review Jonathan B. Berk, Eric Hughson , Kirk Vandezande 10 0.658

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Classical, Modern, and New Game Theory / Klassische, Moderne und Neue Spieltheorie 2002 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Manfred J. Holler 29 0.621
Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 22 0.660
Wishful Thinking in Strategic Environments 2007 The Review of Economic Studies Muhamet Yildiz 19 0.632
Field Centipedes 2009 The American Economic Review Ignacio Palacios-Huerta, Oscar Volij 18 0.646
Deductive Reasoning in Extensive Games 2003 The Economic Journal Geir B. Asheim , Martin Dufwenberg 17 0.659
Rationalized Subjective Equilibria in Repeated Games 2003 The Canadian Journal of Economics / Revue canadienne d’Economique Oishi Hidetsugu 17 0.665
Bargaining, Reputation, and Equilibrium Selection in Repeated Games with Contracts 2007 Econometrica Dilip Abreu , David Pearce 16 0.631
Individual Irrationality and Aggregate Outcomes 2005 The Journal of Economic Perspectives Ernst Fehr , Jean-Robert Tyran 15 0.643
Rational Expectations in Games 2008 The American Economic Review Robert J. Aumann, Jacques H. Dreze 15 0.656
Bargaining and Reputation 2000 Econometrica Dilip Abreu, Faruk Gul 14 0.655
Rationality and Emotions in Ultimatum Bargaining 2001 Annales d’Économie et de Statistique Shmuel Zamir 13 0.663
Markets for Contracts: Experiments Exploring the Compatibility of Games and Markets for Games 2000 Economic Theory Charles R. Plott , Dean V. Williamson 12 0.600
KNOWLEDGE, BELIEFS, AND GAME-THEORETIC SOLUTION CONCEPTS 2002 Oxford Review of Economic Policy OLIVER BOARD 12 0.655
Lying for Strategic Advantage: Rational and Boundedly Rational Misrepresentation of Intentions 2003 The American Economic Review Vincent P. Crawford 12 0.625
Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 12 0.669

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
Structural Models of Nonequilibrium Strategic Thinking: Theory, Evidence, and Applications 2013 Journal of Economic Literature Vincent P. Crawford , Miguel A. Costa-Gomes, Nagore Iriberri 41 0.628
Endogenous Depth of Reasoning 2016 The Review of Economic Studies LARBI ALAOUI , ANTONIO PENTA 27 0.625
Rationalizability in large games 2014 Economic Theory Haomiao Yu 21 0.653
IRRATIONALITY-PROOFNESS: MARKETS VERSUS GAMES 2014 International Economic Review Michael Mandler 20 0.651
Game Theory in Economics and Beyond 2016 The Journal of Economic Perspectives Larry Samuelson 19 0.607
IDENTIFYING HIGHER-ORDER RATIONALITY 2015 Econometrica Terri Kneeland 18 0.659
Robust Predictions in Infinite-Horizon Games—an Unrefinable Folk Theorem 2013 The Review of Economic Studies JONATHAN WEINSTEIN, MUHAMET YILDIZ 14 0.625
RULE RATIONALITY 2016 International Economic Review Yuval Heller, Eyal Winter 14 0.621
REPUTATION WITH ANALOGICAL REASONING 2012 The Quarterly Journal of Economics Philippe Jehiel, Larry Samuelson 13 0.629
TIGHT REVENUE BOUNDS WITH POSSIBILISTIC BELIEFS AND LEVEL-k RATIONALITY 2015 Econometrica Jing Chen , Silvio Micali, Rafael Pass 13 0.652
New Directions for Modelling Strategic Behavior: Game-Theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships 2016 The Journal of Economic Perspectives Vincent P. Crawford 13 0.616
Rationalizability in general situations 2016 Economic Theory Yi-Chun Chen, Xiao Luo , Chen Qu 12 0.646
Reciprocal relationships and mechanism design 2016 The Canadian Journal of Economics / Revue canadienne d’Economique Gorkem Celik , Michael Peters 11 0.638
Interactive epistemology in simple dynamic games with a continuum of strategies 2019 Economic Theory Pierpaolo Battigalli, Pietro Tebaldi 11 0.650
Expectational coordination in simple economic contexts: Concepts and analysis with emphasis on strategic substitutabilities 2011 Economic Theory Roger Guesnerie , Pedro Jara-Moroni 10 0.618

Closest clusters of the cluster per decade

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0798139
103: voters, voting, voter, rational_voter, public_choice -0.0007196
93: rational_agents, agent’s, representative_agent, agents, agent -0.0301052
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0575176
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0633343
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0717621
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1076130
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1347234
72: model, models, modeling, rational_expectations, economic_models -0.1482990
87: asset, rational_expectations, investors, rational_investors, traders -0.1515252
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.2153176

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1161235
103: voters, voting, voter, rational_voter, public_choice 0.0118055
111: information, private_information, rational_expectations, informational, rational_inattention -0.0194749
93: rational_agents, agent’s, representative_agent, agents, agent -0.0627932
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0628397
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0979529
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1014663
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1397926
72: model, models, modeling, rational_expectations, economic_models -0.1513014
87: asset, rational_expectations, investors, rational_investors, traders -0.1744856
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1754276
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.2342629

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
103: voters, voting, voter, rational_voter, public_choice 0.0525740
111: information, private_information, rational_expectations, informational, rational_inattention -0.0236836
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.0592903
93: rational_agents, agent’s, representative_agent, agents, agent -0.0734363
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0845797
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0857780
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1145149
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1148366
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1371480
72: model, models, modeling, rational_expectations, economic_models -0.1499259
87: asset, rational_expectations, investors, rational_investors, traders -0.1603445
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1802709

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 101: players, games, game_theory, player, game 0.9876371
2010-2019 101: players, games, game_theory, player, game 0.9763031
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.2089211
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.2031386
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1574091
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.1438536
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1231756
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1047483
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1010640
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.0974654
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0836961
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0830715
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0798139
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.0773740
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0628023

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 101: players, games, game_theory, player, game 0.9899540
1990-1999 101: players, games, game_theory, player, game 0.9876371
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.2220049
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1785264
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.1552111
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1398144
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1161235
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1151820
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1086217
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0924308
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0724921
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0677262
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0615532
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.0606015
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0589516

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 101: players, games, game_theory, player, game 0.9899540
1990-1999 101: players, games, game_theory, player, game 0.9763031
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.2301202
1950-1959 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.2245445
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1641222
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.1619750
1920-1939 21: free_competition, imperfection, imperfect_competition, monopolistic, perfect_competition 0.1506509
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1331707
1960-1969 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1106679
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.0746709
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0634609
1900-1919 6: civilization, evils, enjoyment, free_competition, religion 0.0633053
1970-1979 60: policy_implications, london_school, revision_received, milton_friedman, friedman 0.0626953
1900-1919 8: farm, agriculture, agricultural, land, farmers 0.0591101
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.0525740

Intertemporal cluster 103: voters, voting, voter, rational_voter, public_choice

The cluster gathers 2573 sentences from our corpus. It represents 1.59% of all the sentences selected over the whole period.

The community exists from 1990 to 2019.

The most recurring authors are Geoffrey Brennan (43 sentences), Youzong Xu (30 sentences), Gary J. Miller (24 sentences), Alberto Alesina (22 sentences), Bernard Grofman (22 sentences), Daniel Diermeier (22 sentences), Roger D. Congleton (22 sentences), Bryan Caplan (21 sentences), Dwight R. Lee (21 sentences), John Duggan (19 sentences).

The most recurring journals are Public Choice (972 sentences), The American Economic Review (130 sentences), Journal of Political Economy (84 sentences), The Review of Economic Studies (77 sentences), The Economic Journal (76 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
voters 0.0083632
voting 0.0063644
voter 0.0061963
rational_voter 0.0040079
public_choice 0.0032992
vote 0.0032343
rational_voters 0.0029239
electoral 0.0026273
turnout 0.0023319
voting_behavior 0.0021861
rational_voting 0.0017938
rational_partisan 0.0016164
choice_theory 0.0015229
strategic_voting 0.0015086
political_business 0.0014368
rational_choice 0.0014365
median_voter 0.0014295
election 0.0014140
votes 0.0013328
partisan 0.0013198

Top TF-IDF terms describing the community for each time window

Top terms 1990-1999

Token TF-IDF
voters 0.0072912
voter 0.0069355
voting 0.0056536
vote 0.0043279
rational_voter 0.0042788
public_choice 0.0038497
electoral 0.0035111
political_business 0.0029503
median_voter 0.0024350
election 0.0022151
turnout 0.0021694
partisan 0.0020370
political_markets 0.0019725
rational_voters 0.0018319
rational_expectations 0.0017290

Top terms 2000-2009

Token TF-IDF
voting 0.0101028
voters 0.0084299
voter 0.0060603
public_choice 0.0050693
vote 0.0044519
rational_partisan 0.0038729
rational_voter 0.0038412
partisan 0.0035856
voting_behavior 0.0031077
electoral 0.0029979
election 0.0028605
rational_ignorance 0.0025869
elections 0.0025093
voter_model 0.0021492
rational_voters 0.0019986

Top terms 2010-2019

Token TF-IDF
voters 0.0169209
voting 0.0130196
voter 0.0122548
rational_voter 0.0063110
rational_voters 0.0062065
vote 0.0057287
sincere 0.0038775
votes 0.0036395
turnout 0.0033563
strategic_voting 0.0027969
voting_behavior 0.0026932
electoral 0.0025980
public_choice 0.0024513
candidate 0.0023265
electorate 0.0022007

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
It is one thing to assume that individuals act rationally in the sense that the term is used in expected utility theory when they go to the supermarket or participate in financial markets in the United States; it is quite another thing to make that assumption when individuals confront the complicated choices involved in making decisions about the polity and the economy that shape institutional change. Institutions and Credible Commitment 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Douglass C. North 0.830
Introduction In Political Economy, all actors are assumed to behave rationally, i.e.  Random Errors, Dirty Information, and Politics 1996 Public Choice Reiner Eichenberger, Angel Serna 0.804
In section III, we describe the conditions for a rational expectations political/economic equilibrium. Partisanship Theory, Macroeconomic Outcomes, and Endogenous Elections 1991 Southern Economic Journal Nathan S. Balke 0.778
Political rationality It is hard to understate the impact that rational expectations has had on the literature we survey here. Political Business Cycles and Macroeconomic Credibility: A Survey 1997 Public Choice Simon Price 0.774
An experiment in rationality* ANDRE BLAIS1 & ROBERT YOUNG2 1Ddpartement de Science Politique, Universitj de Montreal, C.P. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.768
If irrationality is treated as a good like any other, then basic price theory implies that deviations from rational expectations are especially likely to surface in political games. Rational Irrationality and the Microfoundations of Political Failure 2001 Public Choice Bryan Caplan 0.765
Given the general acceptance among behavioral economists that the irrationalities in market decisions justify government attempts to improve the rationality of those decisions, it would seem reasonable to compare the distortions created in the market process by cognitive biases with the distortions those biases create in the political process. Can behavioral economists improve economic rationality? 2018 Public Choice Dwight R. Lee, J. R. Clark 0.764
This result contributes to the debate abut the effect of rational-choice models on real political behavior. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.760
In this model, it is assumed that individuals are “bounded rational” in the sense that they do not take account of the indirect effect of their lobbying effort on the absolute amount of the total “pie”, or that this indirect effect is negligible. The Effect of Number and Size of Interest Groups on Social Rent Dissipation 1999 Public Choice Guang-Zhen Sun, Yew-Kwang Ng 0.760
We arrive at one the most important concepts of modern economics if we not only require individual rationality but also coalitional rationality. JOHN VON NEUMANN’S CONTRIBUTION TO MODERN GAME THEORY 2004 Acta Oeconomica F. FORGÓ 0.760
In relatively nonexperimental fields such as political science, the opposition to the use of the “rational choice” approach is based in part on doubts about the extreme rationality assumptions that underlie virtually all “formal modeling” of political behavior.’ The Logit Equilibrium: A Perspective on Intuitive Behavioral Anomalies 2002 Southern Economic Journal Simon P. Anderson, Jacob K. Goeree , Charles A. Holt 0.750
Our analysis suggests that expectations of inflation are formed in a rational manner and that voters can therefore be expected to perceive such consequences. Granger Causality, Rational Expectations and Aversion to Unemployment and Inflation 1994 Public Choice John Hudson 0.740
Methodologically, we extend the test of the rational versus the political model. Land Tenure Choice in Chinese Villages: The Rational versus the Political Model 2004 Land Economics Yang Yao 0.740
Springer Science -f Business Media B.V. 2007 Abstract Economists assume that individuals think about the economy like economists, which is especially important in all rational expectations and economic voting models. Nonexpert Beliefs about the Macroeconomic Consequences of Economic and Noneconomic Events 2007 Public Choice Michael W. M. Roos 0.736
It analyzes political behavior and institutions in light of the economic assumption that humans are selfinterested rational actors who respond to incentives. GEORGE ORWELL AS A PUBLIC CHOICE ECONOMIST 2015 The American Economist Michael Makovi 0.735
In general, the presence of rational expectations prevents systematic economic manipulation or political profit by the incumbent because this sort of exploitation would be « seen through » by voters and might cost rather than bring in votes. The Electoral Cycle : a Brief Survey of Literature / Le cycle électoral : une revue brève de la littérature 1994 Revue d’économie politique Gerasimos T. Soldatos 0.734
The concept of rationality that is employed fails to recognize that-particularly from an economic point of view-political actions only deserve the term “rational” when they include in their search for resourcesaving solutions the difficulty of achieving a consensus. Institutions and Agricultural Economics 1993 Journal of Economic Issues Konrad Hagedorn 0.732
When all agents are rational, on the other hand, it is necessary that the uninformed voters cannot simply ‘solve the model’ to get the outcomes. Knowledge is Power: A Theory of Information, Income and Welfare Spending 2017 Economica Jo Thori Lind , Dominic Rohner 0.731
That is, political agents or groups are assumed to be rational and forward-looking, with expectations that are consistent with the properties of the underlying model. The Positive Economics of Policy Reform 1993 The American Economic Review Dani Rodrik 0.729
If the unrealistic assumption that voters can accurately predict the number of beneficiaries is replaced by an assumption of bounded rationality, more interesting dynamic processes may emerge. Incentives and Social Norms in Household Behavior 1997 The American Economic Review Assar Lindbeck 0.729
Although in democracies there is some degree of political competition, it seems likely that in social choices the intermediation of the market is less relevant, whereas in many cases involving behavioral economics, markets might plausibly arbitrage away, or exploit, irrationalities. Old George Orwell Got It Backward: Some Thoughts on Behavioral Tax Economics 2010 FinanzArchiv / Public Finance Analysis Joel Slemrod 0.729

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
It is one thing to assume that individuals act rationally in the sense that the term is used in expected utility theory when they go to the supermarket or participate in financial markets in the United States; it is quite another thing to make that assumption when individuals confront the complicated choices involved in making decisions about the polity and the economy that shape institutional change. Institutions and Credible Commitment 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Douglass C. North 0.830
Introduction In Political Economy, all actors are assumed to behave rationally, i.e.  Random Errors, Dirty Information, and Politics 1996 Public Choice Reiner Eichenberger, Angel Serna 0.804
In section III, we describe the conditions for a rational expectations political/economic equilibrium. Partisanship Theory, Macroeconomic Outcomes, and Endogenous Elections 1991 Southern Economic Journal Nathan S. Balke 0.778
Political rationality It is hard to understate the impact that rational expectations has had on the literature we survey here. Political Business Cycles and Macroeconomic Credibility: A Survey 1997 Public Choice Simon Price 0.774
An experiment in rationality* ANDRE BLAIS1 & ROBERT YOUNG2 1Ddpartement de Science Politique, Universitj de Montreal, C.P. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.768
This result contributes to the debate abut the effect of rational-choice models on real political behavior. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.760
In this model, it is assumed that individuals are “bounded rational” in the sense that they do not take account of the indirect effect of their lobbying effort on the absolute amount of the total “pie”, or that this indirect effect is negligible. The Effect of Number and Size of Interest Groups on Social Rent Dissipation 1999 Public Choice Guang-Zhen Sun, Yew-Kwang Ng 0.760
Our analysis suggests that expectations of inflation are formed in a rational manner and that voters can therefore be expected to perceive such consequences. Granger Causality, Rational Expectations and Aversion to Unemployment and Inflation 1994 Public Choice John Hudson 0.740
In general, the presence of rational expectations prevents systematic economic manipulation or political profit by the incumbent because this sort of exploitation would be « seen through » by voters and might cost rather than bring in votes. The Electoral Cycle : a Brief Survey of Literature / Le cycle électoral : une revue brève de la littérature 1994 Revue d’économie politique Gerasimos T. Soldatos 0.734
The concept of rationality that is employed fails to recognize that-particularly from an economic point of view-political actions only deserve the term “rational” when they include in their search for resourcesaving solutions the difficulty of achieving a consensus. Institutions and Agricultural Economics 1993 Journal of Economic Issues Konrad Hagedorn 0.732
That is, political agents or groups are assumed to be rational and forward-looking, with expectations that are consistent with the properties of the underlying model. The Positive Economics of Policy Reform 1993 The American Economic Review Dani Rodrik 0.729
If the unrealistic assumption that voters can accurately predict the number of beneficiaries is replaced by an assumption of bounded rationality, more interesting dynamic processes may emerge. Incentives and Social Norms in Household Behavior 1997 The American Economic Review Assar Lindbeck 0.729

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
If irrationality is treated as a good like any other, then basic price theory implies that deviations from rational expectations are especially likely to surface in political games. Rational Irrationality and the Microfoundations of Political Failure 2001 Public Choice Bryan Caplan 0.765
We arrive at one the most important concepts of modern economics if we not only require individual rationality but also coalitional rationality. JOHN VON NEUMANN’S CONTRIBUTION TO MODERN GAME THEORY 2004 Acta Oeconomica F. FORGÓ 0.760
In relatively nonexperimental fields such as political science, the opposition to the use of the “rational choice” approach is based in part on doubts about the extreme rationality assumptions that underlie virtually all “formal modeling” of political behavior.’ The Logit Equilibrium: A Perspective on Intuitive Behavioral Anomalies 2002 Southern Economic Journal Simon P. Anderson, Jacob K. Goeree , Charles A. Holt 0.750
Methodologically, we extend the test of the rational versus the political model. Land Tenure Choice in Chinese Villages: The Rational versus the Political Model 2004 Land Economics Yang Yao 0.740
Springer Science -f Business Media B.V. 2007 Abstract Economists assume that individuals think about the economy like economists, which is especially important in all rational expectations and economic voting models. Nonexpert Beliefs about the Macroeconomic Consequences of Economic and Noneconomic Events 2007 Public Choice Michael W. M. Roos 0.736
I. Assumptions about Political Actors Perhaps the most fundamental proposition on the survey states that “Individuals are rational utili ty-maximizers.” Public Choice Economics: Where Is There Consensus? 2005 The American Economist Robert Whaples , Jac C. Heckelman 0.727
Public choice shares the rationality assumption with rational expectations, so it is hard to understand why they would think citizens are continually duped on macroeconomic issues that affect their well-being. What Is Wrong with Public Choice 2004 Journal of Post Keynesian Economics Steven Pressman 0.723
It follows the established practice of economics of assuming rational expectations, but that assumption is much more questionable in the case of political economy. The “New Political Economy”: Recent Books by Allen Drazen and by Torsten Persson and Guido Tabellini 2000 Journal of Economic Literature Allen Drazen , Torsten Persson , Guido Tabellini , Gilles Saint-Paul 0.721
The individual actors in the political system are assumed to act in the same rational fashion as individuals in a market context. Sabotage versus Public Choice: Sports as a Case Study for Interest Group Theory 2002 Journal of Economic Issues Ian Hudson 0.721
Introduction and Overview Much of political philosophy and public choice theory share a common model of rational individual behavior. Public Choice and Political Philosophy: Reflections on the Works of Gordon Spinoza and David Immanuel Buchanan 2005 Public Choice Hartmut Kliemt 0.715
Interestingly, public choice political scientists are even more willing than economists to view this behavior as rational, even though they aren’t as convinced of the gen eral rational utility maximizing behavior of peo ple. Public Choice Economics: Where Is There Consensus? 2005 The American Economist Robert Whaples , Jac C. Heckelman 0.714
It may be as misleading for Public Choice theorists to assume that ordinary subjects are fully rational as it is for a proposer in the ultimatum game. Public Choice and Political Philosophy: Reflections on the Works of Gordon Spinoza and David Immanuel Buchanan 2005 Public Choice Hartmut Kliemt 0.709

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Given the general acceptance among behavioral economists that the irrationalities in market decisions justify government attempts to improve the rationality of those decisions, it would seem reasonable to compare the distortions created in the market process by cognitive biases with the distortions those biases create in the political process. Can behavioral economists improve economic rationality? 2018 Public Choice Dwight R. Lee, J. R. Clark 0.764
It analyzes political behavior and institutions in light of the economic assumption that humans are selfinterested rational actors who respond to incentives. GEORGE ORWELL AS A PUBLIC CHOICE ECONOMIST 2015 The American Economist Michael Makovi 0.735
When all agents are rational, on the other hand, it is necessary that the uninformed voters cannot simply ‘solve the model’ to get the outcomes. Knowledge is Power: A Theory of Information, Income and Welfare Spending 2017 Economica Jo Thori Lind , Dominic Rohner 0.731
Although in democracies there is some degree of political competition, it seems likely that in social choices the intermediation of the market is less relevant, whereas in many cases involving behavioral economics, markets might plausibly arbitrage away, or exploit, irrationalities. Old George Orwell Got It Backward: Some Thoughts on Behavioral Tax Economics 2010 FinanzArchiv / Public Finance Analysis Joel Slemrod 0.729
As a result, voters will rationally decide to ignore the additional signals and attribute any difference between them and their rational expectation to the error term.16 This illustrates an important point. UNCERTAINTY, ELECTORAL INCENTIVES AND POLITICAL MYOPIA 2013 The Economic Journal Alessandra Bonfiglioli, Gino Gancia 0.728
In other words, she votes for the alternative that maximizes her expected utility conditional on both her private information and the information inferred from pivotality, that is, the hypothetical event that she is decisive.3 The assumption of the coexistence of both rational and sincere voters has strong experimental support, and multiple interpretations of sincere voters’ boundedly rational behavior have been advanced. Collective decision-making of voters with heterogeneous levels of rationality 2019 Public Choice Youzong Xu 0.722
1 The concepts of “rational irrationality” and retrospective voting - a review Bryan Caplan’s book “The myth of the rational voter” was among the first to show that there is a systematic bias in voters’ beliefs about economic policies. Biased beliefs and retrospective voting: why democracies choose mediocre policies 2013 Public Choice Ivo Bischoff , Lars-H.R. Siemers 0.720
Our model offers an explanation in which this causal effect can be reconciled with rational voters. The Incumbency Effects of Signalling 2014 Economica Francesco Caselli , Tom Cunningham , Massimo Morelli , Inés Moreno de Barreda 0.720
Political economy models in the rational-choice mold translate this framework into the political arena. When Ideas Trump Interests: Preferences, Worldviews, and Policy Innovations 2014 The Journal of Economic Perspectives Dani Rodrik 0.713
Taken together, the complexity and queasiness of hyper-rational, pure-QV voting, along with the miniscule expenditure that such voting involves, might push nearly everyone to View II behavior—and, as we explained, even if only a modest fraction behaves according to View II, the preferences of remaining QV’ers are drowned out. Who will vote quadratically? Voter turnout and votes cast under quadratic voting 2017 Public Choice Louis Kaplow , Scott Duke Kominers 0.713
Rationalist1 accounts of political action fare slightly better than economistic approaches by introducing both institutions and actors as intervening variables. Legitimising discourses in the framework of European integration: The politics of Euro adoption in the Czech Republic and Slovakia 2012 Review of International Political Economy Andrea Pechova 0.711
A rational voter correctly recognizes whether her two signals are independent or correlated; a boundedly rational voter always believes that his two signals are independent. Collective decision-making of voters with heterogeneous levels of rationality 2019 Public Choice Youzong Xu 0.710

Closest sentences from the cluster’s centroid

Among the 150 closest sentences to the cluster’s centroid, 56.67% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
This result contributes to the debate abut the effect of rational-choice models on real political behavior. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.861
Conclusion Most rational choice models of politics are predicated on the assumption that electoral incentives matter for the behavior of politicians. Distributive Politics and Electoral Incentives: Evidence from Seven US State Legislatures 2012 American Economic Journal: Economic Policy Toke S. Aidt, Julia Shvets 0.854
This is a conceptual point that goes beyond the results of this paper on the comparison of electoral systems: even though sincere voting strategies may not be rational, the equilibrium voting actions may well be sincere when candidates are endogenous. Party Formation and Policy Outcomes under Different Electoral Systems 2004 The Review of Economic Studies Massimo Morelli 0.838
Finally, our article is also related to a growing political economy literature that relaxes the assumption of voter rationality. RETROSPECTIVE VOTING AND PARTY POLARIZATION 2019 International Economic Review Ignacio Esponda, Demian Pouzo 0.837
The rational voter paradox is neglected in this paper. Does Trading Votes in National Elections Change Election Outcomes? 2009 Public Choice Frank Daumann , Alfred Wassermann 0.835
We outline how a rational voter model is consistent with public choice the ory and other aspects of economic reasoning and describe a small group of variables that has been shown to consis tently explain voting behavior in presidential elections. Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 0.834
Introduction and Overview Much of political philosophy and public choice theory share a common model of rational individual behavior. Public Choice and Political Philosophy: Reflections on the Works of Gordon Spinoza and David Immanuel Buchanan 2005 Public Choice Hartmut Kliemt 0.833
To analyze such settings, political economy models of voting have traditionally assumed a rational electorate that updates information according to Bayes’ Rule, votes strategically, etc. Impressionable Voters 2019 American Economic Journal: Microeconomics Costel Andonie , Daniel Diermeier 0.833
As in this paper, uninformed voters have rational expectations. Political Competition with Campaign Contributions and Informative Advertising 2004 Journal of the European Economic Association Stephen Coate 0.830
Finally, we offer a conclusion about the limits of economic rationalism in voting behavior and sug gest that some elections—such as the 1992 election, and potentially the 2004 election—are not fundamentally about economics. Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 0.830
Public choice as political theory Throughout this essay I shall refer to all works that assume rational, self-interested behavior on the part of all political actors as part of the public choice literature regardless of how formal the analysis is in terms of mathematical modeling, or whether it appears in an economics, political science, sociology or some other discipline’s journal. The Future of Public Choice 1993 Public Choice Dennis C. Mueller 0.829
In his model, voters are rational and costs of voting, the information set of voters and the institutional framework are presented in a more general way than in previous works. Social Norms and the Paradox of Elections’ Turnout 2004 Public Choice João Amaro de Matos, Pedro P. Barros 0.826
Both of these results provide support for public and rational choice models of the political process. Has Legislative Television Changed Legislator Behavior?: C-SPAN2 and the Frequency of Senate Filibustering 2003 Public Choice Franklin G. Mixon Jr., M. Troy Gibson , Kamal P. Upadhyaya 0.824
If the unrealistic assumption that voters can accurately predict the number of beneficiaries is replaced by an assumption of bounded rationality, more interesting dynamic processes may emerge. Incentives and Social Norms in Household Behavior 1997 The American Economic Review Assar Lindbeck 0.822
Voters The superstructure of public choice theory is founded upon rational behavior assumptions. The Next Twenty-Five Years of Public Choice 1993 Public Choice Charles K. Rowley , Friedrich Schneider, Robert D. Tollison 0.821

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
This result contributes to the debate abut the effect of rational-choice models on real political behavior. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.861
Conclusion Most rational choice models of politics are predicated on the assumption that electoral incentives matter for the behavior of politicians. Distributive Politics and Electoral Incentives: Evidence from Seven US State Legislatures 2012 American Economic Journal: Economic Policy Toke S. Aidt, Julia Shvets 0.854
This characterization of voter decisionmaking is widely used in the modern political economy literature, but works less well than one might have expected. Informational Limits to Democratic Public Policy: The Jury Theorem, Yardstick Competition, and Ignorance 2007 Public Choice Roger D. Congleton 0.852
Starting with these assumptions, Coate and Morris show that in the equilibrium, voters are able to make conclusions upon the behavior and the aims of politicians4. Trust Me. An Empirical Analysis of Taxpayer Honesty 1998 FinanzArchiv / Public Finance Analysis Marcel Kucher, Lorenz Götte 0.841
This is a conceptual point that goes beyond the results of this paper on the comparison of electoral systems: even though sincere voting strategies may not be rational, the equilibrium voting actions may well be sincere when candidates are endogenous. Party Formation and Policy Outcomes under Different Electoral Systems 2004 The Review of Economic Studies Massimo Morelli 0.838
Finally, our article is also related to a growing political economy literature that relaxes the assumption of voter rationality. RETROSPECTIVE VOTING AND PARTY POLARIZATION 2019 International Economic Review Ignacio Esponda, Demian Pouzo 0.837
Despite the undoubted success of this research programme it has long been realized, however, that it is difficult to explain very basic political decisions like to vote or not to vote with the help of the standard approach.2 This holds even if it is admitted that utility functions can be interdependent and that they include non-material variables. Low-Cost Decisions as a Challenge to Public Choice 1993 Public Choice Gebhard Kirchgässner, Werner W. Pommerehne 0.835
The rational voter paradox is neglected in this paper. Does Trading Votes in National Elections Change Election Outcomes? 2009 Public Choice Frank Daumann , Alfred Wassermann 0.835
Concluding Remarks Whether and, if so, to what extent, individuals cast strategic ballots is one of the most important questions at the intersection of economics and political science. PLEASE DON’T VOTE FOR ME: VOTING IN A NATURAL EXPERIMENT WITH PERVERSE INCENTIVES 2015 The Economic Journal Jörg L. Spenkuch 0.835
We outline how a rational voter model is consistent with public choice the ory and other aspects of economic reasoning and describe a small group of variables that has been shown to consis tently explain voting behavior in presidential elections. Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 0.834
Introduction and Overview Much of political philosophy and public choice theory share a common model of rational individual behavior. Public Choice and Political Philosophy: Reflections on the Works of Gordon Spinoza and David Immanuel Buchanan 2005 Public Choice Hartmut Kliemt 0.833
To analyze such settings, political economy models of voting have traditionally assumed a rational electorate that updates information according to Bayes’ Rule, votes strategically, etc. Impressionable Voters 2019 American Economic Journal: Microeconomics Costel Andonie , Daniel Diermeier 0.833
As in this paper, uninformed voters have rational expectations. Political Competition with Campaign Contributions and Informative Advertising 2004 Journal of the European Economic Association Stephen Coate 0.830
10It is perhaps worth noting that the expressive voting thesis suggests why political preferences and market preferences are likely to diverge?but holds that individuals’ political preferences are no less ‘rational’ in the sense that they evince the properties of continuity, transitivity and convexity. Homo Economicus and Homo Politicus: An Introduction 2008 Public Choice Geoffrey Brennan 0.830
Finally, we offer a conclusion about the limits of economic rationalism in voting behavior and sug gest that some elections—such as the 1992 election, and potentially the 2004 election—are not fundamentally about economics. Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 0.830
Economic and political choices are interdependent in our theory: expected electoral results influence economic choices, and economic choices in turn influence voting behaviour. A Spatial Theory of Media Slant and Voter Choice 2011 The Review of Economic Studies J. DUGGAN , C. MARTINELLI 0.830

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 1990-1999

Sentence Title Year Journal Authors Centroid Similarity
This result contributes to the debate abut the effect of rational-choice models on real political behavior. Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 0.861
Starting with these assumptions, Coate and Morris show that in the equilibrium, voters are able to make conclusions upon the behavior and the aims of politicians4. Trust Me. An Empirical Analysis of Taxpayer Honesty 1998 FinanzArchiv / Public Finance Analysis Marcel Kucher, Lorenz Götte 0.841
Despite the undoubted success of this research programme it has long been realized, however, that it is difficult to explain very basic political decisions like to vote or not to vote with the help of the standard approach.2 This holds even if it is admitted that utility functions can be interdependent and that they include non-material variables. Low-Cost Decisions as a Challenge to Public Choice 1993 Public Choice Gebhard Kirchgässner, Werner W. Pommerehne 0.835
Public choice as political theory Throughout this essay I shall refer to all works that assume rational, self-interested behavior on the part of all political actors as part of the public choice literature regardless of how formal the analysis is in terms of mathematical modeling, or whether it appears in an economics, political science, sociology or some other discipline’s journal. The Future of Public Choice 1993 Public Choice Dennis C. Mueller 0.829
A closer presentation of the puzzle Public Choice assumes that political behaviour can be analyzed by utilizing the “economic man”-assumption underlying neoclassical economic theory. Democracy as Insurance 1996 Public Choice Einar Overbye 0.825
If the unrealistic assumption that voters can accurately predict the number of beneficiaries is replaced by an assumption of bounded rationality, more interesting dynamic processes may emerge. Incentives and Social Norms in Household Behavior 1997 The American Economic Review Assar Lindbeck 0.822
Voters The superstructure of public choice theory is founded upon rational behavior assumptions. The Next Twenty-Five Years of Public Choice 1993 Public Choice Charles K. Rowley , Friedrich Schneider, Robert D. Tollison 0.821
The rational voter theory as applied in the literature on political support functions1” somehow neglects the low probability argument for not voting and claims that people decide in public elections as in economic situations. Do People Care about Democracy? An Experiment Exploring the Value of Voting Rights 1997 Public Choice Werner Güth , Hannelore Weck-Hannemann 0.820
A previous version of this paper was presented at the Weingart Conference on Formal Models of Voting, California Institute of Technology, 22-23 March 1985. that a rational calculus of self-interest motivates voters’ choices. Asymmetric Information and the Electoral Momentum of Public Opinion Polls 1991 Public Choice Alex Cukierman 0.820
It is one thing to assume that individuals act rationally in the sense that the term is used in expected utility theory when they go to the supermarket or participate in financial markets in the United States; it is quite another thing to make that assumption when individuals confront the complicated choices involved in making decisions about the polity and the economy that shape institutional change. Institutions and Credible Commitment 1993 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Douglass C. North 0.819
Unlike in the present paper they assume that all voters have the same preferences and that their expectation formation mechanism is not “rational.” The Politics of Ambiguity 1990 The Quarterly Journal of Economics Alberto Alesina, Alex Cukierman 0.819

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
This characterization of voter decisionmaking is widely used in the modern political economy literature, but works less well than one might have expected. Informational Limits to Democratic Public Policy: The Jury Theorem, Yardstick Competition, and Ignorance 2007 Public Choice Roger D. Congleton 0.852
This is a conceptual point that goes beyond the results of this paper on the comparison of electoral systems: even though sincere voting strategies may not be rational, the equilibrium voting actions may well be sincere when candidates are endogenous. Party Formation and Policy Outcomes under Different Electoral Systems 2004 The Review of Economic Studies Massimo Morelli 0.838
The rational voter paradox is neglected in this paper. Does Trading Votes in National Elections Change Election Outcomes? 2009 Public Choice Frank Daumann , Alfred Wassermann 0.835
We outline how a rational voter model is consistent with public choice the ory and other aspects of economic reasoning and describe a small group of variables that has been shown to consis tently explain voting behavior in presidential elections. Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 0.834
Introduction and Overview Much of political philosophy and public choice theory share a common model of rational individual behavior. Public Choice and Political Philosophy: Reflections on the Works of Gordon Spinoza and David Immanuel Buchanan 2005 Public Choice Hartmut Kliemt 0.833
As in this paper, uninformed voters have rational expectations. Political Competition with Campaign Contributions and Informative Advertising 2004 Journal of the European Economic Association Stephen Coate 0.830
10It is perhaps worth noting that the expressive voting thesis suggests why political preferences and market preferences are likely to diverge?but holds that individuals’ political preferences are no less ‘rational’ in the sense that they evince the properties of continuity, transitivity and convexity. Homo Economicus and Homo Politicus: An Introduction 2008 Public Choice Geoffrey Brennan 0.830
Finally, we offer a conclusion about the limits of economic rationalism in voting behavior and sug gest that some elections—such as the 1992 election, and potentially the 2004 election—are not fundamentally about economics. Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 0.830
This paper argues that this is not necessarily the best way to interpret the problem and attempts to provide an alternative unified political-economic model that is more consistent with standard assumptions about voting. The Political-Economy of Conflicts over Wealth: Why Don’t the Rabble Expropriate the Rich? 2008 Public Choice Alex Coram 0.827
In his model, voters are rational and costs of voting, the information set of voters and the institutional framework are presented in a more general way than in previous works. Social Norms and the Paradox of Elections’ Turnout 2004 Public Choice João Amaro de Matos, Pedro P. Barros 0.826

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Conclusion Most rational choice models of politics are predicated on the assumption that electoral incentives matter for the behavior of politicians. Distributive Politics and Electoral Incentives: Evidence from Seven US State Legislatures 2012 American Economic Journal: Economic Policy Toke S. Aidt, Julia Shvets 0.854
Finally, our article is also related to a growing political economy literature that relaxes the assumption of voter rationality. RETROSPECTIVE VOTING AND PARTY POLARIZATION 2019 International Economic Review Ignacio Esponda, Demian Pouzo 0.837
Concluding Remarks Whether and, if so, to what extent, individuals cast strategic ballots is one of the most important questions at the intersection of economics and political science. PLEASE DON’T VOTE FOR ME: VOTING IN A NATURAL EXPERIMENT WITH PERVERSE INCENTIVES 2015 The Economic Journal Jörg L. Spenkuch 0.835
To analyze such settings, political economy models of voting have traditionally assumed a rational electorate that updates information according to Bayes’ Rule, votes strategically, etc. Impressionable Voters 2019 American Economic Journal: Microeconomics Costel Andonie , Daniel Diermeier 0.833
Economic and political choices are interdependent in our theory: expected electoral results influence economic choices, and economic choices in turn influence voting behaviour. A Spatial Theory of Media Slant and Voter Choice 2011 The Review of Economic Studies J. DUGGAN , C. MARTINELLI 0.830
Almost all introductory textbooks now include a discussion of public choice as the application of economic models in explaining political decision-making in the context of both elections and government policy making; and in some quarters public choice theory is seen as essentially standard neoclassical economics extended to the domain of pol itics. “The Calculus of Consent” reflected 2012 Public Choice Alan Hamlin 0.829
4D this prediction sits awkwardly with the stylized fact that there is at least some sort of economic vote, and more directly with the fact that some voters on some dimensions at least are very well informed.10 Consequently later theoretical work within the field has softened. Voting and the economic cycle 2015 Public Choice John Maloney , Andrew Pickering 0.825
First, while existing work focuses on sincere voting, we consider fully rational voters who vote strategically.5 Second, we introduce uncertainty regarding others’ preferences. COMBINATORIAL VOTING 2012 Econometrica David S. Ahn , Santiago Oliveros 0.819
To analyze the consequence of policy deviation on the campaign contribution and voting, we need to specify a rational belief on the winning policy between a1 and a2. REVEALED POLITICAL POWER 2013 International Economic Review Jinhui H. Bai , Roger Lagunoff 0.818
‘On the theory of strategic voting’, Review of Economic Studies, vol.  TURNOUT AND POWER SHARING 2014 The Economic Journal Helios Herrera , Massimo Morelli, Thomas Palfrey 0.816
Political economy models in the rational-choice mold translate this framework into the political arena. When Ideas Trump Interests: Preferences, Worldviews, and Policy Innovations 2014 The Journal of Economic Perspectives Dani Rodrik 0.816
In the context of economic voting, there are several relevant hypotheses of interest. A fractionally cointegrated VAR analysis of economic voting and political support 2014 The Canadian Journal of Economics / Revue canadienne d’Economique Maggie E. C. Jones , Morten Ørregaard Nielsen, Michał Ksawery Popiel 0.816

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Collective decision-making of voters with heterogeneous levels of rationality 2019 Public Choice Youzong Xu 30 0.629
The Impact of Economics on Contemporary Political Science 1997 Journal of Economic Literature Gary J. Miller 23 0.626
The Political Economy of Dynamic Elections: Accountability, Commitment, and Responsiveness 2017 Journal of Economic Literature John Duggan , César Martinelli 17 0.596
Impressionable Voters 2019 American Economic Journal: Microeconomics Costel Andonie , Daniel Diermeier 17 0.625
Who will vote quadratically? Voter turnout and votes cast under quadratic voting 2017 Public Choice Louis Kaplow , Scott Duke Kominers 16 0.633
Correlation Neglect, Voting Behavior, and Information Aggregation 2015 The American Economic Review Gilat Levy , Ronny Razin 15 0.607
Rational Irrationality and the Microfoundations of Political Failure 2001 Public Choice Bryan Caplan 14 0.653
Psychological Dimensions in Voter Choice 2008 Public Choice Geoffrey Brennan 13 0.622
Political Business Cycles and Macroeconomic Credibility: A Survey 1997 Public Choice Simon Price 12 0.635
Expressive Voting and Electoral Equilibrium 1998 Public Choice Geoffrey Brennan, Alan Hamlin 12 0.619

Top articles (most sentences) of the cluster for each time window

Top articles 1990-1999

Title Year Journal Authors Number sentences Similarity
The Impact of Economics on Contemporary Political Science 1997 Journal of Economic Literature Gary J. Miller 23 0.626
Political Business Cycles and Macroeconomic Credibility: A Survey 1997 Public Choice Simon Price 12 0.635
Expressive Voting and Electoral Equilibrium 1998 Public Choice Geoffrey Brennan, Alan Hamlin 12 0.619
Institutions and Agricultural Economics 1993 Journal of Economic Issues Konrad Hagedorn 11 0.617
Why Do People Vote? An Experiment in Rationality 1999 Public Choice André Blais , Robert Young 10 0.654
Partisanship Theory, Macroeconomic Outcomes, and Endogenous Elections 1991 Southern Economic Journal Nathan S. Balke 8 0.640
The New Political Macroeconomics: An Interview with Alberto Alesina 1999 The American Economist Brian Snowdon , Howard R. Vane , Alberto Alesina 8 0.637
Competition in Political and Economic Markets 1991 Public Choice Don L. Coursey , Russell D. Roberts 7 0.616
Rationality and the Political Business Cycle: The Case of Local Government 1992 Public Choice Jacob Rosenberg 6 0.631
Strategic Voting under Proportional Representation 1996 Journal of Law, Economics, & Organization Gary W. Cox , Matthew Soberg Shugart 6 0.653
Public Pensions and Voting on Immigration 1998 Public Choice Alexander Haupt, Wolfgang Peters 6 0.640
Turnout in Gubernatorial and Senatorial Primary and General Elections in the South, 1922-90: A Rational Choice Model of the Effects of Short-Run and Long-Run Electoral Competition on Relative Turnout 1998 Public Choice Christopher Hanks, Bernard Grofman 6 0.613
General Interest and Redistribution with Self-Interested Voters: Social Contract Revisited 1991 Public Choice Louis Levy-Garboua 5 0.621
Incomplete Information, Income Redistribution and Risk Averse Median Voter Behavior 1991 Public Choice John A. Bishop, John P. Formby, W. James Smith 5 0.621
The Endogenous Public Choice Theorist 1992 Public Choice Ulrich Witt 5 0.589

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Rational Irrationality and the Microfoundations of Political Failure 2001 Public Choice Bryan Caplan 14 0.653
Psychological Dimensions in Voter Choice 2008 Public Choice Geoffrey Brennan 13 0.622
Rational Ignorance, Rational Voter Expectations, and Public Policy: A Discrete Informational Foundation for Fiscal Illusion 2001 Public Choice Roger D. Congleton 11 0.632
Political Coase Theorem 2003 Public Choice Francesco Parisi 11 0.616
The Survival of the Welfare State 2003 The American Economic Review John Hassler , José V. Rodríguez Mora, Kjetil Storesletten , Fabrizio Zilibotti 11 0.610
Public Choice Economics: Where Is There Consensus? 2005 The American Economist Robert Whaples , Jac C. Heckelman 9 0.656
Is Internet Voting a Good Thing? 2000 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Tilman Börgers 8 0.622
The Contributions and Impact of Professor William H. Riker 2003 Public Choice Kellie Maske, Garey Durden 8 0.623
Pocketbook Predictions of Presidential Elections: POCKETBOOK VARIABLES ARE ALMOST ALWAYS GOOD INDICATORS OF ELECTORAL OUTCOMES 2004 Business Economics Patrick L. Anderson , Ilhan Kubilay Geckil 8 0.624
THE POLITICAL BUSINESS CYCLE AT SIXTY: TOWARDS A NEO-KALECKIAN UNDERSTANDING OF POLITICAL ECONOMY? 2004 Cahiers d’économie politique / Papers in Political Economy Jan-Peter Olters 7 0.610
Public Choice and Political Philosophy: Reflections on the Works of Gordon Spinoza and David Immanuel Buchanan 2005 Public Choice Hartmut Kliemt 7 0.660
Homo Economicus and Homo Politicus: An Introduction 2008 Public Choice Geoffrey Brennan 7 0.637
Politics and Unemployment in Industrialized Democracies 2002 Public Choice Linda Gonçalves Veiga , Henry W. Chappell Jr. 6 0.623
Abstention in Daylight: Strategic Calculus of Voting in the European Parliament 2004 Public Choice Abdul G. Noury 6 0.632
Reflections on Public Choice 2004 Public Choice Bernard Grofman 6 0.605

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
Collective decision-making of voters with heterogeneous levels of rationality 2019 Public Choice Youzong Xu 30 0.629
The Political Economy of Dynamic Elections: Accountability, Commitment, and Responsiveness 2017 Journal of Economic Literature John Duggan , César Martinelli 17 0.596
Impressionable Voters 2019 American Economic Journal: Microeconomics Costel Andonie , Daniel Diermeier 17 0.625
Who will vote quadratically? Voter turnout and votes cast under quadratic voting 2017 Public Choice Louis Kaplow , Scott Duke Kominers 16 0.633
Correlation Neglect, Voting Behavior, and Information Aggregation 2015 The American Economic Review Gilat Levy , Ronny Razin 15 0.607
Ideologues Beat Idealists 2012 American Economic Journal: Microeconomics Sambuddha Ghosh , Vinayak Tripathi 10 0.633
Public choice and political science 2018 Public Choice Peter Kurrild-Klitgaard 9 0.614
Can Words Get in the Way? The Effect of Deliberation in Collective Decision Making 2018 Journal of Political Economy Matias Iaryczower, Xiaoxia Shi , Matthew Shum 9 0.605
The Demand for Bad Policy when Voters Underappreciate Equilibrium Effects 2018 The Review of Economic Studies ERNESTO DAL BÓ, PEDRO DAL BÓ , ERIK EYSTER 7 0.600
RETROSPECTIVE VOTING AND PARTY POLARIZATION 2019 International Economic Review Ignacio Esponda, Demian Pouzo 7 0.623
The Swing Voter’s Curse in the Laboratory 2010 The Review of Economic Studies MARCO BATTAGLINI , REBECCA B. MORTON, THOMAS R. PALFREY 6 0.609
Mixed Motives and the Optimal Size of Voting Bodies 2012 Journal of Political Economy John Morgan, Felix Várdy 6 0.603
Competitive Equilibrium in Markets for Votes 2012 Journal of Political Economy Alessandra Casella , Aniol Llorente-Saguer, Thomas R. Palfrey 6 0.597
UNCERTAINTY, ELECTORAL INCENTIVES AND POLITICAL MYOPIA 2013 The Economic Journal Alessandra Bonfiglioli, Gino Gancia 6 0.632
Ethical considerations on quadratic voting 2017 Public Choice Ben Laurence, Itai Sher 6 0.602

Closest clusters of the cluster per decade

Closest clusters within the 1990-1999 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0469601
101: players, games, game_theory, player, game -0.0007196
72: model, models, modeling, rational_expectations, economic_models -0.0092495
81: rational_expectations, forecasts, expectations, forecast, perfect_foresight -0.0189072
87: asset, rational_expectations, investors, rational_investors, traders -0.0589177
93: rational_agents, agent’s, representative_agent, agents, agent -0.0636449
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0717760
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0976369
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1119671
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1172936
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1316339

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0540956
101: players, games, game_theory, player, game 0.0118055
72: model, models, modeling, rational_expectations, economic_models -0.0313957
111: information, private_information, rational_expectations, informational, rational_inattention -0.0390495
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0470428
87: asset, rational_expectations, investors, rational_investors, traders -0.0604332
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0641371
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0705210
93: rational_agents, agent’s, representative_agent, agents, agent -0.0936558
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0989932
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1177941
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.1226359

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0699244
101: players, games, game_theory, player, game 0.0525740
111: information, private_information, rational_expectations, informational, rational_inattention -0.0054185
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0391105
72: model, models, modeling, rational_expectations, economic_models -0.0497129
87: asset, rational_expectations, investors, rational_investors, traders -0.0557541
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0629745
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0755589
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0769854
93: rational_agents, agent’s, representative_agent, agents, agent -0.1112019
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.1181367
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.1188371

Closest clusters with all decade, for 1990-1999

Time Window Cluster Name Similarity
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.9851526
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.9440568
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.7484783
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.1768657
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1721879
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1372937
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1153978
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.1139048
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0945738
1980-1989 72: model, models, modeling, rational_expectations, economic_models 0.0863095
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0838083
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0571925
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.0568726
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0532073
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.0529100

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.9851526
2010-2019 103: voters, voting, voter, rational_voter, public_choice 0.9760315
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.6992410
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1941696
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1495205
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.1392853
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1028847
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.1000341
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0956279
1940-1949 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.0766849
1950-1959 10: valuations, economic_values, reconsideration, judgments, valuation 0.0705683
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0690334
1950-1959 48: economic_considerations, recommendations, solutions, game_theory, dilemma 0.0631074
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0612676
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0583495

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 103: voters, voting, voter, rational_voter, public_choice 0.9760315
1990-1999 103: voters, voting, voter, rational_voter, public_choice 0.9440568
1900-1919 7: economy_vol, cairnes, jevons, economic_method, senior 0.6010818
1970-1979 53: social_choice, decision_maker, maker, decisions, rational_choice 0.2024027
1960-1969 53: social_choice, decision_maker, maker, decisions, rational_choice 0.1528842
1980-1989 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1265527
1970-1979 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1104030
1940-1949 37: private_enterprise, free_enterprise, enterprise_system, enterprise, liberty 0.0888813
1950-1959 53: social_choice, decision_maker, maker, decisions, rational_choice 0.0857775
1960-1969 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0846562
1990-1999 101: players, games, game_theory, player, game 0.0836961
1920-1939 18: economic_laws, economic_law, liberty, court, ethical 0.0832615
1950-1959 8: farm, agriculture, agricultural, land, farmers 0.0761160
1940-1949 8: farm, agriculture, agricultural, land, farmers 0.0743424
2000-2009 101: players, games, game_theory, player, game 0.0724921

Intertemporal cluster 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention

The cluster gathers 5133 sentences from our corpus. It represents 3.17% of all the sentences selected over the whole period.

The community exists from 2000 to 2019.

The most recurring authors are Ernst Fehr (66 sentences), Matthew Rabin (55 sentences), John A. List (52 sentences), George Loewenstein (46 sentences), Botond Kőszegi (45 sentences), Robert Sugden (44 sentences), B. Douglas Bernheim (41 sentences), Drew Fudenberg (40 sentences), Gerd Gigerenzer (37 sentences), Jean-Robert Tyran (34 sentences).

The most recurring journals are The American Economic Review (618 sentences), The Economic Journal (248 sentences), Journal of Economic Issues (234 sentences), Cambridge Journal of Economics (231 sentences), Journal of Economic Literature (191 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
behavioral_economics 0.0056877
behavioral 0.0046995
rational_inattention 0.0031289
cognitive 0.0028078
inattention 0.0026957
economic_psychology 0.0021047
neuroeconomics 0.0020617
experimental 0.0017326
behavioural_economics 0.0017102
experimental_economics 0.0013385
behavioural 0.0013206
payoffs 0.0010516
behavioral_economists 0.0009890
hyperbolic 0.0009372
optimal_plans 0.0009328
optimal 0.0009273
hyperbolic_discounting 0.0009079
biases 0.0008774
models 0.0007576
experiments 0.0007440

Top TF-IDF terms describing the community for each time window

Top terms 2000-2009

Token TF-IDF
behavioral_economics 0.0040794
behavioral 0.0031940
economic_psychology 0.0027090
neuroeconomics 0.0024143
cognitive 0.0023368
experimental 0.0023125
optimal_plans 0.0017800
experimental_economics 0.0016502
payoffs 0.0015174
experiments 0.0013913
behavioural_economics 0.0013781
neuroeconomic 0.0013451
rational_inattention 0.0012632
psychology 0.0012588
inattention 0.0010436

Top terms 2010-2019

Token TF-IDF
behavioral_economics 0.0077717
rational_inattention 0.0056477
inattention 0.0053707
behavioral 0.0052457
cognitive 0.0030686
economic_psychology 0.0029904
neuroeconomics 0.0026575
behavioural_economics 0.0026004
behavioural 0.0018276
experimental 0.0016997
inattentive 0.0015155
experimental_economics 0.0014862
behavioral_economists 0.0014242
hyperbolic 0.0013802
hyperbolic_discounting 0.0013407

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
INTRODUCTION When individuals have only limited rationality, it is reasonable for them to evaluate actions according to a historical comparison of their corresponding payoffs, and to adopt actions that have performed well in the past. Comparative Learning Dynamics 2004 International Economic Review James Bergin , Dan Bernhardt 0.805
Recent work on behavioral economics has helped to make the possibility of such irrationality or myopic behavior a part of mainstream economics. Rethinking Social Insurance 2005 The American Economic Review Martin Feldstein 0.795
“Maps of Bounded Rationality: Psychology for Behavioral Economics,” 93 American Economic Review 1449-75. Occasionally Libertarian: Experimental Evidence of Self-Serving Omission Bias 2013 Journal of Law, Economics, & Organization Andrew T. Hayashi 0.786
At the level of psychology, the explanatory framework of main stream economics is built upon the rational choice model, according to which the behavior of economic actors can best be understood as the consequence of rational decision making.14 As Cutler et al.  Creative Destruction, Economic Insecurity, Stress, and Epidemic Obesity 2010 The American Journal of Economics and Sociology Jon D. Wisman , Kevin W. Capehart 0.781
From the perspective of rational choice theory, we find that individuals are aware of this effect and they rationally respond to it. Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment 2010 The American Economic Review Jose Apesteguia , Ignacio Palacios-Huerta 0.779
While we trust this realization will eventually dampen economists’ enthusiasm for finding rational-choice explanations for everything, we suspect that in the short run this principle will continue to entice economists to react to new psychologically motivated theories of mistakes by formulating new rational-choice models that replicate the behavioral predictions. Mistakes in Choice-Based Welfare Analysis 2007 The American Economic Review Botond Kőszegi, Matthew Rabin 0.769
Both modern experimental economics and game theory have revealed the limitations of all-purpose, context-independent rationality and pointed to the institutional influences on rationality itself. Presidential Address: The Revival of Veblenian Institutional Economics 2007 Journal of Economic Issues Geoffrey M. Hodgson 0.768
Recent work in behavioral economics and experimental economics pushes the boundaries of economics in a different direction: instead of basing explanations on a hypothesis of rational choice, it has often questioned whether choices are rational or consis tent. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.767
Rationality in psychology and economics. Roepke Lecture in Economie Geography—Regional Context and Global Trade 2009 Economic Geography Michael Storper 0.765
Rational Roots of “Irrational” Behavior: New Theories of Economic Decision-Making. Latent Thresholds Analysis of Choice Data under Value Uncertainty 2012 American Journal of Agricultural Economics Mimako Kobayashi, Klaus Moeltner , Kimberly Rollins 0.765
We broadly interpret a psychological state as any pay-off relevant endogenous preference parameter that is assumed to be normatively irrelevant in a conventional account of rationality. SELF-FULFILLING MISTAKES: CHARACTERISATION AND WELFARE 2018 The Economic Journal Patricio S. Dalton, Sayantan Ghosal 0.764
Yet very little existing work, even that on bounded rational ity or in economic psychology, recognizes that decision-makers may be forced to adjust their models to accommodate unpredicted events that have actually occurred. SCHUMPETERIAN INNOVATION IN MODELLING DECISIONS, GAMES, AND ECONOMIC BEHAVIOUR 2007 History of Economic Ideas Peter J. Hammond 0.763
It asserts that emotional reactions to situations involving uncertainty or futurity often differ sharply from cognitive assessments of those situations and that when such differences occur, it is often the emotional reactions that determine behavior.16 Rational optimizing economic theory assumes that people calculate their rational advantage and then act consistently with that. Behavioral Economics and Institutional Innovation 2005 Southern Economic Journal Robert J. Shiller 0.762
The results suggest that inferences made under the assumption of complete rationality and time consistency can lead to significant bias. Obesity and Self-control: Food Consumption, Physical Activity, and Weight-loss Intention 2014 Applied Economic Perspectives and Policy Maoyong Fan, Yanhong Jin 0.762
First, compared to conventional economic theory, BE emphasizes the notion that people have cognitive lim itations, and that, at least partly for this reason, they sometimes make seemingly irrational decisions. The behavioural economics of climate change 2008 Oxford Review of Economic Policy Kjell Arne Brekke , Olof Johansson-Stenman 0.759
Rationality in Psychology and Economics. Using Behavioral Economics to Design More Effective Food Policies to Address Obesity 2014 Applied Economic Perspectives and Policy Peggy J. Liu , Jessica Wisdom , Christina A. Roberto, Linda J. Liu , Peter A. Ubel 0.759
Thus, the possibility of irrationality as a normal functioning of the mind introduces a whole new dimension to the role of instincts in economic behavior. Thorstein Veblen and Human Emotions: An Unfulfilled Prescience 2005 Journal of Economic Issues Harold Wolozin 0.758
This paper’s narrative can thus be seen as the story of the progressive acknowledgement of this basic fact: instead of trying to fill the gap in utility theory through a more empirical approach to the functioning of the human mind, neoclassical economists pursued a route that would eventually lead them to formulate a purely formal notion of rationality as consistency, devoid of any reference to psychic features. MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 0.757
Rational inattention is a useful way to describe more sub jective evaluations, such as the probability of crisis, an optimal price, or future productivity. Information Choice Technologies 2012 The American Economic Review Christian Hellwig, Sebastian Kohls , Laura Veldkamp 0.756
The main argument of the paper is that, despite the seeming discrepancy between actual behavior and theoretical predictions, rationality, in the sense of “a rational person prefers receiving any positive amount of money to receiving nothing”, is present in the data. Rationality and Emotions in Ultimatum Bargaining: Comment 2001 Annales d’Économie et de Statistique Rosemarie Nagel 0.755
Rationality in Psychology and Economics. Behavioral attitudes toward current economic events 2018 Business Economics Kavous Ardalan 0.755

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
INTRODUCTION When individuals have only limited rationality, it is reasonable for them to evaluate actions according to a historical comparison of their corresponding payoffs, and to adopt actions that have performed well in the past. Comparative Learning Dynamics 2004 International Economic Review James Bergin , Dan Bernhardt 0.805
Recent work on behavioral economics has helped to make the possibility of such irrationality or myopic behavior a part of mainstream economics. Rethinking Social Insurance 2005 The American Economic Review Martin Feldstein 0.795
While we trust this realization will eventually dampen economists’ enthusiasm for finding rational-choice explanations for everything, we suspect that in the short run this principle will continue to entice economists to react to new psychologically motivated theories of mistakes by formulating new rational-choice models that replicate the behavioral predictions. Mistakes in Choice-Based Welfare Analysis 2007 The American Economic Review Botond Kőszegi, Matthew Rabin 0.769
Both modern experimental economics and game theory have revealed the limitations of all-purpose, context-independent rationality and pointed to the institutional influences on rationality itself. Presidential Address: The Revival of Veblenian Institutional Economics 2007 Journal of Economic Issues Geoffrey M. Hodgson 0.768
Recent work in behavioral economics and experimental economics pushes the boundaries of economics in a different direction: instead of basing explanations on a hypothesis of rational choice, it has often questioned whether choices are rational or consis tent. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.767
Rationality in psychology and economics. Roepke Lecture in Economie Geography—Regional Context and Global Trade 2009 Economic Geography Michael Storper 0.765
Yet very little existing work, even that on bounded rational ity or in economic psychology, recognizes that decision-makers may be forced to adjust their models to accommodate unpredicted events that have actually occurred. SCHUMPETERIAN INNOVATION IN MODELLING DECISIONS, GAMES, AND ECONOMIC BEHAVIOUR 2007 History of Economic Ideas Peter J. Hammond 0.763
It asserts that emotional reactions to situations involving uncertainty or futurity often differ sharply from cognitive assessments of those situations and that when such differences occur, it is often the emotional reactions that determine behavior.16 Rational optimizing economic theory assumes that people calculate their rational advantage and then act consistently with that. Behavioral Economics and Institutional Innovation 2005 Southern Economic Journal Robert J. Shiller 0.762
First, compared to conventional economic theory, BE emphasizes the notion that people have cognitive lim itations, and that, at least partly for this reason, they sometimes make seemingly irrational decisions. The behavioural economics of climate change 2008 Oxford Review of Economic Policy Kjell Arne Brekke , Olof Johansson-Stenman 0.759
Thus, the possibility of irrationality as a normal functioning of the mind introduces a whole new dimension to the role of instincts in economic behavior. Thorstein Veblen and Human Emotions: An Unfulfilled Prescience 2005 Journal of Economic Issues Harold Wolozin 0.758
This paper’s narrative can thus be seen as the story of the progressive acknowledgement of this basic fact: instead of trying to fill the gap in utility theory through a more empirical approach to the functioning of the human mind, neoclassical economists pursued a route that would eventually lead them to formulate a purely formal notion of rationality as consistency, devoid of any reference to psychic features. MODELING RATIONAL AGENTS THE CONSISTENCY VIEW OF RATIONALITY AND THE CHANGING IMAGE OF NEOCLASSICAL ECONOMICS 2005 Cahiers d’économie politique / Papers in Political Economy Nicola Giocoli 0.757
The main argument of the paper is that, despite the seeming discrepancy between actual behavior and theoretical predictions, rationality, in the sense of “a rational person prefers receiving any positive amount of money to receiving nothing”, is present in the data. Rationality and Emotions in Ultimatum Bargaining: Comment 2001 Annales d’Économie et de Statistique Rosemarie Nagel 0.755

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
“Maps of Bounded Rationality: Psychology for Behavioral Economics,” 93 American Economic Review 1449-75. Occasionally Libertarian: Experimental Evidence of Self-Serving Omission Bias 2013 Journal of Law, Economics, & Organization Andrew T. Hayashi 0.786
At the level of psychology, the explanatory framework of main stream economics is built upon the rational choice model, according to which the behavior of economic actors can best be understood as the consequence of rational decision making.14 As Cutler et al.  Creative Destruction, Economic Insecurity, Stress, and Epidemic Obesity 2010 The American Journal of Economics and Sociology Jon D. Wisman , Kevin W. Capehart 0.781
From the perspective of rational choice theory, we find that individuals are aware of this effect and they rationally respond to it. Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment 2010 The American Economic Review Jose Apesteguia , Ignacio Palacios-Huerta 0.779
Rational Roots of “Irrational” Behavior: New Theories of Economic Decision-Making. Latent Thresholds Analysis of Choice Data under Value Uncertainty 2012 American Journal of Agricultural Economics Mimako Kobayashi, Klaus Moeltner , Kimberly Rollins 0.765
We broadly interpret a psychological state as any pay-off relevant endogenous preference parameter that is assumed to be normatively irrelevant in a conventional account of rationality. SELF-FULFILLING MISTAKES: CHARACTERISATION AND WELFARE 2018 The Economic Journal Patricio S. Dalton, Sayantan Ghosal 0.764
The results suggest that inferences made under the assumption of complete rationality and time consistency can lead to significant bias. Obesity and Self-control: Food Consumption, Physical Activity, and Weight-loss Intention 2014 Applied Economic Perspectives and Policy Maoyong Fan, Yanhong Jin 0.762
Rationality in Psychology and Economics. Using Behavioral Economics to Design More Effective Food Policies to Address Obesity 2014 Applied Economic Perspectives and Policy Peggy J. Liu , Jessica Wisdom , Christina A. Roberto, Linda J. Liu , Peter A. Ubel 0.759
Rational inattention is a useful way to describe more sub jective evaluations, such as the probability of crisis, an optimal price, or future productivity. Information Choice Technologies 2012 The American Economic Review Christian Hellwig, Sebastian Kohls , Laura Veldkamp 0.756
Rationality in Psychology and Economics. Behavioral attitudes toward current economic events 2018 Business Economics Kavous Ardalan 0.755
As we shall see, it is not just the limits of rationality that drive a wedge between the two representations of individual decision making, but the part played by interventions in economics from psychology. The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumer 2013 Cambridge Journal of Economics Judith Mehta 0.753
“Implications of rational inattention.” Journal of Monetary Economics 50 3 : 665–90. Why Don’t Households Smooth Consumption? Evidence from a $25 Million Experiment 2017 American Economic Journal: Macroeconomics Jonathan A. Parker 0.753
The previous equilibrium-based reasoning implicitly presumes subjects to be risk neutral and fully rational, perfectly able to coordinate on any proposed equilibrium when communicating, and motivated only by monetary payoffs. FINES, LENIENCY, and REWARDS in antitrust 2012 The RAND Journal of Economics Maria Bigoni , Sven-Olof Fridolfsson, Chloé Le Coq , Giancarlo Spagnolo 0.752

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 22% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
Recent work in behavioral economics and experimental economics pushes the boundaries of economics in a different direction: instead of basing explanations on a hypothesis of rational choice, it has often questioned whether choices are rational or consis tent. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.857
Research from cognitive psychology sheds some light on why some individual decisions sometimes depart from economic rationality. Why Do Few Homeowners Insure Against Natural Catastrophe Losses? 2014 Jahrbuch für Wirtschaftswissenschaften / Review of Economics Benjamin Addai Antwi-Boasiako 0.847
Behavioral economics, experimental economics, and, most recently, neuro-economics have shown that optimizing rationality is not always the dominant factor in what we do, even in narrow economic decisions. PRACTITIONER OF THE DISMAL SCIENCE? WHO, ME? COULDN’T BE!! 2008 The American Economist Richard B. Freeman 0.846
Building a New Framework One of the reasons for the growth of behavioral economics over the past few decades is the accumulation of empirical facts that are hard to reconcile with the rational paradigm. Richard Thaler and the Rise of Behavioral Economics 2018 The Scandinavian Journal of Economics Nicholas Barberis 0.844
INTRODUCTION The growing field of Behavioral Economics has frequently identified differences between the canonical model of rational decision making and actual human behavior. THE ENDOWMENT EFFECT AS BLESSING 2018 International Economic Review Sivan Frenkel, Yuval Heller , Roee Teper 0.843
In ‘new’ behavioural economics, cognitive limitations are important because they impede fully rational choice. Cognition, market sentiment and financial instability 2011 Cambridge Journal of Economics Sheila C. Dow 0.835
Such assorted biases, while anomalies to rational economic man, have been shown to exist again and again in experimental economics and in the field of economics and psychology. ECON AGONISTES: NAVIGATING AND SURVIVING THE PUBLISHING PROCESS 2008 The American Economist Steven Pressman 0.832
Increasingly, economists have come to accept that decision-making behaviour, as observed in laboratory environments, diverges systematically from the predictions of standard theory, and that those divergences are in accord with the predictions of psychologically-based theories.16 Any credible defence of the received theory of rational choice must take account of these facts. The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back 2007 The Economic Journal Luigino Bruni, Robert Sugden 0.828
Experiments are introducing alternative ways to specify the degree of rationality and greed to assume in models. What Economists Teach and What Economists Do 2005 The Journal of Economic Education David Colander 0.828
As we shall see, it is not just the limits of rationality that drive a wedge between the two representations of individual decision making, but the part played by interventions in economics from psychology. The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumer 2013 Cambridge Journal of Economics Judith Mehta 0.827
Keywords Behavioral economics Confirmation bias Endowment effects Loss aversion Shortsightedness Identifiably-victim effect Underweighting opportunity costs & J. R. Clark J-clark@utc.edu Dwight R. Lee dwightl@uga.edu 1 O’Neil Center for Global Markets and Freedom, Cox School of Business, Southern Methodist University, 6212 Bishop Blvd., Dallas, TX 75275, USA 2 The University of Tennessee at Chattanooga, 313 Fletcher Hall, Department 6106, 615 McCallie Avenue, Chattanooga, TN 37403, USA Introduction Behavioral economists want to increase the rationality of economic and political decisions. Can behavioral economists improve economic rationality? 2018 Public Choice Dwight R. Lee, J. R. Clark 0.827
Adaptive Behavior and Economic Theory ?, In Rational Choice: The Contrast between Economics and Psychology, R. Hogarth and M. Reder, editors, Chicago: University of Chicago Press, pp.  Rationality and Emotions in Ultimatum Bargaining: Comment 2001 Annales d’Économie et de Statistique Rosemarie Nagel 0.824
At the level of psychology, the explanatory framework of main stream economics is built upon the rational choice model, according to which the behavior of economic actors can best be understood as the consequence of rational decision making.14 As Cutler et al.  Creative Destruction, Economic Insecurity, Stress, and Epidemic Obesity 2010 The American Journal of Economics and Sociology Jon D. Wisman , Kevin W. Capehart 0.823
Journal of Institutional and Theoretical Economics 169, 86-89 - ISSN 0932-4569 DOI: 10.1628/093245613X660438 - ©2013 Mohr Siebeck To be sure, if the mere prediction of human decisions is at stake, behavioral theory may outperform rational choice. Product Warnings, Debiasing, and Free Speech: The Case of Tobacco Regulation: Comment 2013 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Urs Schweizer 0.821
From the perspective of rational choice theory, we find that individuals are aware of this effect and they rationally respond to it. Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment 2010 The American Economic Review Jose Apesteguia , Ignacio Palacios-Huerta 0.820

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
Recent work on behavioral economics has helped to make the possibility of such irrationality or myopic behavior a part of mainstream economics. Rethinking Social Insurance 2005 The American Economic Review Martin Feldstein 0.873
Recent work in behavioral economics and experimental economics pushes the boundaries of economics in a different direction: instead of basing explanations on a hypothesis of rational choice, it has often questioned whether choices are rational or consis tent. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.857
Possible implications for theorizing in behavioral economics are explored along the way. Maps of Bounded Rationality: Psychology for Behavioral Economics 2003 The American Economic Review Daniel Kahneman 0.853
INTRODUCTION In recent years, more and more economists have found both empirical and experimental evidence of several psychological behaviors that are well beyond the analysis of classical economics. GENERAL EQUILIBRIUM WITH UNCERTAINTY LOVING PREFERENCES 2018 Econometrica Aloisio Araujo , Alain Chateauneuf, Juan Pablo Gama , Rodrigo Novinski 0.852
Research from cognitive psychology sheds some light on why some individual decisions sometimes depart from economic rationality. Why Do Few Homeowners Insure Against Natural Catastrophe Losses? 2014 Jahrbuch für Wirtschaftswissenschaften / Review of Economics Benjamin Addai Antwi-Boasiako 0.847
An experimental analysis’, Journal of Economic Psychology, vol.  Tropic Trust versus Nordic Trust: Experimental Evidence from Tanzania and Sweden 2005 The Economic Journal Håkan J. Holm , Anders Danielson 0.846
Behavioral economics, experimental economics, and, most recently, neuro-economics have shown that optimizing rationality is not always the dominant factor in what we do, even in narrow economic decisions. PRACTITIONER OF THE DISMAL SCIENCE? WHO, ME? COULDN’T BE!! 2008 The American Economist Richard B. Freeman 0.846
712-721 Behavioral Economics Comes of Age: A Review Essay on Advances in Behavioral Economics WOLFGANG PESENDORFER* Advances in Behavioral Economics contains influential second-generation contributions to behavioral economics. Behavioral Economics Comes of Age: A Review Essay on “Advances in Behavioral Economics” 2006 Journal of Economic Literature Wolfgang Pesendorfer 0.845
Finally, we hope that this study serves as a valid reply to two frequent critiques of behavioral economics: the reliance on laboratory studies using modest stakes and the ex post explanation of anomalous facts, drawing on what is alleged to be a limitless store of potential behavioral explanations. Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving 2004 Journal of Political Economy Richard H. Thaler, Shlomo Benartzi 0.845
Building a New Framework One of the reasons for the growth of behavioral economics over the past few decades is the accumulation of empirical facts that are hard to reconcile with the rational paradigm. Richard Thaler and the Rise of Behavioral Economics 2018 The Scandinavian Journal of Economics Nicholas Barberis 0.844
Lastly, from the perspective of the recent behavioral economics literature, we find a significant and quantitatively important type of psychological effect not previously documented. Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment 2010 The American Economic Review Jose Apesteguia , Ignacio Palacios-Huerta 0.844
An alternative explanation is offered by behavioral economics. Contributions of Oliver Hart and Bengt Holmström to Contract Theory 2017 The Scandinavian Journal of Economics Klaus M. Schmidt 0.844
‘Advancing beyond advances in behavioral economics’, Journal of Economic Literature, vol.  COMMUNICATION AND VOTING IN MULTI-PARTY ELECTIONS: AN EXPERIMENTAL STUDY 2014 The Economic Journal Bernhard Kittel, Wolfgang Luhan , Rebecca Morton 0.843
INTRODUCTION The growing field of Behavioral Economics has frequently identified differences between the canonical model of rational decision making and actual human behavior. THE ENDOWMENT EFFECT AS BLESSING 2018 International Economic Review Sivan Frenkel, Yuval Heller , Roee Teper 0.843
In the second section, we account for recent contributions of experimental economics and neuroeconomics that prove particularly suited to understanding the psychological reality of this phenomenon at the level of individual agents. Keynes’s animal spirits vindicated: an analysis of recent empirical and neural data on money illusion 2011 Journal of Post Keynesian Economics SACHA BOURGEOIS-GIRONDE, MARIANNE GUILLE 0.842
An experimental analysis.” Journal of Economic Psychology 21 5 : 481–93. Satisfaction Guaranteed 2018 American Economic Journal: Microeconomics James Andreoni 0.842

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
Recent work on behavioral economics has helped to make the possibility of such irrationality or myopic behavior a part of mainstream economics. Rethinking Social Insurance 2005 The American Economic Review Martin Feldstein 0.873
Recent work in behavioral economics and experimental economics pushes the boundaries of economics in a different direction: instead of basing explanations on a hypothesis of rational choice, it has often questioned whether choices are rational or consis tent. Retrospectives: On the Definition of Economics 2009 The Journal of Economic Perspectives Roger E. Backhouse, Steven G. Medema 0.857
Possible implications for theorizing in behavioral economics are explored along the way. Maps of Bounded Rationality: Psychology for Behavioral Economics 2003 The American Economic Review Daniel Kahneman 0.853
An experimental analysis’, Journal of Economic Psychology, vol.  Tropic Trust versus Nordic Trust: Experimental Evidence from Tanzania and Sweden 2005 The Economic Journal Håkan J. Holm , Anders Danielson 0.846
Behavioral economics, experimental economics, and, most recently, neuro-economics have shown that optimizing rationality is not always the dominant factor in what we do, even in narrow economic decisions. PRACTITIONER OF THE DISMAL SCIENCE? WHO, ME? COULDN’T BE!! 2008 The American Economist Richard B. Freeman 0.846
712-721 Behavioral Economics Comes of Age: A Review Essay on Advances in Behavioral Economics WOLFGANG PESENDORFER* Advances in Behavioral Economics contains influential second-generation contributions to behavioral economics. Behavioral Economics Comes of Age: A Review Essay on “Advances in Behavioral Economics” 2006 Journal of Economic Literature Wolfgang Pesendorfer 0.845
Finally, we hope that this study serves as a valid reply to two frequent critiques of behavioral economics: the reliance on laboratory studies using modest stakes and the ex post explanation of anomalous facts, drawing on what is alleged to be a limitless store of potential behavioral explanations. Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving 2004 Journal of Political Economy Richard H. Thaler, Shlomo Benartzi 0.845
My findings suggest a potential bridge between neoclassical and behavioral economics. The Effect of Foreign Competition on Forecasting Bias 2006 The Review of Economics and Statistics Raymond Fisman 0.835
Samuelson and Zeckhauser present various possible explanations from economics, psychology, and decision theory. Status Quo Effect in Choice Experiments: Empirical Evidence on Attitudes and Choice Task Complexity 2009 Land Economics Jürgen Meyerhoff, Ulf Liebe 0.834
Such assorted biases, while anomalies to rational economic man, have been shown to exist again and again in experimental economics and in the field of economics and psychology. ECON AGONISTES: NAVIGATING AND SURVIVING THE PUBLISHING PROCESS 2008 The American Economist Steven Pressman 0.832
Journal of Economic Psychology, forthcoming. On Leisure Demand: A Post Keynesian Critique of Neoclassical Theory 2004 Journal of Post Keynesian Economics Paul Downward 0.832

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
INTRODUCTION In recent years, more and more economists have found both empirical and experimental evidence of several psychological behaviors that are well beyond the analysis of classical economics. GENERAL EQUILIBRIUM WITH UNCERTAINTY LOVING PREFERENCES 2018 Econometrica Aloisio Araujo , Alain Chateauneuf, Juan Pablo Gama , Rodrigo Novinski 0.852
Research from cognitive psychology sheds some light on why some individual decisions sometimes depart from economic rationality. Why Do Few Homeowners Insure Against Natural Catastrophe Losses? 2014 Jahrbuch für Wirtschaftswissenschaften / Review of Economics Benjamin Addai Antwi-Boasiako 0.847
Building a New Framework One of the reasons for the growth of behavioral economics over the past few decades is the accumulation of empirical facts that are hard to reconcile with the rational paradigm. Richard Thaler and the Rise of Behavioral Economics 2018 The Scandinavian Journal of Economics Nicholas Barberis 0.844
Lastly, from the perspective of the recent behavioral economics literature, we find a significant and quantitatively important type of psychological effect not previously documented. Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment 2010 The American Economic Review Jose Apesteguia , Ignacio Palacios-Huerta 0.844
An alternative explanation is offered by behavioral economics. Contributions of Oliver Hart and Bengt Holmström to Contract Theory 2017 The Scandinavian Journal of Economics Klaus M. Schmidt 0.844
‘Advancing beyond advances in behavioral economics’, Journal of Economic Literature, vol.  COMMUNICATION AND VOTING IN MULTI-PARTY ELECTIONS: AN EXPERIMENTAL STUDY 2014 The Economic Journal Bernhard Kittel, Wolfgang Luhan , Rebecca Morton 0.843
INTRODUCTION The growing field of Behavioral Economics has frequently identified differences between the canonical model of rational decision making and actual human behavior. THE ENDOWMENT EFFECT AS BLESSING 2018 International Economic Review Sivan Frenkel, Yuval Heller , Roee Teper 0.843
In the second section, we account for recent contributions of experimental economics and neuroeconomics that prove particularly suited to understanding the psychological reality of this phenomenon at the level of individual agents. Keynes’s animal spirits vindicated: an analysis of recent empirical and neural data on money illusion 2011 Journal of Post Keynesian Economics SACHA BOURGEOIS-GIRONDE, MARIANNE GUILLE 0.842
An experimental analysis.” Journal of Economic Psychology 21 5 : 481–93. Satisfaction Guaranteed 2018 American Economic Journal: Microeconomics James Andreoni 0.842
We are grateful for the insightful comments of many colleagues, including Nageeb Ali, Michèlle Cohen, Soo Hong Chew, Vince Crawford, Tore Ellingsen, Guillaume Fréchette, Glenn Harrison, David Laibson, Mark Machina, William Neilson, Muriel Niederle, Matthew Rabin, Joel Sobel, Lise Vesterlund, participants at the Economics and Psychology lecture series at Paris 1, the Psychology and Economics segment at Stanford Institute of Theoretical Economics 2009, the Amsterdam Workshop on Behavioral and Experimental Economics 2009, the Harvard Experimental and Behavioral Economics Seminar, and members of the graduate experimental economics courses at Stanford University and the University of Pittsburgh. Risk Preferences Are Not Time Preferences 2012 The American Economic Review James Andreoni , Charles Sprenger 0.841

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 34 0.634
Can Post Keynesians make better use of behavioral economics? 2010 Journal of Post Keynesian Economics THERESE JEFFERSON, J.E. KING 24 0.620
Rational Inattention and Energy Efficiency 2014 The Journal of Law & Economics James M. Sallee 23 0.624
The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back 2007 The Economic Journal Luigino Bruni, Robert Sugden 22 0.634
Behavioral Economics and Public Policy: A Pragmatic Perspective 2015 The American Economic Review Raj Chetty 20 0.616
The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumer 2013 Cambridge Journal of Economics Judith Mehta 18 0.632
Behavioral attitudes toward current economic events 2018 Business Economics Kavous Ardalan 18 0.628
Behavioral Economics and the Atheoretical Style 2019 American Economic Journal: Microeconomics Ran Spiegler 18 0.607
Economic Theory and Experimental Economics 2005 Journal of Economic Literature Larry Samuelson 16 0.613
Neuroeconomics: How Neuroscience Can Inform Economics 2005 Journal of Economic Literature Colin Camerer , George Loewenstein, Drazen Prelec 16 0.618

Top articles (most sentences) of the cluster for each time window

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
The Road Not Taken: How Psychology Was Removed from Economics, and How It Might Be Brought Back 2007 The Economic Journal Luigino Bruni, Robert Sugden 22 0.634
Economic Theory and Experimental Economics 2005 Journal of Economic Literature Larry Samuelson 16 0.613
Neuroeconomics: How Neuroscience Can Inform Economics 2005 Journal of Economic Literature Colin Camerer , George Loewenstein, Drazen Prelec 16 0.618
On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal 2009 American Economic Journal: Microeconomics B. Douglas Bernheim 16 0.619
Advancing beyond “Advances in Behavioral Economics” 2006 Journal of Economic Literature Drew Fudenberg 15 0.617
Behavioral Economics Comes of Age: A Review Essay on “Advances in Behavioral Economics” 2006 Journal of Economic Literature Wolfgang Pesendorfer 14 0.609
Rational Irrationality: A Framework for the Neoclassical-Behavioral Debate 2000 Eastern Economic Journal Bryan Caplan 13 0.629
Constructivist and Ecological Rationality in Economics 2003 The American Economic Review Vernon L. Smith 11 0.614
On the Economics of Moral Preferences 2008 The American Journal of Economics and Sociology Viktor J. Vanberg 11 0.635
Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 11 0.636
Mr. Hamilton, Mr. Forrester, and a Foundation for Evolutionary Economics 2003 Journal of Economic Issues Michael J. Radzicki 10 0.632
Economics and psychology in the twenty-first century 2005 Cambridge Journal of Economics Peter E. Earl 10 0.615
The Biological Basis of Economic Behavior 2001 Journal of Economic Literature Arthur J. Robson 9 0.622
Understanding Overbidding in Second Price Auctions: An Experimental Study 2008 The Economic Journal David J. Cooper, Hanming Fang 9 0.625
What neuroeconomics does really mean? 2008 Revue d’économie politique Christian Schmidt 9 0.613

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
AS-IF BEHAVIORAL ECONOMICS: NEOCLASSICAL ECONOMICS IN DISGUISE? 2010 History of Economic Ideas Nathan Berg , Gerd Gigerenzer 34 0.634
Can Post Keynesians make better use of behavioral economics? 2010 Journal of Post Keynesian Economics THERESE JEFFERSON, J.E. KING 24 0.620
Rational Inattention and Energy Efficiency 2014 The Journal of Law & Economics James M. Sallee 23 0.624
Behavioral Economics and Public Policy: A Pragmatic Perspective 2015 The American Economic Review Raj Chetty 20 0.616
The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumer 2013 Cambridge Journal of Economics Judith Mehta 18 0.632
Behavioral attitudes toward current economic events 2018 Business Economics Kavous Ardalan 18 0.628
Behavioral Economics and the Atheoretical Style 2019 American Economic Journal: Microeconomics Ran Spiegler 18 0.607
A Cognitive Approach to Law and Economics: Hayek’s Legacy 2014 Journal of Economic Issues Angela Ambrosino 15 0.607
Endogenous Depth of Reasoning 2016 The Review of Economic Studies LARBI ALAOUI , ANTONIO PENTA 15 0.607
Can behavioral economists improve economic rationality? 2018 Public Choice Dwight R. Lee, J. R. Clark 15 0.655
Business Cycle Dynamics under Rational Inattention 2015 The Review of Economic Studies BARTOSZ MAĆKOWIAK, MIRKO WIEDERHOLT 14 0.625
DECISION MAKING UNDER THE GAMBLER’S FALLACY 2016 The Quarterly Journal of Economics Daniel L. Chen , Tobias J. Moskowitz, Kelly Shue 14 0.605
Cognition, market sentiment and financial instability 2011 Cambridge Journal of Economics Sheila C. Dow 13 0.629
What is the meaning of behavioural economics? 2013 Cambridge Journal of Economics Shaun P. Hargreaves Heap 13 0.627
Behavioural Characterizations of Naivete for Time-Inconsistent Preferences 2019 The Review of Economic Studies DAVID S. AHN , RYOTA IIJIMA , YVES LE YAOUANQ, TODD SARVER 13 0.609

Closest clusters of the cluster per decade

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0396301
72: model, models, modeling, rational_expectations, economic_models -0.0163660
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0534939
101: players, games, game_theory, player, game -0.0628397
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs -0.0777230
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.0786863
87: asset, rational_expectations, investors, rational_investors, traders -0.0950554
111: information, private_information, rational_expectations, informational, rational_inattention -0.0992527
93: rational_agents, agent’s, representative_agent, agents, agent -0.1039494
103: voters, voting, voter, rational_voter, public_choice -0.1177941
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1211985
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1422013

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0111050
72: model, models, modeling, rational_expectations, economic_models -0.0371809
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0475248
103: voters, voting, voter, rational_voter, public_choice -0.0769854
101: players, games, game_theory, player, game -0.0845797
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0896646
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1065248
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs -0.1070025
87: asset, rational_expectations, investors, rational_investors, traders -0.1100941
111: information, private_information, rational_expectations, informational, rational_inattention -0.1134888
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.1345373
93: rational_agents, agent’s, representative_agent, agents, agent -0.1462031

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.9381055
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.4773131
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.2521153
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.2014409
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1814614
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1419193
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1029253
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.0934457
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0889557
2010-2019 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.0871032
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0808183
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0748532
1950-1959 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0707952
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0700761
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.0673749

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention 0.9381055
1900-1919 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.4363538
1920-1939 2: economic_motive, satisfaction, hedonism, economic_motives, hedonistic 0.2240131
1990-1999 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1749576
1990-1999 95: choice_theory, rational_choice, preferences, choice_model, expected_utility 0.1531930
1980-1989 79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol 0.1261482
1950-1959 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.1044982
1980-1989 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.1024467
1970-1979 76: rational_expectations, expectations, optimal_money, supply_rule, money_supply 0.0959759
1980-1989 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0894861
1940-1949 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0879600
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0867966
1990-1999 40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational 0.0842554
1990-1999 81: rational_expectations, forecasts, expectations, forecast, perfect_foresight 0.0818087
1980-1989 82: rational_expectations, expectations, unemployment, natural_rate, wage 0.0797108

Intertemporal cluster 111: information, private_information, rational_expectations, informational, rational_inattention

The cluster gathers 2644 sentences from our corpus. It represents 1.63% of all the sentences selected over the whole period.

The community exists from 2000 to 2019.

The most recurring authors are Olivier Coibion (35 sentences), Yuriy Gorodnichenko (34 sentences), George-Marios Angeletos (33 sentences), Roger D. Congleton (32 sentences), Stephen Morris (32 sentences), Tarek A. Hassan (25 sentences), Thomas M. Mertens (25 sentences), Hyun Song Shin (22 sentences), Alessandro Pavan (21 sentences), Dirk Bergemann (19 sentences).

The most recurring journals are The American Economic Review (281 sentences), Economic Theory (218 sentences), The Review of Economic Studies (204 sentences), Econometrica (137 sentences), The Journal of Finance (118 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
information 0.0046275
private_information 0.0032101
rational_expectations 0.0028171
informational 0.0020440
rational_inattention 0.0020265
asymmetric_information 0.0019240
asymmetric 0.0017087
inattention 0.0016989
information_acquisition 0.0015986
uninformed 0.0015833
public_information 0.0015278
common_knowledge 0.0014430
signal 0.0013278
expectations 0.0012249
expectations_equilibrium 0.0011008
informative 0.0010844
players 0.0010351
equilibria 0.0010208
optimal 0.0010109
transparency 0.0009931

Top TF-IDF terms describing the community for each time window

Top terms 2000-2009

Token TF-IDF
private_information 0.0050140
information 0.0038462
rational_expectations 0.0035447
public_information 0.0026230
informational 0.0025505
common_knowledge 0.0021809
asymmetric_information 0.0020045
rational_ignorance 0.0018814
informative 0.0018321
expectations_equilibrium 0.0018264
asymmetric 0.0016431
information_revealed 0.0016352
agents 0.0016351
information_acquisition 0.0016314
bounded 0.0015147

Top terms 2010-2019

Token TF-IDF
rational_inattention 0.0039938
information 0.0039607
inattention 0.0036593
private_information 0.0033751
rational_expectations 0.0025947
information_acquisition 0.0023981
asymmetric_information 0.0023129
signal 0.0019371
asymmetric 0.0019086
informational 0.0018499
uninformed 0.0016816
disclosure 0.0016469
agents 0.0015410
model 0.0014180
information_rational 0.0013993

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
Rational expectations theory argues that economic agents behave rationally in light of the information that is available to them, and blames problems in the operation of markets on information asymmetries or inadequate information rather than on flaws in the market mechanism itself. Defining the Boundaries of Legitimate State Practice: Norms, Transnational Actors and the OECD’s Project on Harmful Tax Competition 2004 Review of International Political Economy Michael C. Webb 0.828
14, we extend our environment to allow rational households to obtain an informational advantage over near-rational households by observing the error they would have made had they acted near-rationally. The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 0.790
In this framework, individuals are rational, but they incur informa tion costs. THE SEARCH FOR ENTREPRENEURIAL OPPORTUNITY 2007 History of Economic Ideas Mark Casson , Nigel Wadeson 0.786
While the choices of rational agents are only constrained by their lack of information, boundedly rational decision makers are in addition restricted in their ability to process the available information. Learning to Reoptimize Consumption at New Income Levels: A Rationale for Prospect Theory 2004 Journal of the European Economic Association Markus K. Brunnermeier 0.785
Using the game-theoretical concept of rationalizability, it has been shown, that rational expectations equilibria with private information can be derived from the two fundamental principles of individual rationality and common knowledge. Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 0.784
In an economy with rational expectations, individuals refine their information with the information revealed by prices. Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 0.784
It may be argued that rational expectations models assume greater information on the part of decision makers than the core neoclassical models, insofar as agents were not previously assumed to know anything globally about economics or markets. In Defense of Ignorance: On the Significance of a Neglected Form of Incomplete Information 2001 Eastern Economic Journal Roger D. Congleton 0.780
While his paper assumes fully rational agents, the implications of limited information and limited rationality can be rather similar. Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 0.776
Given its importance, numerous studies recently have examined its empirical validity and have discovered some evidence of bounded rationality or information inefficiency. Vested Interest and Biased Price Estimates: Evidence from an Auction Market 2005 The Journal of Finance Jianping Mei , Michael Moses 0.775
Our bounded rationality as economic theorists is far more constraining on economic science, than the bounded rationality of privately informed agents is constraining on their ability to maximize the gains from exchange. Constructivist and Ecological Rationality in Economics 2003 The American Economic Review Vernon L. Smith 0.775
In any case, there is no reason in the economic theory of decision-making under partial ignorance to think that rational agents must follow insufficient reason, and so we reject the generality of Singer et al.  Utilities versus Rights to Publicly Provided Goods: Arguments and Evidence from Health Care Rationing 2000 Economica Paul Anand , Allan Wailoo 0.774
The effects of bounded rationality are similar to those of incomplete information. Displacement Due to Violence in Colombia: A Household‐Level Analysis 2007 Economic Development and Cultural Change Stefanie Engel , Ana María Ibáñez 0.772
‘Information processing and bounded rationality: a survey’, Canadian Journal of Economics, vol.  Unforeseen Contingency and Renegotiation with Asymmetric Information 2008 The Economic Journal Jihong Lee 0.769
Treatments: ‘Bounded Rationality’ We consider three different treatments that differ in the way the information is provided, and the time pressure put on the players. Imitation of Successful Behaviour in Cournot Markets 2003 The Economic Journal Antoni Bosch-Domènech, Nicolaas J. Vriend 0.767
3.4 The bias and rationality The bias described in the present paper arises in a setting where all individuals are perfectly rational utility maximizers who process information according to the Bayesian rule. A Model of Rational Bias in Self-Assessments 2004 Economic Theory Ján Zábojník 0.765
First, we acknowledge that full rational expectations is unlikely to hold in a strict sense but are swayed by the economic principle that people use information in a fully efficient manner. Short-Run Supply Responses in the U.S. Beef-Cattle Industry 2001 American Journal of Agricultural Economics David Aadland, DeeVon Bailey 0.763
In contrast, in our paper, we assume that agents are fully rational and that they will infer from prices as much information as possible. Market Selection and Asymmetric Information 2003 The Review of Economic Studies George J. Mailath, Alvaro Sandroni 0.762
This assumption stems from the need to preserve the theoretical characteristics of rational choices and market efficiency which underestimate the risks and relevance of incomplete information, the complexity of the context, and the subjectivity of a person’s ability to perceive the outside world and to consequently process the information. From the Nation-State to a World Society 2018 Journal of Economic Issues Alessandro Morselli 0.762
Accommodating information revelations on the equilibrium path complicates the definitions of the individual rationality and incentive compatibility requirements. Reciprocal relationships and mechanism design 2016 The Canadian Journal of Economics / Revue canadienne d’Economique Gorkem Celik , Michael Peters 0.761
8Maintaining common knowledge of rationality but otherwise leaving beliefs unrestricted yields notions like rationalizability, which implies some restrictions on behavior in first-price auctions or common-value second-price auctions, and duplicates equilibrium in independent- private-value second-price auctions. Level-K Auctions: Can a Nonequilibrium Model of Strategic Thinking Explain the Winner’s Curse and Overbidding in Private-Value Auctions? 2007 Econometrica Vincent P. Crawford, Nagore Iriberri 0.760

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
Rational expectations theory argues that economic agents behave rationally in light of the information that is available to them, and blames problems in the operation of markets on information asymmetries or inadequate information rather than on flaws in the market mechanism itself. Defining the Boundaries of Legitimate State Practice: Norms, Transnational Actors and the OECD’s Project on Harmful Tax Competition 2004 Review of International Political Economy Michael C. Webb 0.828
In this framework, individuals are rational, but they incur informa tion costs. THE SEARCH FOR ENTREPRENEURIAL OPPORTUNITY 2007 History of Economic Ideas Mark Casson , Nigel Wadeson 0.786
While the choices of rational agents are only constrained by their lack of information, boundedly rational decision makers are in addition restricted in their ability to process the available information. Learning to Reoptimize Consumption at New Income Levels: A Rationale for Prospect Theory 2004 Journal of the European Economic Association Markus K. Brunnermeier 0.785
Using the game-theoretical concept of rationalizability, it has been shown, that rational expectations equilibria with private information can be derived from the two fundamental principles of individual rationality and common knowledge. Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 0.784
In an economy with rational expectations, individuals refine their information with the information revealed by prices. Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 0.784
It may be argued that rational expectations models assume greater information on the part of decision makers than the core neoclassical models, insofar as agents were not previously assumed to know anything globally about economics or markets. In Defense of Ignorance: On the Significance of a Neglected Form of Incomplete Information 2001 Eastern Economic Journal Roger D. Congleton 0.780
While his paper assumes fully rational agents, the implications of limited information and limited rationality can be rather similar. Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia 2008 Econometrica Ernst Fehr , Jean-Robert Tyran 0.776
Given its importance, numerous studies recently have examined its empirical validity and have discovered some evidence of bounded rationality or information inefficiency. Vested Interest and Biased Price Estimates: Evidence from an Auction Market 2005 The Journal of Finance Jianping Mei , Michael Moses 0.775
Our bounded rationality as economic theorists is far more constraining on economic science, than the bounded rationality of privately informed agents is constraining on their ability to maximize the gains from exchange. Constructivist and Ecological Rationality in Economics 2003 The American Economic Review Vernon L. Smith 0.775
In any case, there is no reason in the economic theory of decision-making under partial ignorance to think that rational agents must follow insufficient reason, and so we reject the generality of Singer et al.  Utilities versus Rights to Publicly Provided Goods: Arguments and Evidence from Health Care Rationing 2000 Economica Paul Anand , Allan Wailoo 0.774
The effects of bounded rationality are similar to those of incomplete information. Displacement Due to Violence in Colombia: A Household‐Level Analysis 2007 Economic Development and Cultural Change Stefanie Engel , Ana María Ibáñez 0.772
‘Information processing and bounded rationality: a survey’, Canadian Journal of Economics, vol.  Unforeseen Contingency and Renegotiation with Asymmetric Information 2008 The Economic Journal Jihong Lee 0.769

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
14, we extend our environment to allow rational households to obtain an informational advantage over near-rational households by observing the error they would have made had they acted near-rationally. The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 0.790
This assumption stems from the need to preserve the theoretical characteristics of rational choices and market efficiency which underestimate the risks and relevance of incomplete information, the complexity of the context, and the subjectivity of a person’s ability to perceive the outside world and to consequently process the information. From the Nation-State to a World Society 2018 Journal of Economic Issues Alessandro Morselli 0.762
Accommodating information revelations on the equilibrium path complicates the definitions of the individual rationality and incentive compatibility requirements. Reciprocal relationships and mechanism design 2016 The Canadian Journal of Economics / Revue canadienne d’Economique Gorkem Celik , Michael Peters 0.761
If this view is correct, or even partially correct, it presents a serious challenge not just to full-information models of rational choice, but even to the “rational ignorance” view. The anatomy of government failure 2015 Public Choice William R. Keech , Michael C. Munger 0.757
Economic agents make rational decisions with regard to transactions under the condition of incomplete and imperfect information. The Social Provisioning of Goods and Services 2015 Journal of Economic Issues Antoon Spithoven 0.757
Theoretical models of near rationality assume that economic agents collect and process information better when it is important, which, in the context of inflation expectations, means periods of high and volatile inflation. Do Consumers in Europe Anticipate Future Inflation?: Has It Changed Since the Beginning of the Financial Crisis? 2014 Eastern European Economics Tomasz Łyziak , Joanna Mackiewicz-Łyziak 0.753
Our results are consistent with models in which agents form expectations rationally but face information constraints. THE PRICE IS RIGHT: UPDATING INFLATION EXPECTATIONS IN A RANDOMIZED PRICE INFORMATION EXPERIMENT 2016 The Review of Economics and Statistics Olivier Armantier , Scott Nelson , Giorgio Topa , Wilbert van der Klaauw, Basit Zafar 0.746
Indeed, those who believe that speculation is to blame for com modity price volatility are unlikely to agree that agents are fully rational and equally endowed with information, which are two key assumptions in this article. Portfolio Speculation and Commodity Price Volatility in a Stochastic Storage Model 2014 American Journal of Agricultural Economics James Vercammen, Ali Doroudian 0.746
Compared with us, these authors use a weaker concept of ex post individual rationality that only requires ex post individual rationality conditional on the information disclosed. Optimal Sales Contracts with Withdrawal Rights 2015 The Review of Economic Studies DANIEL KRÄHMER, ROLAND STRAUSZ 0.746
Rationality and full information are assumed. How much income redistribution? An explanation based on vote-buying and corruption 2011 Public Choice Loukas Balafoutas 0.745
It is sometimes argued in favour of rational expectations that there is something wrong with an account of economic policy in which the authorities can consistently exploit an informational advantage over the public without the public ever catching on, and where what the model predicts is consistently at variance with what it assumes that the public expects. The future of macroeconomics 2018 Oxford Review of Economic Policy David F. Hendry , John N. J. Muellbauer 0.744
  • Timing of Information and Action Firms are rational but, in the tradition of rational expectations models, they take prices as∑given.
Information Aggregation in Emissions Markets with Abatement 2018 Annals of Economics and Statistics Estelle Cantillon, Aurélie Slechten 0.743

Closest sentences from the cluster’s centroid

Among the 100 closest sentences to the cluster’s centroid, 33% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
The current results suggest the possibility that low levels of information may indeed be consistent with rational equilibrium behaviour. Bandwagons and Momentum in Sequential Voting 2007 The Review of Economic Studies Steven Callander 0.838
Economic agents make rational decisions with regard to transactions under the condition of incomplete and imperfect information. The Social Provisioning of Goods and Services 2015 Journal of Economic Issues Antoon Spithoven 0.833
In an economy with rational expectations, individuals refine their information with the information revealed by prices. Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 0.821
IN ECONOMIC AND FINANCIAL ENVIRONMENTS in which decision makers have imperfect information about the true state of the world, it can be rational to ignore one’s own private information and make decisions based upon what are believed to be more informative public signals. Information Cascades: Evidence from a Field Experiment with Financial Market Professionals 2007 The Journal of Finance Jonathan E. Alevy, Michael S. Haigh , John A. List 0.817
“The Revelation of Information in Strategic Market Games: A Critique of Rational Expectations Equilibrium.” Market Power and Information Revelation in Dynamic Trading 2005 Journal of the European Economic Association Piero Gottardi , Roberto Serrano 0.816
Therefore, if the theory of asymmetric information alters the assumption of fully informed individuals or if experimental and psychological economists relax the assumption of perfect rationality they generate new fields for the application of neoclassical theory and methods. “Why is Economics not an Evolutionary Science?” New Answers to Veblen’s Old Question 2009 Journal of Economic Issues Leonhard Dobusch, Jakob Kapeller 0.814
Sec ond, even in the special cases where more informationally efficient equilibria are known to exist,1 the possibility of rational herding presents a cautionary note on the scope for successful information aggregation. Herding with collective preferences 2012 Economic Theory S. Nageeb Ali, Navin Kartik 0.812
This assumption stems from the need to preserve the theoretical characteristics of rational choices and market efficiency which underestimate the risks and relevance of incomplete information, the complexity of the context, and the subjectivity of a person’s ability to perceive the outside world and to consequently process the information. From the Nation-State to a World Society 2018 Journal of Economic Issues Alessandro Morselli 0.808
“2 This assumption introduces a nontrivial tradeoff between interim individual rationality and incentive compatibility for information revelation. Auditing and Property Rights 2004 The RAND Journal of Economics Elisabetta Iossa, Patrick Legros 0.806
Accommodating information revelations on the equilibrium path complicates the definitions of the individual rationality and incentive compatibility requirements. Reciprocal relationships and mechanism design 2016 The Canadian Journal of Economics / Revue canadienne d’Economique Gorkem Celik , Michael Peters 0.806
The literature has used various types of information choices, such as rational inattention, inattentiveness, information markets, or costly precision.1 Using a unified framework, we compare these different information choice technologies and explain why some generate increasing returns and others, par ticularly those where agents choose how much public information to observe, generate multiple equilibria. Information Choice Technologies 2012 The American Economic Review Christian Hellwig, Sebastian Kohls , Laura Veldkamp 0.803
The expectations of better informed agents may approach rational expectations, whereas other participants may not have sufficient skills to gather and incorporate information in their expectations. Assessing the Rationality of Survey Expectations: The Probability Approach 2008 Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics Jörg Breitung 0.801
If expectations are rational, individuals refine their information with the infor mation revealed by the acts of others. Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 0.801
Our results are consistent with models in which agents form expectations rationally but face information constraints. THE PRICE IS RIGHT: UPDATING INFLATION EXPECTATIONS IN A RANDOMIZED PRICE INFORMATION EXPERIMENT 2016 The Review of Economics and Statistics Olivier Armantier , Scott Nelson , Giorgio Topa , Wilbert van der Klaauw, Basit Zafar 0.801
Noting that the trading strategies of the rational agents, in the equilibrium under consideration, are independent of b , we have that 31 Notice that we abstract from the cost of information, which does not affect any of the results that follow. Overconfidence and market efficiency with heterogeneous agents 2007 Economic Theory Diego García , Francesco Sangiorgi, Branko Urošević 0.800
The partially revealing rational expectations equilibrium When the wealth share of the informed agents is small, we should expect prices not to reveal much of the informed agents’ information. Market Selection and Asymmetric Information 2003 The Review of Economic Studies George J. Mailath, Alvaro Sandroni 0.800

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
The current results suggest the possibility that low levels of information may indeed be consistent with rational equilibrium behaviour. Bandwagons and Momentum in Sequential Voting 2007 The Review of Economic Studies Steven Callander 0.838
We ask what agents choose to observe when information is costly, and how these informa tion choices change the equilibrium outcomes. Knowing What Others Know: Coordination Motives in Information Acquisition 2009 The Review of Economic Studies Christian Hellwig, Laura Veldkamp 0.837
Economic agents make rational decisions with regard to transactions under the condition of incomplete and imperfect information. The Social Provisioning of Goods and Services 2015 Journal of Economic Issues Antoon Spithoven 0.833
A Unique Information-Choice Equilibrium.— If other agents acquire more information, they put more weight on the more precise private sig nals when forming their actions. Information Choice Technologies 2012 The American Economic Review Christian Hellwig, Sebastian Kohls , Laura Veldkamp 0.828
  • Assumption 1 is maintained throughout the remainder of the paper and is necessary to ensure that agents choose to acquire a nonzero quantity of information.
Public Communication and Information Acquisition 2014 American Economic Journal: Macroeconomics Ryan Chahrour 0.825
In an economy with rational expectations, individuals refine their information with the information revealed by prices. Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 0.821
Our focus here is not on the amount of information communicated, but on the quality of the decision made, and we demonstrate that it is possible to improve the quality of the decision without increasing the informativeness of the equilibrium, in the sense of Fisher and Stocken. Memory and Anticipation 2005 The Economic Journal B. Douglas Bernheim, Raphael Thomadsen 0.820
IN ECONOMIC AND FINANCIAL ENVIRONMENTS in which decision makers have imperfect information about the true state of the world, it can be rational to ignore one’s own private information and make decisions based upon what are believed to be more informative public signals. Information Cascades: Evidence from a Field Experiment with Financial Market Professionals 2007 The Journal of Finance Jonathan E. Alevy, Michael S. Haigh , John A. List 0.817
“The Revelation of Information in Strategic Market Games: A Critique of Rational Expectations Equilibrium.” Market Power and Information Revelation in Dynamic Trading 2005 Journal of the European Economic Association Piero Gottardi , Roberto Serrano 0.816
Equilibrium Use of Information The equilibrium use of information depends crucially on the private value that agents assign to aligning their choices with those of others. Efficient Use of Information and Social Value of Information 2007 Econometrica George-Marios Angeletos, Alessandro Pavan 0.815
In all these settings, the economic environment is characterized by the presence of underlying uncertainty that is common to everyone, and eliminating such uncertainty can be prohibitively costly, or simply impossible; agents thus learn about such unobserved payoff-relevant states simultaneously as decisions are being made, and the incomplete information they face need not ever fully disappear. Two-Sided Learning and the Ratchet Principle 2018 The Review of Economic Studies GONZALO CISTERNAS 0.815
Therefore, if the theory of asymmetric information alters the assumption of fully informed individuals or if experimental and psychological economists relax the assumption of perfect rationality they generate new fields for the application of neoclassical theory and methods. “Why is Economics not an Evolutionary Science?” New Answers to Veblen’s Old Question 2009 Journal of Economic Issues Leonhard Dobusch, Jakob Kapeller 0.814
We investigate the extent to which the market selects against agents with inferior sources of information. Market Selection and Asymmetric Information 2003 The Review of Economic Studies George J. Mailath, Alvaro Sandroni 0.813
In this paper I have explored ways to close this informational gap by giving economic agents some skepticism about the models they use. Beliefs, Doubts and Learning: Valuing Macroeconomic Risk 2007 The American Economic Review Lars Peter Hansen 0.812
1 Equilibrium decisions on information 7*^. Information acquisition in conflicts 2013 Economic Theory Florian Morath , Johannes Münster 0.812
Sec ond, even in the special cases where more informationally efficient equilibria are known to exist,1 the possibility of rational herding presents a cautionary note on the scope for successful information aggregation. Herding with collective preferences 2012 Economic Theory S. Nageeb Ali, Navin Kartik 0.812

Top sentence (in general) of the cluster’s centroid for each time window

Top sentences 2000-2009

Sentence Title Year Journal Authors Centroid Similarity
The current results suggest the possibility that low levels of information may indeed be consistent with rational equilibrium behaviour. Bandwagons and Momentum in Sequential Voting 2007 The Review of Economic Studies Steven Callander 0.838
We ask what agents choose to observe when information is costly, and how these informa tion choices change the equilibrium outcomes. Knowing What Others Know: Coordination Motives in Information Acquisition 2009 The Review of Economic Studies Christian Hellwig, Laura Veldkamp 0.837
In an economy with rational expectations, individuals refine their information with the information revealed by prices. Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 0.821
Our focus here is not on the amount of information communicated, but on the quality of the decision made, and we demonstrate that it is possible to improve the quality of the decision without increasing the informativeness of the equilibrium, in the sense of Fisher and Stocken. Memory and Anticipation 2005 The Economic Journal B. Douglas Bernheim, Raphael Thomadsen 0.820
IN ECONOMIC AND FINANCIAL ENVIRONMENTS in which decision makers have imperfect information about the true state of the world, it can be rational to ignore one’s own private information and make decisions based upon what are believed to be more informative public signals. Information Cascades: Evidence from a Field Experiment with Financial Market Professionals 2007 The Journal of Finance Jonathan E. Alevy, Michael S. Haigh , John A. List 0.817
“The Revelation of Information in Strategic Market Games: A Critique of Rational Expectations Equilibrium.” Market Power and Information Revelation in Dynamic Trading 2005 Journal of the European Economic Association Piero Gottardi , Roberto Serrano 0.816
Equilibrium Use of Information The equilibrium use of information depends crucially on the private value that agents assign to aligning their choices with those of others. Efficient Use of Information and Social Value of Information 2007 Econometrica George-Marios Angeletos, Alessandro Pavan 0.815
Therefore, if the theory of asymmetric information alters the assumption of fully informed individuals or if experimental and psychological economists relax the assumption of perfect rationality they generate new fields for the application of neoclassical theory and methods. “Why is Economics not an Evolutionary Science?” New Answers to Veblen’s Old Question 2009 Journal of Economic Issues Leonhard Dobusch, Jakob Kapeller 0.814
We investigate the extent to which the market selects against agents with inferior sources of information. Market Selection and Asymmetric Information 2003 The Review of Economic Studies George J. Mailath, Alvaro Sandroni 0.813
In this paper I have explored ways to close this informational gap by giving economic agents some skepticism about the models they use. Beliefs, Doubts and Learning: Valuing Macroeconomic Risk 2007 The American Economic Review Lars Peter Hansen 0.812

Top sentences 2010-2019

Sentence Title Year Journal Authors Centroid Similarity
Economic agents make rational decisions with regard to transactions under the condition of incomplete and imperfect information. The Social Provisioning of Goods and Services 2015 Journal of Economic Issues Antoon Spithoven 0.833
A Unique Information-Choice Equilibrium.— If other agents acquire more information, they put more weight on the more precise private sig nals when forming their actions. Information Choice Technologies 2012 The American Economic Review Christian Hellwig, Sebastian Kohls , Laura Veldkamp 0.828
  • Assumption 1 is maintained throughout the remainder of the paper and is necessary to ensure that agents choose to acquire a nonzero quantity of information.
Public Communication and Information Acquisition 2014 American Economic Journal: Macroeconomics Ryan Chahrour 0.825
In all these settings, the economic environment is characterized by the presence of underlying uncertainty that is common to everyone, and eliminating such uncertainty can be prohibitively costly, or simply impossible; agents thus learn about such unobserved payoff-relevant states simultaneously as decisions are being made, and the incomplete information they face need not ever fully disappear. Two-Sided Learning and the Ratchet Principle 2018 The Review of Economic Studies GONZALO CISTERNAS 0.815
1 Equilibrium decisions on information 7*^. Information acquisition in conflicts 2013 Economic Theory Florian Morath , Johannes Münster 0.812
Sec ond, even in the special cases where more informationally efficient equilibria are known to exist,1 the possibility of rational herding presents a cautionary note on the scope for successful information aggregation. Herding with collective preferences 2012 Economic Theory S. Nageeb Ali, Navin Kartik 0.812
This assumption stems from the need to preserve the theoretical characteristics of rational choices and market efficiency which underestimate the risks and relevance of incomplete information, the complexity of the context, and the subjectivity of a person’s ability to perceive the outside world and to consequently process the information. From the Nation-State to a World Society 2018 Journal of Economic Issues Alessandro Morselli 0.808
Our central economic insight is that the unverifiability of information implies distortions after a player’s information acquisition, but encourages the players to acquire information, thereby reducing delay in information acquisition. Information Acquisition in a War of Attrition 2014 American Economic Journal: Microeconomics Kyungmin Kim , Frances Zhiyun Xu Lee 0.808
These papers give regions in which there will be over-or underinvestment in information, contingent on a specific mechanism being played.2 Our contribution is complementary and akin to comparative statics between mechanisms. Inefficient Prebargaining Search 2012 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Birger Wernerfelt 0.808
In column 5, we present the predictions of our alternative information-seeking equilibrium, discussed in Section 2.4, in the case that information is costless. SELF-IMAGE AND WILLFUL IGNORANCE IN SOCIAL DECISIONS 2017 Journal of the European Economic Association Zachary Grossman , Joël J. van der Weele 0.808

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 25 0.653
Rational Ignorance, Rational Voter Expectations, and Public Policy: A Discrete Informational Foundation for Fiscal Illusion 2001 Public Choice Roger D. Congleton 21 0.659
Rational Inattention in Uncertain Business Cycles 2017 Journal of Money, Credit and Banking FANG ZHANG 17 0.630
Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts 2015 The American Economic Review Olivier Coibion , Yuriy Gorodnichenko 15 0.648
Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 14 0.662
Knowing What Others Know: Coordination Motives in Information Acquisition 2009 The Review of Economic Studies Christian Hellwig, Laura Veldkamp 12 0.605
SELF-IMAGE AND WILLFUL IGNORANCE IN SOCIAL DECISIONS 2017 Journal of the European Economic Association Zachary Grossman , Joël J. van der Weele 12 0.600
Central Bank Transparency and the Signal Value of Prices 2005 Brookings Papers on Economic Activity Stephen Morris, Hyun Song Shin 11 0.609
In Defense of Ignorance: On the Significance of a Neglected Form of Incomplete Information 2001 Eastern Economic Journal Roger D. Congleton 10 0.648
Market Selection and Asymmetric Information 2003 The Review of Economic Studies George J. Mailath, Alvaro Sandroni 10 0.661

Top articles (most sentences) of the cluster for each time window

Top articles 2000-2009

Title Year Journal Authors Number sentences Similarity
Rational Ignorance, Rational Voter Expectations, and Public Policy: A Discrete Informational Foundation for Fiscal Illusion 2001 Public Choice Roger D. Congleton 21 0.659
Information at Equilibrium 2003 Economic Theory E. Minelli , H. Polemarchakis 14 0.662
Knowing What Others Know: Coordination Motives in Information Acquisition 2009 The Review of Economic Studies Christian Hellwig, Laura Veldkamp 12 0.605
Central Bank Transparency and the Signal Value of Prices 2005 Brookings Papers on Economic Activity Stephen Morris, Hyun Song Shin 11 0.609
In Defense of Ignorance: On the Significance of a Neglected Form of Incomplete Information 2001 Eastern Economic Journal Roger D. Congleton 10 0.648
Market Selection and Asymmetric Information 2003 The Review of Economic Studies George J. Mailath, Alvaro Sandroni 10 0.661
Overconfidence and market efficiency with heterogeneous agents 2007 Economic Theory Diego García , Francesco Sangiorgi, Branko Urošević 10 0.646
Are Rational Expectations Equilibria with Private Information Eductively Stable? 2004 Journal of Economics Maik Heinemann 9 0.690
Policy with Dispersed Information 2009 Journal of the European Economic Association George-Marios Angeletos, Alessandro Pavan 9 0.607
Modeling Knowledge in Economic Analysis 2004 Journal of Economic Literature Larry Samuelson 8 0.682
Information and the Change in the Paradigm in Economics, Part 1 2003 The American Economist Joseph E. Stiglitz 7 0.596
Broadcasting Opinions with an Overconfident Sender 2004 International Economic Review Anat R. Admati , Paul Pfleiderer 7 0.633
Efficiency of Rational Learning with Private Information 2004 Economica Maik Heinemann 7 0.608
Information Is Important to Condorcet Jurors 2006 Public Choice Ruth Ben-Yashar 7 0.619
Beliefs, Doubts and Learning: Valuing Macroeconomic Risk 2007 The American Economic Review Lars Peter Hansen 7 0.650

Top articles 2010-2019

Title Year Journal Authors Number sentences Similarity
The Social Cost of Near-Rational Investment 2017 The American Economic Review Tarek A. Hassan , Thomas M. Mertens 25 0.653
Rational Inattention in Uncertain Business Cycles 2017 Journal of Money, Credit and Banking FANG ZHANG 17 0.630
Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts 2015 The American Economic Review Olivier Coibion , Yuriy Gorodnichenko 15 0.648
SELF-IMAGE AND WILLFUL IGNORANCE IN SOCIAL DECISIONS 2017 Journal of the European Economic Association Zachary Grossman , Joël J. van der Weele 12 0.600
What Can Survey Forecasts Tell Us about Information Rigidities? 2012 Journal of Political Economy Olivier Coibion , Yuriy Gorodnichenko 10 0.618
Endogenous Information Acquisition in Coordination Games 2012 The Review of Economic Studies DAVID P. MYATT, CHRIS WALLACE 9 0.606
Rational Inattention to Discrete Choices: A New Foundation for the Multinomial Logit Model 2015 The American Economic Review Filip Matějka , Alisdair McKay 8 0.650
How Do Firms Form Their Expectations? New Survey Evidence 2018 The American Economic Review Olivier Coibion , Yuriy Gorodnichenko, Saten Kumar 8 0.642
FIRST VERSUS SECOND MOVER ADVANTAGE WITH INFORMATION ASYMMETRY ABOUT THE PROFITABILITY OF NEW MARKETS 2012 The Journal of Industrial Economics Eric Rasmusen, Young-Ro Yoon 7 0.608
Strategic Complementarity, Stabilization Policy, and the Optimal Degree of Publicity 2012 Journal of Money, Credit and Banking JONATHAN G. JAMES, PHILLIP LAWLER 7 0.590
Rational Inattention to News: The Perils of Forward Guidance 2016 American Economic Journal: Macroeconomics Gaetano Gaballo 7 0.617
Imperfect Information and Opportunism 2017 Journal of Economic Issues Ashok Chakravarti 7 0.619
Incomplete financial markets and differential information 2010 Economic Theory Marta Faias , Emma Moreno-García 6 0.595
Can herding improve investment decisions? 2011 The RAND Journal of Economics Naveen Khanna , Richmond D. Mathews 6 0.610
Public Communication and Information Acquisition 2014 American Economic Journal: Macroeconomics Ryan Chahrour 6 0.607

Closest clusters of the cluster per decade

Closest clusters within the 2000-2009 decade

Cluster Name Similarity
87: asset, rational_expectations, investors, rational_investors, traders 0.0207212
88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0172950
83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0066812
101: players, games, game_theory, player, game -0.0194749
93: rational_agents, agent’s, representative_agent, agents, agent -0.0313287
103: voters, voting, voter, rational_voter, public_choice -0.0390495
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0417029
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.0773797
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.0992527
72: model, models, modeling, rational_expectations, economic_models -0.1218365
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1459562
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1512540

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1170826
87: asset, rational_expectations, investors, rational_investors, traders 0.0094833
103: voters, voting, voter, rational_voter, public_choice -0.0054185
101: players, games, game_theory, player, game -0.0236836
93: rational_agents, agent’s, representative_agent, agents, agent -0.0280452
83: risk_aversion, aversion, uncertainty, averse, risk_averse -0.0333226
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models -0.0657809
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1134888
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.1258154
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1303451
72: model, models, modeling, rational_expectations, economic_models -0.1325696
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.1727454

Closest clusters with all decade, for 2000-2009

Time Window Cluster Name Similarity
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.9850122
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.9619488
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1690539
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.1203251
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1129632
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1099632
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0854763
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0713266
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0651538
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.0631309
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0558474
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.0522547
1970-1979 28: price_expectations, expectations, rational_expectations, price_level, price_policy 0.0508412
1900-1919 5: economic_history, historians, eighteenth_century, eighteenth, economic_historian 0.0500562
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0454607

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.9850122
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.9487477
1990-1999 87: asset, rational_expectations, investors, rational_investors, traders 0.1282368
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1193090
2010-2019 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs 0.1170826
1970-1979 51: pure_competition, oligopoly, perfect_competition, oligopolistic, market_system 0.1108162
1900-1919 1: commission, tariff, mill’s, court, commerce 0.0899463
1960-1969 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0853961
1990-1999 93: rational_agents, agent’s, representative_agent, agents, agent 0.0793976
1950-1959 30: businessman, profit_maximization, businessmen, entrepreneurial, entrepreneur 0.0775264
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0714002
1970-1979 46: demand_theory, diminishing_marginal, utility_function, consumer’s, consumer 0.0701759
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.0572111
1960-1969 61: allocation, optimum_allocation, economic_planning, resource_allocation, planners 0.0555924
1970-1979 74: optimal, economic_systems, economic_history, economic_interpretation, externalities 0.0537635

Intertemporal cluster 129: beliefs, equilibrium_beliefs, bayesian, agents_beliefs, heterogeneous_beliefs

The cluster gathers 1846 sentences from our corpus. It represents 1.14% of all the sentences selected over the whole period.

The community exists from 2010 to 2019.

The most recurring authors are Mordecai Kurz (36 sentences), Alp Simsek (35 sentences), Carsten Krabbe Nielsen (31 sentences), Wei Xiong (27 sentences), Emanuela Sciubba (25 sentences), Tarek Coury (25 sentences), Markus K. Brunnermeier (24 sentences), Bruce Preston (21 sentences), George-Marios Angeletos (21 sentences), Stefano Eusepi (21 sentences).

The most recurring journals are Economic Theory (248 sentences), The American Economic Review (218 sentences), Econometrica (161 sentences), The Review of Economic Studies (152 sentences), American Economic Journal: Microeconomics (115 sentences).

Top TF-IDF terms describing the community

Token TF-IDF
beliefs 0.0130687
equilibrium_beliefs 0.0050639
bayesian 0.0026729
agents_beliefs 0.0018808
heterogeneous_beliefs 0.0018011
rational_beliefs 0.0017864
equilibrium_path 0.0017610
equilibria 0.0015736
heterogeneity 0.0015177
strategies 0.0014509
bayesian_equilibrium 0.0014383
posterior 0.0013541
updating 0.0013139
perfect_bayesian 0.0012942
equilibrium 0.0011525
posterior_beliefs 0.0010885
diverse_beliefs 0.0010787
path_beliefs 0.0010787
biased_beliefs 0.0010128
players 0.0010054

Distribution of sentences over time

Top sentences with ‘rational’ or ‘rationality’ of the cluster

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Words Similarity
We therefore consider models with biases in beliefs and non-optimal behavior in addition to a rational expectations model. DEMAND ANALYSIS USING STRATEGIC REPORTS: AN APPLICATION TO A SCHOOL CHOICE MECHANISM 2018 Econometrica Nikhil Agarwal, Paulo Somaini 0.780
Section two discusses the rational choice theory of beliefs which is dominant in economics and behaviorism in psychology. Rational, Normative and Procedural Theories of Beliefs: Can They Explain Internal Motivations? 2011 Journal of Economic Issues Elias L. Khalil 0.777
As we noted earlier, the rational beliefs assumption does not only play a role in deriving the endogenous properties of the economy and eval uating its performance, but also, and fundamentally, in justifying our assumption of rational agents having diverse beliefs. Rational overconfidence and social security: subjective beliefs, objective welfare 2018 Economic Theory Carsten Krabbe Nielsen 0.771
Our aim is just to show that pragma tism and economic rationality do not necessarily eliminate informational irrationality and that beliefs heterogeneity is sustainable even in a dynamic setting. Live fast, die young 2016 Economic Theory Elyès Jouini , Clotilde Napp 0.764
16 Many builders of economic models would reject the possibility of such beliefs on the argument that fully rational agents with the same information should hold the same beliefs about the implications of that information. Can Simple Mechanism Design Results be Used to Implement the Proportionality Standard in Discovery? 2016 Journal of Institutional and Theoretical Economics (JITE) / Zeitschrift für die gesamte Staatswissenschaft Jonah B. Gelbach 0.761
This study was motivated by an interest in understanding the relationship between rational beliefs and optimality. Price stabilizing, Pareto improving policies 2011 Economic Theory Carsten Krabbe Nielsen 0.761
Endogenous Economic Fluctuations: Studies in the Theory of Rational Belief. Diverse beliefs and time variability of risk premia 2011 Economic Theory Mordecai Kurz , Maurizio Motolese 0.758
While individuals are assumed to have biased beliefs, they are also assumed to have unbiased estimates of the price of irrationality or, to put it another way, they have rational expecta tions about the consequences of irrational action. Rational Irrationality and Group Size: The Effect of Biased Beliefs on Individual Contributions Towards Collective Goods 2011 American Journal of Economics and Sociology Andreas P. Kyriacou 0.755
Endogenous Economic Fluctuations: Studies in the Theory of Rational Beliefs. The diversity of forecasts from macroeconomic models of the US economy 2011 Economic Theory Volker Wieland , Maik H. Wolters 0.752
For such fully rational individuals, beliefs about expected return proportion may then reflect not just beliefs about others’ trustworthiness but also beliefs about the proportion of less rational players in the population. TRUST, VALUES, AND FALSE CONSENSUS 2015 International Economic Review Jeffrey V. Butler, Paola Giuliano , Luigi Guiso 0.752
Our notion of “rational disruption” significantly restricts out-of-equilibrium beliefs relative to the intuitive criterion. Certified Random 2018 The American Economic Review Debraj Ray , Arthur Robson 0.751
Creative assumptions about technology, preferences, informa tion, and market frictions can offset the parsimony purchased with rational beliefs. Natural Expectations and Macroeconomic Fluctuations 2010 The Journal of Economic Perspectives Andreas Fuster, David Laibson , Brock Mendel 0.751
We assume that agents are internally rational, in the sense that they formulate their doubts about market outcomes using a consistent set of subjective beliefs about prices and maximize expected utility given this set of in equilibrium in t , and the last equality uses the fact that agents have RE about the processes for aggregate consumptio beliefs. Stock Market Volatility and Learning 2016 The Journal of Finance KLAUS ADAM , ALBERT MARCET , JUAN PABLO NICOLINI 0.750
In our applications, we shall propose that these are possible rational beliefs relative to the exogenously given environment. Rational overconfidence and social security: subjective beliefs, objective welfare 2018 Economic Theory Carsten Krabbe Nielsen 0.749
: Endogenous economic fluctuations: studies in the theory of rational belief. Diverse beliefs and time variability of risk premia 2011 Economic Theory Mordecai Kurz , Maurizio Motolese 0.749
In a rational belief equilibrium, economic agents hold diverse beliefs about future state variables and these beliefs are aligned with the stationary empirical measure. Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 0.748
In addition, there exists a novel body of theoretical work focused on understanding the role of bounded rationality and nonstandard preferences in the formation of beliefs by economic agents.1 This body of work assumes that individuals learn according to Bayes’s rule, given a possibly incorrect prior belief and possibly sparse new information. Asymmetric Learning from Financial Information 2015 The Journal of Finance CAMELIA M. KUHNEN 0.748
The objective of this paper is the empirical test of Theorem 3 stated below and for that we use only the most basic restrictions the theory of Rational Beliefs imposes. Diverse beliefs and time variability of risk premia 2011 Economic Theory Mordecai Kurz , Maurizio Motolese 0.742
The primary differ-ii S enee between their study and ours, is that they study the interaction between diverse, possibly misspecified, beliefs, while the present paper studies the interaction between rational and boundedly rational beliefs. Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 0.741
Temporary Equilibria.—We are interested in allowing for more general beliefs than rational expectations. Monetary Policy, Bounded Rationality, and Incomplete Markets 2019 The American Economic Review Emmanuel Farhi, Iván Werning 0.739

Closest sentences from the cluster’s centroid

Among the 50 closest sentences to the cluster’s centroid, 16% mention the terms ‘rational’ or ‘rationality’
Sentence Title Year Journal Authors Centroid Similarity
In a rational belief equilibrium, economic agents hold diverse beliefs about future state variables and these beliefs are aligned with the stationary empirical measure. Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 0.836
Temporary Equilibria.—We are interested in allowing for more general beliefs than rational expectations. Monetary Policy, Bounded Rationality, and Incomplete Markets 2019 The American Economic Review Emmanuel Farhi, Iván Werning 0.823
In addition, there exists a novel body of theoretical work focused on understanding the role of bounded rationality and nonstandard preferences in the formation of beliefs by economic agents.1 This body of work assumes that individuals learn according to Bayes’s rule, given a possibly incorrect prior belief and possibly sparse new information. Asymmetric Learning from Financial Information 2015 The Journal of Finance CAMELIA M. KUHNEN 0.819
Beliefs take rational expectations equilibrium values at the time of the disturbance. Fiscal Foundations of Inflation 2018 The American Economic Review Stefano Eusepi, Bruce Preston 0.818
We therefore consider models with biases in beliefs and non-optimal behavior in addition to a rational expectations model. DEMAND ANALYSIS USING STRATEGIC REPORTS: AN APPLICATION TO A SCHOOL CHOICE MECHANISM 2018 Econometrica Nikhil Agarwal, Paulo Somaini 0.815
Introduction Leading equilibrium concepts such as Bayesian Nash equilibrium and rational expectations equilibrium incorporate the idea that agents’ beliefs about future outcomes coincide with the model’s true probabilities. Uncertainty and Disagreement in Equilibrium Models 2015 Journal of Political Economy Nabil I. Al-Najjar, Eran Shmaya 0.810
û Remark 7 Distribution of beliefs We already noted that if all agents hold the same non stationary, rational belief, we cannot say that overconfidence is present, in particular, we cannot say that there is an inefficiency present. Rational overconfidence and social security: subjective beliefs, objective welfare 2018 Economic Theory Carsten Krabbe Nielsen 0.807
We now describe two possible adjustments of beliefs: rational expectations and level- k thinking. Monetary Policy, Bounded Rationality, and Incomplete Markets 2019 The American Economic Review Emmanuel Farhi, Iván Werning 0.807

Top sentences (in general) of the cluster’s centroid

Sentence Title Year Journal Authors Centroid Similarity
C. The Role of Beliefs We comment briefly on the role of off-the-equilibrium path beliefs in the definition of an equilibrium. Markets with Multidimensional Private Information 2018 American Economic Journal: Microeconomics Veronica Guerrieri, Robert Shimer 0.877
Note also that the equilibrium restrictions on beliefs appear to contradict some of our previous results. MEASURING THE WILLINGNESS TO PAY TO AVOID GUILT: ESTIMATION USING EQUILIBRIUM AND STATED BELIEF MODELS 2011 Journal of Applied Econometrics CHARLES BELLEMARE, ALEXANDER SEBALD , MARTIN STROBEL 0.864
This provides a useful characterization of equilibrium beliefs. OPTIMISM AND PESSIMISM IN GAMES 2014 International Economic Review Jürgen Eichberger, David Kelsey 0.854
In what follows we drop this very assumption and hypothesize instead that from the agents who do not hold the correct belief , only those whose beliefs are within of the market price continue to use their subjective probabilities. Asset Pricing and Asymmetric Reasoning 2015 Journal of Political Economy Elena Asparouhova, Peter Bossaerts , Jon Eguia , William Zame 0.851
To facilitate the reader’s understanding, we elaborate on the equilibrium notion based on such belief consistency as is appropriate for our model. Information Acquisition and Reputation Dynamics 2011 The Review of Economic Studies QINGMIN LIU 0.850
In this section, I demonstrate this claim as well as illustrate some potential differences that may arise when equilibrium beliefs are subject to this more restrictive refinement. Job market signalling, stereotype threat and counter-stereotypical behaviour 2015 The Canadian Journal of Economics / Revue canadienne d’Economique Richard Chisik 0.846
Before introducing our equilibrium definitions, we now characterize the ambiguous beliefs that can arise through the previously described updating procedure. Trembles in extensive games with ambiguity averse players 2014 Economic Theory Gaurab Aryal , Ronald Stauber 0.845
The first part of the section defines these extremal beliefs equilibria, and discusses the consequences of the restrictions they place on equilibrium beliefs. CERTIFIABLE PRE-PLAY COMMUNICATION: FULL DISCLOSURE 2014 Econometrica Jeanne Hagenbach , Frédéric Koessler , Eduardo Perez-Richet 0.845
In a rational belief equilibrium, economic agents hold diverse beliefs about future state variables and these beliefs are aligned with the stationary empirical measure. Business cycle amplification with heterogeneous expectations 2011 Economic Theory William A. Branch, Bruce McGough 0.836
The component of our equilibrium for which off-equilibrium-path beliefs are germane is the pricing function q*. A Quantitative Theory of Information and Unsecured Credit 2012 American Economic Journal: Macroeconomics Kartik Athreya, Xuan S. Tam , Eric R. Young 0.835
Reasonableness of Off-Equilibrium Beliefs. SELF-IMAGE AND WILLFUL IGNORANCE IN SOCIAL DECISIONS 2017 Journal of the European Economic Association Zachary Grossman , Joël J. van der Weele 0.834
Beliefs in Equilibrium. THE EMERGENCE OF POLITICAL ACCOUNTABILITY 2013 The Quarterly Journal of Economics Chris Bidner , Patrick Francois 0.832
Beliefs and belief formation are of great importance to economic theory. Rational, Normative and Procedural Theories of Beliefs: Can They Explain Internal Motivations? 2011 Journal of Economic Issues Elias L. Khalil 0.831
As beliefs play an important role in our argument, we do not want our argument to depend on arbitrary out-of equilibrium beliefs; we therefore impose a strong refinement, namely that they satisfy the D1 criterion. COMPETITION, DISCLOSURE AND SIGNALLING 2015 The Economic Journal Maarten C. W. Janssen, Santanu Roy 0.828
We compare equilibria with passive and symmetric beliefs. VERTICAL SEPARATION WITH PRIVATE CONTRACTS 2012 The Economic Journal Marco Pagnozzi , Salvatore Piccolo 0.827

Top articles (most sentences) of the cluster

Title Year Journal Authors Number sentences Similarity
Belief heterogeneity and survival in incomplete markets 2012 Economic Theory Tarek Coury , Emanuela Sciubba 25 0.619
A WELFARE CRITERION FOR MODELS WITH DISTORTED BELIEFS 2014 The Quarterly Journal of Economics Markus K. Brunnermeier, Alp Simsek , Wei Xiong 24 0.624
Symposium: on the role of market belief in economic dynamics, an introduction 2011 Economic Theory Mordecai Kurz 19 0.631
Rational overconfidence and social security: subjective beliefs, objective welfare 2018 Economic Theory Carsten Krabbe Nielsen 19 0.674
Diverse beliefs and time variability of risk premia 2011 Economic Theory Mordecai Kurz , Maurizio Motolese 17 0.652
Naked Exclusion with Private Offers 2016 American Economic Journal: Microeconomics Jeanine Miklós-Thal, Greg Shaffer 16 0.616
Stock Price Booms and Expected Capital Gains 2017 The American Economic Review Klaus Adam , Albert Marcet , Johannes Beutel 16 0.605
Uncertainty and Disagreement in Equilibrium Models 2015 Journal of Political Economy Nabil I. Al-Najjar, Eran Shmaya 13 0.638
Price stabilizing, Pareto improving policies 2011 Economic Theory Carsten Krabbe Nielsen 12 0.666
Positive versus normative economics: what’s the connection? Evidence from the “Survey of Americans and Economists on the Economy” and the “General Social Survey” 2012 Public Choice Bryan Caplan , Stephen C. Miller 12 0.612

Closest clusters of the cluster per decade

Closest clusters within the 2010-2019 decade

Cluster Name Similarity
111: information, private_information, rational_expectations, informational, rational_inattention 0.1170826
67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0519296
83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.0114294
93: rational_agents, agent’s, representative_agent, agents, agent 0.0053255
87: asset, rational_expectations, investors, rational_investors, traders -0.0359260
101: players, games, game_theory, player, game -0.0592903
106: behavioral_economics, behavioral, rational_inattention, cognitive, inattention -0.1070025
72: model, models, modeling, rational_expectations, economic_models -0.1092667
103: voters, voting, voter, rational_voter, public_choice -0.1181367
95: choice_theory, rational_choice, preferences, choice_model, expected_utility -0.1438465
40: bounded_rationality, bounded, individual_rationality, boundedly, boundedly_rational -0.2021034
79: mainstream, mainstream_economics, neoclassical, outcomes, inquiry_vol -0.2375515

Closest clusters with all decade, for 2010-2019

Time Window Cluster Name Similarity
2000-2009 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.4628650
1990-1999 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.3956411
1980-1989 88: equilibria, beliefs, rational_expectations, equilibrium, equilibrium_beliefs 0.2397123
2000-2009 111: information, private_information, rational_expectations, informational, rational_inattention 0.1690539
1920-1939 14: rationalisation, rationalization, men’s, und, rational_action 0.1626316
1990-1999 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1544756
1900-1919 1: commission, tariff, mill’s, court, commerce 0.1419583
1980-1989 89: rational_expectations, information, expectations, expectations_equilibrium, informational 0.1399540
2010-2019 111: information, private_information, rational_expectations, informational, rational_inattention 0.1170826
1980-1989 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1117729
1980-1989 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.1035690
1940-1949 14: rationalisation, rationalization, men’s, und, rational_action 0.1017869
2000-2009 83: risk_aversion, aversion, uncertainty, averse, risk_averse 0.1010586
1970-1979 67: rational_expectations, expectations, expectations_hypothesis, expectations_equilibrium, expectations_models 0.0945195
1960-1969 43: investment, investment_decision, investment_decisions, investment_behavior, investments 0.0886059